Financial Aid FAQ's
Q. How do I accept the financial aid awards that have been offered?
A. Simply sign and return one copy of the Financial Aid Award Notification to Millikin’s Student Service Center in the enclosed envelope.
Q. How do I apply for additional Millikin University scholarships?
A. An application for Admission and a FAFSA are the only two forms necessary to be considered for any merit or need-based student financial aid programs at Millikin.
Q. What if I have a special circumstance that may need to be considered for financial aid purposes?
A. We realize that, in certain situations, the information reported on the FAFSA may not be an accurate reflection of current financial circumstances. If you or your family has experienced a financial hardship due to unemployment, reduction in income, recent divorce or separation, unusually high medical expenses and/or other catastrophic situation, you can request further review of your financial aid eligibility. If you feel that you have special circumstances that warrant further review, you should contact the Student Service Center for assistance with this process.
Q. Is there a minimum enrollment requirement for student financial aid?
A. Yes. Millikin University financial aid programs require a minimum full-time enrollment status (12 credit hours each term). The State of Illinois Monetary Award Program (MAP) Grant requires a minimum of 15 credit hours per term in order for a student to receive their maximum award. Student and Parent loan programs require a minimum of 6 credit hours per term.
Q. Is financial aid renewable in future years?
A. Yes. Millikin University merit-based scholarships are renewable for up to four academic years so long as the student maintains satisfactory academic progress. Specialized scholarship and grant programs (such as Honors and Presidential scholarships) may have additional renewal requirements. All Federal, State and University student financial aid programs based on financial need require a FAFSA to be filed each academic year for renewal.
Q. What is the difference between a subsidized and an unsubsidized Federal Stafford loan?
A. Eligibility for a subsidized Stafford loan is based on financial need and the interest is paid (subsidized) by the federal government while the borrower is enrolled on at least a half-time basis, during the 6 month grace period prior to repayment, as well as during authorized deferment periods. Eligibility for an unsubsidized loan is not based on financial need and the borrower is responsible for the interest on the loan. Interest may be paid while the borrower is in school or may be deferred until repayment of principal begins. Repayment of principal and interest begins on both loans 6 months after graduation or when the borrower ceases to be enrolled on at least a half-time basis.
Q. What is the interest rate for Federal Stafford loans?
A. The current interest rate during in-school, grace, and authorized deferment periods is 6.0%.
Q. What is the interest rate on the Federal Perkins loan?
A. The interest rate on the Perkins loan is a set 5% during the life of the loan. Interest is not assessed until the loan is in repayment status, which occurs 9 months after graduation or the borrower ceases to be enrolled on at least a half-time basis.
Q. How do I receive the Federal Work-Study funds for which I am eligible?
A. If your Financial Aid Award Notification includes a Federal Work-Study award, the amount indicated represents the maximum amount you may earn during the academic year under this program. Funds are paid as earned and can either be paid directly to the student-worker or applied to the student’s University account balance. Work-study jobs are posted in Millikin’s Career and Experiential Education Center (CEEC) located in Shilling Hall, Room 103. A job fair is also held at the beginning of the fall term to match students with employers on campus.
Q. If I am not eligible for the Federal Work-Study program, can I still work?
A. Yes. Although most jobs on-campus are designated for Federal Work-Study eligible students, the CEEC also administers a Job Location and Development Program to assist all students who wish to work in finding employment.
Q. Does Millikin offer payment options for any amounts that may be due after student financial aid monies are applied to costs?
A. Yes. Millikin offers a variety of payment options to assist you in financing your education, including an interest free monthly installment plan. On the first billing statement of each term an option to enroll in the installment plan is offered. The installment plan divides the amount due for the term into 5 installments due each month from July to November in the fall term, and from January to May for the spring term.
Other options that you and/or your family may want to explore are private student loans and the Parent Loan for Undergraduate Students (PLUS). Please contact the Student Service Center for more information on these loan options.
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