Understanding Millsaps College Tuition, Fees, and Financial Aid

Planning for college expenses is a crucial part of the application process. This article provides a comprehensive overview of the costs associated with attending Millsaps College, along with details about financial aid opportunities available to students. By understanding these aspects, prospective students and their families can better manage college costs and make informed decisions about their future.

Cost of Attendance: The Sticker Price

The "Cost of Attendance" (COA) represents the total amount of money the average student needs to pay, before receiving any financial aid, to attend a particular school. It's often referred to as a school's sticker price and includes tuition, fees, room and board, books, and other essential expenses. Understanding the COA is the first step in managing college costs.

Breaking Down the Costs

Here's a breakdown of the costs associated with attending Millsaps College:

Tuition: The primary cost of attending Millsaps College.
Books and Supplies: Estimated at $650 per year.
Personal Expenses: Approximately $1,140 per year.
Transportation: Around $650 per year.

It’s important to note that these costs are estimates, and the actual amount may vary depending on the student's specific course of study, personal preferences, and circumstances. All costs are subject to change.

Net Price: What You Actually Pay

The Net Price represents the total cost of attending Millsaps College minus any grants and scholarships a student receives. This is the amount students and their families will need to pay out of pocket.

Average Net Price: The average net price at Millsaps College is $26,739 per year.

The net price is specific to each student, as it's based on their personal circumstances and the college's financial aid policies. The most accurate estimate of your net price can be obtained by using the college's Net Price calculator.

Financial Aid: Making College Affordable

Financial aid can significantly reduce the cost of attending Millsaps College. It includes grants, loans, scholarships, and work-study jobs. Financial aid packages vary depending on the student's financial need, which is typically determined based on the Free Application for Federal Student Aid (FAFSA).

Students Receiving Financial Aid: A significant 68.28% of Millsaps College students receive financial aid.

Average Aid Package: The average financial aid package awarded to students is $41,609.

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Types of Financial Aid

Need-Based Scholarships and Grants: These awards do not need to be paid back. The average need-based scholarship or grant award is $34,680.
Need-Based Loans: Loans must be paid back. The average need-based loan amount is $4,382.
Non-Need-Based Aid: The average amount of non-need-based aid is $29,508.

Grants and Scholarships: The Best Option

Grants and scholarships are the most desirable forms of financial aid because they don't need to be repaid. Millsaps College appears to offer competitive financial aid due to the higher percentage of students receiving institutional aid.

Student Loans: Borrowing for College

Student loans are another major way to pay for college. However, it's essential to minimize student debt as much as possible.

Debt at Graduation: The typical amount of loans a student must pay back upon graduation is $32,301.

Federal Loans: 59% of all students at Millsaps College take out federal loans, with an average annual federal loan amount of $5453.

Private Loans: A smaller percentage, 6%, of students take out private loans. The average private loan amount at Millsaps College is $10929.

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The fact that a greater percentage of students receive federal loans compared to private loans is a positive indicator, as federal loans generally have lower interest rates and more favorable repayment terms.

Expected Family Contribution (EFC)

The U.S. government uses a standardized method to calculate how much a typical family can afford to pay for college without assistance. This is known as the Expected Family Contribution (EFC). Colleges use the EFC as a guideline to determine the amount of aid to offer.

Financial Aid Application Process

Financial Aid Application Due Date: Not available.
Priority Application Due Date: Not available. Applying before this date gives applicants the strongest consideration.
Notification Date: Not available. This is when students receive a letter detailing the amount and types of aid offered by the college.
Response Due Date: Not available. This is the deadline for students to respond to the college's aid offer.

Tuition Guarantee Plans

Millsaps College offers tuition guarantee plans where the tuition at the time of first enrollment is guaranteed only to students making advance payment.

Withdrawal and Refund Policy

Under the Higher Education Amendments of 1998, the amount of aid a student has earned for the enrollment period is based on the length of time the student remains enrolled. If a student withdraws on or before the 60% point of the enrollment period, the percentage of aid earned is equal to the percentage of time completed. A student who remains enrolled beyond the 60% point of the enrollment period has earned 100% of the aid for that period. The date of withdrawal from which all claims to reductions and refunds will be referred is the date on which the coordinator of records is officially notified by the student of the intention to withdraw.

Cost of Attendance and Financial Need

The cost of attendance is the cornerstone of establishing a student’s financial need, as it sets a limit on the total aid that a student may receive for purposes of the Campus-Based, TEACH Grant and Direct Loan programs and is one of the basic components of the Pell Grant calculation. This estimate is utilized in the mandated calculation to determine a student’s eligibility for Title IV Federal Financial Aid programs consisting of grants, work-study and student loans.

Value and Ranking

Millsaps College gets this verdict primarily on the school's reputation. On college ranking lists, it often ranks between #100 and 200, putting it roughly in the top 20% of schools. On value rankings lists, Millsaps College doesn't often appear. This usually means that, compared to other schools of similar reputation, Millsaps College has a higher net price and may offer less competitive financial aid.

Resources and Next Steps

Millsaps College Financial Aid Office Phone Number: Contact the financial aid office for personalized assistance.
Net Price Calculator: Use the college's Net Price calculator for the most accurate estimate of your net price.
Major Portal: Access student information about financial aid, billing, payments, and grades through the Major Portal.

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