by our College Data Analytics TeamThe majority of students will never be charged the advertised price of a school. Instead, they will be provided a financial aid package that will include a combination of scholarships, grants, loans, and work-study. The total price of attendance at Millsaps College can feel overwhelming, but bear in mind that many students receive some sort of financial aid.
Just what financial aid solutions can Millsaps provide, and just what are you going to be eligible for? Keep reading for answers. Keep going to see how much school funding could be available to you.
How much aid you qualify for depends largely on your family’s financial circumstances. Read on to get a sense of the financial assistance available at Millsaps College.
Financial assistance, available as scholarships, loans, and work-study, is a way schools lower the price of attendance so many students can enroll. However, some types of aid are more desirable than others, and some students will receive more than others.
At Millsaps College, 86% of first-time, full-time freshmen received some form of financial aid around 131 incoming students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 86% | $32,301 |
| Institutional grants & scholarships | 86% | $28,991 |
| Federal Pell grants | 41% | $5,116 |
| State/local grants | 12% | $1,622 |
| Federal student loans | 61% | $4,979 |
The best aid is gift aid: grants and scholarships that carry no repayment obligation. Across the undergraduate body at Millsaps, around 95% of undergrads got grants or scholarships worth on average $33,766 (covering around 555 recipients).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 95% | $33,766 |
| Federal Pell grants | 37% | $5,605 |
| Federal student loans | 59% | $6,446 |
On-campus students receiving title-IV aid were awarded grants averaging $34,027.
Since aid is largely need-based, the real cost of attendance falls steeply for lower-income families.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $20,483 |
| $30,001 – $75,000 | $23,108 |
| Over $75,000 | $30,852 |
The numbers above are post-aid net prices, so they already account for grants and scholarships.
Net price is the average annual cost after grants and scholarships are subtracted from the published cost of attendance — the figure closest to what a typical aid-receiving student actually pays.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $26,034 |
| Off-campus title-IV students | $25,291 |
To project your own net price, use Millsaps’s official net price calculator: www.millsaps.edu/admissions/cost-value/.
The middle student in the debt distribution at Millsaps owes $19,500 in federal student debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $19,500 |
| Median federal debt (graduates only) | $27,000 |
| Typical 10-year monthly payment (graduates) | $286.24/mo |
At a typical 10-year repayment schedule, the median graduate would pay about the monthly figure above.
Looking only at the median can be misleading because it hides the spread. The figures below chart the debt distribution at Millsaps.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,250 |
| 25th percentile | $5,500 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $31,500 |
The figures below break down median federal debt by income tier, first-generation status, and dependency.
Debt by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $18,250 |
| Middle income | $16,162 |
| High income | $21,500 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $19,500 |
| Continuing-generation students | $19,500 |
A handful of calculated indicators summarize the debt outlook at Millsaps.
Most undergraduate borrowing runs through the federal Stafford loan program. Below is the annual Stafford program activity at Millsaps:
| Metric | Value |
|---|---|
| Stafford loan recipients | 3700 |
| Total Stafford loan amount | $66,593,875 |
Veterans and active-duty service members may qualify for the Post-9/11 GI Bill or DoD Tuition Assistance.
GI Bill volume
| Metric | Value |
|---|---|
| GI Bill recipients | 15 |
| Total GI Bill amount | $421,642 |
| Average GI Bill amount per recipient | $28,109 |
Active-duty Tuition Assistance recipients
| Metric | Value |
|---|---|
| DoD Tuition Assistance recipients | 0 |
| Total DoD amount | $0 |
References
More about our data sources and methodologies.