$4,919

Avg. Federal Grant

$6,692

Avg. Federal Loan

$39,942,283

Total Aid Awarded

Millikin University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

91%

Total Aid Amount Average Total Aid Awarded per year.

$39.942M

Financial Aid Official Website

https://www.millikin.edu/admission-aid

Interestingly, almost all of the students at MU receive some sort of financial aid, and the total amount of assistance/loans provided totals more than $10,885,936 in a year. More information regarding the financial assistance schemes can be accessed on MU’s official financial aid page at https://www.millikin.edu/admission-aid. Notably, a total of 40% of the applicants to Millikin University receive the Federal Grant every year. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 40% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,893, while the same comes to $4,551 for State Grant receivers and $23,233 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,537. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. Students whose family income per annum is less than $30,000 will receive a federal aid of $26,724 on average in a year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $26,853 and $24,979, respectively. On the other hand, the average federal aid stands at $21,292 for those with an annual family income between $75,001 and $110,000, and at $20,207 for an income more than $110,000. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At MU, an estimated number of 73% of the applicants choose to go for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

41%

State Grant Aid

36%

Institution Grant Aid

100%

Pell Grant

41%

Average Aid Awarded

Federal Grant Aid

$4,919

State Grant Aid

$4,564

Institution Grant Aid

$20,924

Pell Grant

$4,657

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$29,973

$30,001 - $48,000

$27,653

$48,001 - $75,000

$26,619

$75,001 - $110,000

$22,500

Over $110,000

$20,771

Student Loans for Millikin University

Average Loan Amount Average Loan Amount received per year.

$8,128/Year

Students Taking Out Loans

75%

Loan Default Rate

7.8%

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