Understanding Financial Aid Options
Most financial aid packages incorporate some type of need-based as well as merit-based aid.
Millikin also provides information on available loan programs and student employment to help families with the costs of higher education. Student aid from the following resources is awarded based on results of the Free Application for Federal Student Aid (FAFSA). The FAFSA is the only financial aid application required by Millikin for determination of assistance based on financial need. The FAFSA is filed each academic year to determine continued eligibility for these programs. Students and parents can complete the FAFSA online at https://fafsa.ed.gov. Millikin's school code is 001724.
Merit-based aid is given based on previous academic history, talents, skills, extra-curricular and/or community involvement. For more information go to the Scholarships and Grants page.
- Need Based Grants - Our office calculates a student’s need by subtracting their Expected Family Contribution (EFC) from the Cost of Education (or budget) that we have assigned: Most aid that we award is need-based, which means that a student must have an adequate amount of need in order to accommodate the aid awarded. For instance, if a student’s need equals $10,000, they may receive no more than $10,000 in need-based aid.
- Non-Need Based Grants - Some types of aid (including but not limited to the Federal Stafford Unsubsidized Loan, the Federal Parent PLUS Loan, Graduate PLUS Loan, and private loans) do not require a student to have need. A student may receive such awards even if their original need figure equals zero.
Regardless of the type of aid package a student receives (all need-based, all non-need-based, or a combination of the two), their total awards may not exceed their cost of attendance.
Work-Study Programs - Millikin provides a variety of opportunities for part-time campus employment. Most of the on-campus positions are funded as part of the need-based Federal Work-Study program. Students must have a FAFSA on file with Millikin to be determined eligible for this program.
Refunds may be used for other educational expenses such as housing, meals, books, supplies, etc. If your financial aid creates a credit on your student account, a refund will be issued to you. Please complete and return a Refund Authorization Form.
Refunds are processed once a week. You will be notified through your Millikin email address if a refund has been processed for you. If you have any questions about your account, please contact the Student Financial Services at 217.424.6317 or email us at firstname.lastname@example.org
Financial Aid Information and Resource - A resourceful tool in college planning is College Illinois powered by Illinois Student Assistance Commission (ISAC). You can view borrowing basics, financing, scholarships and college planning tips at http://www.collegeillinois.org.
Guide to Financial Aid
Outside Scholarship Resources:
If you have a credit on your account, we will add a book credit to your e-campus account. To see if you have a credit, log in to myMILLIKIN. Over at the right hand side of the page you will see a gold "e". Hover over the "e" and then choose the e-campus account. You can see what your credit is and then order your textbooks.