Federal Direct Subsidized and/or Unsubsidized Loan
Students - 2015-16 interest rate is 4.29%
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. Beginning May 10, 2015 you will need the new FSA ID in order to sign in at Dept of Ed sites - Get your new FSA ID now.
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.
Parent Loans for Undergraduate Students (PLUS)
Federal Perkins Loan - If you were offered a Perkins Loan, complete your Perkins Loan MPN here - https://www.ecsi.net/prom41/ - Students please sign in with Social Security Number, last name, first name and date of birth. If our loan servicer, Heartland ECSI, is not able to validate the student's identity, please proceed with printing the paper promissory note/entrance counseling package. The completed package should be returned to: Millikin University, Attention Student Financial Services - 1184 W Main St, Decatur, Illinois 62522.
Perkins Loan Instructions and Perkins Loan FAQ's
In order to process a Federal PLUS Loan, you must complete the FAFSA for your son or daughter. Interest rate for Parent PLUS in 2015-16 is 6.84% and there is an up front fee of 4.292% on the loan. Parents can apply online www.studentloans.gov. Beginning May 10, 2015 - you will need a new FSA ID to sign in. Click here to get your FSA ID. 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. Interest rate is 5.84% in 2015-16. 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. Beginning May 10, 2015, you will need a new FSA ID to sign in. Click here to get your FSA ID.
Federal Direct Graduate PLUS Loan - The Federal Direct Graduate PLUS loan interest rate is 6.84% in 2015-16 and repayment begins 60 days after full disbursement. Origination fee assessed on all loans 4.292%. You will need to complete the FAFSA to be eligible. To apply - www.studentloans.gov. Beginning May 10, 2015 you will need a new FSA ID to sign in. Click here to get your new FSA ID. First time borrowers - complete your MPN - Master Promissory note at www.studentloans.gov.
Private/Alternative Educational Loan for students
Anheuser-Busch Credit Union
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
Citizens Bank - TruFit Student Loan
Commerce Bank - Your Future Education Loan
cuStudentLoans - cuScholar Private Student Loan
Discover Student Loans
Interra Credit Union
Iowa Student Loan
Regions Bank - Smart Option Loan
Student Loan Finance - iHelp Loan
University of Illinois Employees Credit Union
ABNB Federal Credit Union
(List updated 07/15/15)