$6,063

Avg. Federal Grant

$5,546

Avg. Federal Loan

$22,612,175

Total Aid Awarded

Millsaps College Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

98%

Total Aid Amount Average Total Aid Awarded per year.

$22.612M

Financial Aid Official Website

www.millsaps.edu/financial-aid/index.php

Interestingly, almost all of the students at MC receive some sort of financial aid, and the total amount of assistance/loans provided totals more than $3,303,995 in a year. For additional information about financial assistance schemes, one can head over to MC’s financial aid page at http://www.millsaps.edu/financial-aid/index.php. The total percentage of candidates applying to Millsaps College who receive the Federal Grant is 30%. Meanwhile, 100% of the applicants receive the Student Grant and 100% are awarded the Institution Grant, while 30% of the students get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $6,353, and the same stands at $2,287 for State Grant awardees and $29,133 for Institution Grant recipients. And, for the Pell Grant awardees, the average aid amount is $4,987. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $35,933 per year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $33,983 and $31,644, respectively. Those with an annual income level of $75,001-$110,000 would receive $29,171, while candidates with more than $110,000 of family income receive an average federal aid of $25,709. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. However, student loans attract a certain rate of interest at which the funds are borrowed. Candidates are also required to repay these loans within a given period. At Millsaps College, the percentage of candidates who opt to avail of student loans is around 64%.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

34%

State Grant Aid

29%

Institution Grant Aid

100%

Pell Grant

34%

Average Aid Awarded

Federal Grant Aid

$6,063

State Grant Aid

$1,710

Institution Grant Aid

$28,034

Pell Grant

$4,880

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$34,791

$30,001 - $48,000

$35,421

$48,001 - $75,000

$32,448

$75,001 - $110,000

$27,854

Over $110,000

$27,820

Student Loans for Millsaps College

Average Loan Amount Average Loan Amount received per year.

$6,914/Year

Students Taking Out Loans

76%

Loan Default Rate

6.5%

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