Loan processing for Spring
Last day to process Federal Student Loans and Federal Parent PLUS Loans is May 14, 2014.
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. Log on to www.studentloans.gov
the Direct Loan Master Promissory note.
the Loan Entrance
Counseling at www.studentloans.gov
For 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 - Students:
the Perkins Loan Master Promissory Note and Perkins Loan counseling with Millikin's loan servicer Educational Computer Systems, Inc. (ECSI) at https://www.ecsi.net/prom41/
. Your Social Security Number and FAFSA Pin Number will be required.
Federal Direct Parent PLUS Loan:
Parent Loans for Undergraduate Students (PLUS) - The PLUS loan requires successful completion of a credit check and the student must be enrolled at least half time. The interest rate is 6.41% and there is a 4.204% origination fee assessed on all loans with a first disbursement before December 1st and 4.288% on all loans with a first disbursement after December 1st. Repayment begins 60 days after the loan is fully disbursed. In order to process a Federal PLUS Loan, you must complete the FAFSA for your son or daughter.
To Apply -
Parent PLUS Loan:
Online application for the Direct PLUS Loan - www.studentloans.gov
. Log in and choose Request a Direct PLUS Loan. Complete the application. Once you have submitted the application, a credit decision received immediately. If the parent receives a denial on the loan, Millikin will offer the student an additional Unsubsidized Direct Loan, based on his/her grade level. Freshmen, sophomores up to $4000 additional; junior, senior up to $5000 additional for the year. New Parent PLUS borrowers
-approved borrowers must continue through the process by completing the PLUS Loan Master Promissory Note (MPN) at www.studentloans.gov
Returning Parent PLUS borrowers
- your MPN is on file.
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. For loan processing the student must 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 6.41% and repayment begins 60 days after full disbursement. There is a 4.204% origination fee assessed on all loans with a first disbursement before December 1st and 4.288% on all loans with a first disbursement after December 1st. You will need to complete the FAFSA to be eligible.
Graduate PLUS Loan Steps
-Federal Direct Graduate PLUS Loan Application for 2013-14
Changes to Graduate PLUS Loan - 2013-14
the Graduate PLUS Loan Application and mail or fax to the address on the form. You can also scan and email to firstname.lastname@example.org
3. First time borrowers - complete
your Direct Graduate PLUS Loan Master Promissory Note and Entrance Counseling 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
cuStudentLoans - cuScholar Private Student Loan
Discover Student Loan
Fifth Third Bank
Interra Credit Union
Iowa Student Loan
Northwest Federal Credit Union
Student Loan Finance - iHelp Loan
Sun Trust Bank
University of Illinois Employees Credit Union
(List updated 01/30/14)