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. Sign in at www.studentloans.gov and complete the Direct Loan Master Promissory note.
3. Complete the Loan Entrance Counseling at www.studentloans.gov.
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 - If you were offered a Perkins Loan, complete your Perkins Loan MPN - https://www.ecsi.net/prom41/
Parent Loans for Undergraduate Students (PLUS)
In order to process a Federal PLUS Loan, you must complete the FAFSA for your son or daughter. Interest rate for Parent PLUS in 2014-15 is 7.21% and there is an up front fee of 4.288% (4.292% beginning October 1, 2014). Parents can apply online www.studentloans.gov. Be sure to sign in with your (the parent's) FAFSA pin number and Social Security Number. New parent borrowers will need to continue through the process and complete the Parent PLUS MPN. Returning borrowers, we have your MPN on file.
Graduate Student Loans:
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. First time borrowers, be sure to 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 7.21% in 2014-15 and repayment begins 60 days after full disbursement. Origination fee assessed on all loans 4.288% (4.292% beginning October 1, 2014). You will need to complete the FAFSA to be eligible. To apply - New in 2014-15 - Graduate PLUS Loans will be electronic at www.studentloans.gov. First time borrowers - complete your MPN - Master Promissory note 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
Commerce Bank - Smart Option Loan
cuStudentLoans - cuScholar Private Student Loan
Discover Student Loan
Interra Credit Union
Iowa Student Loan
Northwest Federal Credit Union
Regions Bank - Smart Option Loan
Student Loan Finance - iHelp Loan
Sun Trust Bank
University of Illinois Employees Credit Union
(List updated 1/30/15)