by our College Data Analytics TeamThis page focuses on the debt students take on to attend Millikin University— how much they borrow, how that debt is spread across the student body, and what it costs to pay back. These figures are reported by the Department of Education and IPEDS.
At Millikin, 63% of incoming students take out a loan to help cover first-year costs, with a typical loan of $7,439 per student, private and federal loans combined.
The typical federal loan comes to $5,828. That is at or past the $5,500 federal first-year limit for the typical dependent freshman. Bear in mind the undergraduate averages later on cover federal loans only, whereas this freshman total folds in private loans too.
For undergraduates overall at Millikin, 60% finance part of their studies with federal loans, at an average of $6,951 per year. This is 19.3% greater than the first-year federal average of $5,828.
Carrying that yearly figure forward comes to roughly $13,902 across two years and $27,804 over a four-year span. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 60% |
| Average federal loan per year | $6,951 |
| Undergraduates with a federal loan | 871 |
| Total federal loans (one year) | $6,054,014 |
The median student at Millikin borrows $19,000 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $19,000 |
| Students who completed (graduates) | $27,000 |
| Students who withdrew | $8,216 |
Withdrawn-student debt matters because those borrowers carry the loans without the degree that helps repay them.
Half of all borrowers fall between the 25th and 75th percentiles shown below for Millikin.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,000 |
| 25th percentile | $10,500 |
| 75th percentile | $28,500 |
| 90th percentile (highest-debt students) | $36,750 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Millikin.
Median federal debt understates the full cost when PLUS loans are included. The totals below add PLUS borrowing for Millikin.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 410 | $17,972 |
| Completed (graduates) | 233 | $25,486 |
| Did not complete | 177 | $12,986 |
For students who completed, the median total debt including PLUS loans works out to a standard 10-year payment of about $303.06/mo.
Stafford loans are the federal direct-loan program most undergraduates use. The breakdown below separates borrowers who used Stafford loans from those who did not at Millikin.
Stafford vs Non-Stafford (any year)
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Used a Stafford loan | 400 | — |
| No Stafford loan | 10 | — |
Borrowers With a Stafford Loan This Year
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 394 | — |
| No Stafford loan this year | 16 | — |
These figures turn the debt totals into a monthly repayment picture for Millikin.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. The official Department of Education two-year default rate for Millikin appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 5.9% |
| Borrowers in the cohort | 734 |
The cohort default rate tracks borrowers who entered repayment in a given year and defaulted within the two-year measurement window.
The breakdowns below show median federal debt by income, first-generation status, and dependency.
Borrowing by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $20,000 |
| Middle income | $20,000 |
| High income | $16,207 |
First-Gen vs Continuing-Gen Borrowing
| Cohort | Median federal debt |
|---|---|
| First-generation students | $20,000 |
| Continuing-generation students | $16,375 |
Dependent vs Independent Borrowers
| Cohort | Median federal debt |
|---|---|
| Dependent students | $17,750 |
| Independent students | $24,893 |
These pre-calculated indicators summarize the borrowing gaps between cohorts at Millikin.
Subsidized vs. Unsubsidized Loans
With an unsubsidized loan, interest starts adding up the day the loan is disbursed, including during school. Subsidized loans, by contrast, do not accrue interest while you are enrolled at least half-time, which makes them the less expensive option when you qualify.
Did You Know?
Declaring bankruptcy does not erase federal student loan debt. If you stop paying, the federal government can garnish a portion of your wages until the loans are repaid.
References
More about our data sources and methodologies.