Undergraduate Loan Programs

  • Steps to Complete for Loan Disbursement

    New students or first-time borrowers

    You must complete all three steps in order for your loan to disburse:

    1. Log in to your :
      • Select 鈥淔inancial Aid鈥 tab
      • Select 鈥淎ccept Award鈥
      • Select "Offer"
    2. Complete the MPN  for undergraduate.
    3. Complete the  for undergraduate.

    Returning Students

    If you had a Federal Direct Loan last year, your Master Promissory Note and Entrance Counseling are on file and do not need to be completed again. Simply accept (or decline) your loans by using the instructions in the first step of the section above.

  • Types of Loans

    Loans are the elements of a financial aid package that must be repaid.听Some loans are offered by the Federal government, others come from private sources.听All Federal Loans require the completion of the听.听Each loan program is described below.

    Federal Direct听Subsidized听Loan

    Eligibility for the Federal Direct Subsidized听Loan is based on financial need.听Interest on the loan is paid by the Federal Government as long as the student is enrolled at least half-time (6 credit hours) during the term.听The subsidized loan offers a 6 month grace period, before repayment on the loan is expected. The interest rate is determined each year by Federal guidelines.听For听2025-26听the Federal Subsidized Direct Loan interest rate听is 6.39%.听There is an origination fee assessed by the Department of Education before disbursement.听The loan fee as of October 1, 2023听is 1.057%. New borrowers need to complete the听听and the听.

    Federal Direct Unsubsidized Loan

    Eligibility for the Federal Direct Unsubsidized听Loan is not based on financial need.听The interest accrues on this loan while the student is still enrolled.听The student听may pay this interest while in school, or听they can allow it to accrue and capitalize.听Repayment begins six months after the student graduates or ceases to be enrolled听at least听half-time (6 credit hours) during the term. The interest rate is determined each year by Federal guidelines.听For听2025-26听the Federal Unsubsidized Direct Loan interest rate听is 6.39%. There is a loan fee assessed by the Department of Education before loan disbursement. As of October 1, 2023听the fee is 1.057%. New borrowers need to complete the听听and the听.

    Parent Loans for Undergraduate Students (PLUS)

    This federal loan program allows parents to borrow on behalf of their dependent student who is attending at least half-time (6 credit hours). The annual limit for this loan is determined by subtracting the total financial aid received from the student's total cost of attendance. The loan requires successful completion of a credit check.听For 2025-26听the interest rate is 8.94%. The Department of Education will assess an origination fee of 4.228% before disbursement. Parents can apply online at听听and complete the听. Repayment begins 60 days after the loan is fully disbursed.听The PLUS loan can be deferred until the student graduates or ceases to be enrolled. Deferment options can be requested through the loan servicer.听If a parent is not approved for the PLUS Loan, we will offer up to $4000 additional听for Freshmen and Sophomores and up to $5000 additional to Juniors and Seniors, in the Unsubsidized Direct Loan.听The parent will receive an immediate response on his/her PLUS Loan and Millikin will be notified electronically.

    Private/Alternative Loans

    The private/alternative loans听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. There are many alternative loan options in the lending community. Personal research is up to each individual or family, as Millikin cannot advise on these products.听听gives you a list of our historical lenders.听

    You are not limited to these lenders. Click here to go to our听听lender sight.

    听

    Graduate Student Loans

    Federal Direct Unsubsidized Loan

    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. The interest rate in 2025-26听is 7.94%, with an up front fee of 1.057%. First time borrowers, be sure to complete the听听and the听.

    Federal Direct Graduate PLUS Loan

    The Federal Direct Graduate PLUS loan, is credit based and requires completion of the online application. The interest rate is 8.94% for 2025-26听and repayment begins 60 days after full disbursement, however, the student can request a deferment. Origination fee assessed on all loans is 4.228%. You will need to complete the FAFSA to be eligible. To apply go to听.听First time borrowers - complete your听.

    Maximum annual loan limits

    Maximum annual limits for undergraduate and graduate students are monitored by the college based on federal regulations.

    Annual LimitsMaximum for Subsidized LoansTotal Subsidized and/or Unsubsidized
    Dependent Undergraduates听听
    First听Year (fewer than 24 hours)$3,500$5,500听
    Second Year (24-53 hours)$4,500$6,500听
    Third Year and higher (greater than 53 hours)$5,500$7,500听

    Independent Undergraduates

    (and students whose parents are unable to borrow a plus loan)

    		听听
    First Year$3,500$9,500
    Second Year$4,500$10,500
    Third Year and higher$5,500听$12,500
    Graduate and Professional Students听$20,500

    If you progress from first year to second year or second year to third year in your credit hours during the academic year, you can request an increase in your loan amount by emailing us at studentfinancialservices@millikin.edu.

  • Exit Counseling

    Federal Direct Subsidized/Unsubsidized Loan(s)

    In accordance with Federal regulations, when a student ceases enrollment at least half-time or graduates, the institution is required to provide Direct Loan Exit Counseling.

    You can complete your exit counseling at . You will sign in with your FSA ID.  You will see the amounts of your loans listed and go through helpful information on loan repayment, including who you owe, when you owe and a monthly expense estimate to help you with budgeting. Learn how to avoid default and what to do if you are having trouble making payments.

    Please note:

    Loan consolidation, loan forgiveness, and repayment options of Federal Student Loans are all done through studentaid.gov or by talking with the servicer of your loan. If students do not know their loan servicer,  they can view all loan details at studentaid.gov. You will sign in with your FSA ID. Loan consolidation is free, you should never pay a company to consolidate your Federal Loans.