Most financial aid packages incorporate some type of need-based as well as merit-based aid. Millikin also provides information on available loan programs and student employment to help families with the costs of higher education.

Need-based Grants

Student aid from the following resources is awarded based on results of the Free Application for Federal Student Aid (FAFSA). The FAFSA is the only financial aid application required by Millikin for determination of assistance based on financial need. The FAFSA is filed each academic year to determine continued eligibility for these programs. Students and parents can complete the FAFSA online at www.fafsa.ed.gov. Millikin's school code is 001724.

Millikin Tuition Grants Funds—More than $20 million is awarded annually from University resources and endowed scholarship funds to students who demonstrate a financial need at Millikin. Awards vary based on the student’s level of financial need.

Illinois Monetary Awards Program (MAP) Grant—MAP grants are awarded by the State to Illinois residents who attend Illinois postsecondary institutions. Eligibility is determined by the Illinois Student Assistance Commission (ISAC) based on FAFSA information and a prescribed formula set annually. The maximum MAP award is $4,968 for 2008-2009. If eligible to receive the maximum award you must be enrolled for 15 credit hours. Your award will be adjusted if you drop below 15 credit hours.

Federal Pell and Federal Supplemental Educational Opportunity Grants (SEOG)—The Federal Pell and SEOG programs provide over $2 million annually in grant assistance to Millikin students who demonstrate a high financial need. Eligibility is based solely on FAFSA results and maximum award amounts are set annually by Federal guidelines. Last year, Federal Pell Grant awards ranged from $890 to $4,731 and SEOG grants ranged from $400 to $4,000.

Federal Academic Competitiveness Grants—This Federal grant program was developed to recognize first and second-year undergraduate students who successfully completed a rigorous course of study during high school. Annual award amounts are up to $750 for first-year students and up to $1,300 for second-year students. Students must qualify for the Federal Pell Grant Program to be considered.

Federal SMART Grants—This Federal grant program recognizes third and fourth-year students pursuing degrees in specified science and math fields with a 3.0 GPA. Annual award amount is up to $4,000 and students must qualify for the Federal Pell Grant Program to be considered.

Merit-based aid

Merit-based aid is given based on previous academic history, talents, skills, extra-curricular and/or community involvement. Click here for information on Millikin's available scholarships and grants.

Loan Programs

Loans are the elements of a financial aid package that must be repaid. Some loans are given by the federal government, others come from private sources. Each loan program is described below.

Need-based Loans:

Federal Subsidized Stafford Loan—Students demonstrating financial need can borrow up to $3,500 in their first year of attendance under this guaranteed loan program. Annual loan limits are determined by class level and increase to $4,500 for second-year students and to $5,500 for students in their third year and beyond. Repayment of principal and interest begins six months after the student graduates or ceases to be enrolled in at least a half-time basis. The interest rate is determined each year by Federal guidelines for 2008-2009 the interest rate is 6.0%.  

Federal Perkins Loans — Annual amounts are determined based on financial need. The interest rate is a set 5% and does not begin to accrue until payment begins nine months after the student graduates or ceases to be enrolled on at least a half-time basis. If you have been offered a Federal Perkins Loan on your financial aid award letter, please sure to complete your entrance counseling and master promissory note.

Non-need Based Loans:

Federal Unsubsidized Stafford Loan - Eligible students can borrow up to $3,500 in their first year of attendance under this guaranteed loan program. Annual loan limits are determined by class level and increase to $4,500 for second-year students and to $5,500 for students in their third year and beyond. Interest will begin accruing upon disbursement. Repayment begins six months after the student graduates or ceases to be enrolled in at least a half-time basis. The interest rate is determined each year by Federal guidelines - for 2008-2009 the interest rate is 6.8%. New legislation as of July 1, 2008 students may borrow an additional $2000.00 beyond their Subsidized or Unsubsidized loan class level limits.

Parent Loans for Undergraduate Students (PLUS)—This federal loan program allows parents to borrow on behalf of their independent student who is attending at least half-time. The annual limit for this loan is determined by subtracting the total financial aid received from the student's total cost of attendance. The loan requires successful completion of a credit check.  For 2008-2009 the interest rate is 8.5%.  This program provides extended repayment options. Repayment begins 60 days after the loan is fully disbursed each year and can be postponed until the student graduates or ceases to be enrolled.

Private/Alternative Loan - These are commercial educational loans that may be used to close the gap between your financial aid and cost of attendance. Interest rates will vary from lender to lender.  The lenders on Millikin's lender list all provide alternative loan products, however, there are many alternative loan options in the lending community. Personal research is up to each individual or family as Millikin cannot advise on these products.

Student Employment

Work-Study Programs—Millikin provides a variety of opportunities for part-time campus involvement. Most of the on-campus positions are funded as part of the need-based Federal Work-Study program. Students must have a FAFSA on file with Millikin to be determined eligible for this program.

Loan Options

Perkins Loan

Federal Stafford Loan

Federal Plus Loan for Undergraduate Students (PLUS)

Alternative Education Loans

Types of Aid

Need Based Grants
Merit Based Aid
Loans
Student Employment