Loan processing for Spring
- Last day to process Federal Student Loans and Federal Parent PLUS Loans is May 14th.
Federal Direct Subsidized and/or Unsubsidized Loan - Students
Loan Steps for NEW
Students or first time borrowers
You must complete all 3 steps for your loan to disburse:
1. Log on
to MU Online
to accept your loans.
2. Log on to www.studentloans.gov
the Direct Loan Master Promissory note.
the Loan Entrance
Counseling at www.studentloans.gov
For RETURNING Students -
If you had a Federal Direct Loan last year, simply accept your loan(s) on MU Online
. Your Master Promissory Note (MPN) and Entrance Counseling are on file.
Federal Perkins Loan - Students:
Incoming students 2014-15
: If you were offered a Perkins Loan, you will receive an e-mail when your MPN is ready to complete - approximately, May 15th.
Federal Direct Parent PLUS Loan:
Parent Loans for Undergraduate Students (PLUS)
In order to process a Federal PLUS Loan, you must complete the FAFSA for your son or
daughter. If the parent is not approved, we will offer the student an additional Unsubsidized Direct Loan, up to $4000 Freshmen and Sophomores and up to $5000 Juniors and Seniors.
Parents can apply online for the 2014-15 parent PLUS Loan, Mid to Late June.
New parent borrowers will need to continue through the process and complete the Parent
PLUS MPN. Returning borrowers, we have your MPN on file
Federal Direct Unsubsidized Direct Loan for Graduate Students:
Graduate students must file the FAFSA each year to be considered for the Unsubsidized Direct Loan. The student must maintain at least half time (6 credits) enrollment. For loan processing the student must complete the loan entrance counseling and the master promissory note at www.studentloans.gov.
Federal Direct Graduate PLUS Loan - The Federal Direct Graduate PLUS loan interest rate is 6.41% and repayment begins 60 days after full disbursement. Origination fee assessed on all loans 4.288%. You will need to complete the FAFSA to be eligible.
Graduate PLUS Loan Steps:
1. Print -Federal Direct Graduate PLUS Loan Application for 2013-14
Changes to Graduate PLUS Loan - 2013-14
Graduate PLUS Loans for 2014-15 available after May 1, 2014
2. Complete the Graduate PLUS Loan Application and mail or fax to the address on the form. You can also scan and email to email@example.com.
3. First time borrowers - complete your Direct Graduate PLUS Loan Master Promissory Note and Entrance Counseling at www.studentloans.gov.
Private/Alternative Educational Loan for students:
The private/alternative loans 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 majority of lenders will require a co-signer. We have listed the lenders our students have used over the past three years. You are not limited to these lenders. Personal research is up to each individual or family, as Millikin cannot advise on these products.
Lenders are listed in Alphabetical Order
Anheuser-Busch Credit Union
Citizens Bank - TruFit Student Loan
cuStudentLoans - cuScholar Private Student Loan
Discover Student Loan
Fifth Third Bank
Interra Credit Union
Iowa Student Loan
Northwest Federal Credit Union
Student Loan Finance - iHelp Loan
Sun Trust Bank
University of Illinois Employees Credit Union
(List updated 04/10/2014)