Millikin University
Decatur, Illinois · Private Nonprofit · 66.7% acceptance rate
ROI Score: 37/100 · Poor Value
Millikin University earns an ROI score of 37 out of 100 and lands in our Poor Value tier, and the numbers explain why. Sticker tuition is $26,892 and the average net price after aid runs $21,989, putting four-year cost near $87,956. Median earnings sit at just $34,900 six years after entry and $51,262 at the ten-year mark, leaving the typical debt-to-earnings ratio at 0.774 and stretching the payback period to roughly 14 years. The 54.9% completion rate is mediocre for a private nonprofit, and the 18-point debt-to-earnings sub-score is the score's biggest anchor. Millikin's strongest program is Registered Nursing, where nursing graduates earn $71,848 one year out and the major holds a B grade, but a meaningful share of the catalog (music, theatre, visual arts, kinesiology) carries an F grade because debt loads of $27,000 routinely exceed first-year earnings. Roughly 53% of borrowers are reducing principal seven years in, which is below the national norm. The honest read: Millikin can work, but only if students pick the right major and qualify for substantial institutional aid.
The data raises concerns about Millikin University
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score37/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
Millikin University
Quick Numbers
| In-state tuition + fees | $26,892/yr |
| Out-of-state tuition + fees | $26,892/yr |
| Average net price | $21,989/yr |
| Total 4-year cost (net) | $87,956 |
| Median earnings (10yr post-entry) | $51,262 |
| Median earnings (6yr post-entry) | $34,900 |
| Median debt at graduation | $27,000 |
| Estimated monthly loan payment | $286 |
| Estimated payback period | 14 years |
| 6-year graduation rate | 54.9% |
| Undergraduate enrollment | 1,382 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Millikin University is $26,892/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $21,989/year, or roughly $87,956 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $18,659/year, while families earning over $110,000 pay $27,524/year.
The median graduate leaves with $27,000 in federal loan debt, translating to an estimated monthly payment of $286 on a standard 10-year repayment plan. Against median earnings of $51,262 ten years out, the debt-to-earnings ratio is 0.77 - within the recommended range but worth monitoring.
Net Price by Family Income
What families actually pay after grants and scholarships, by income bracket.
| Family Income | Avg Net Price/Year |
|---|---|
| $0 - $30,000 | $18,659 |
| $30,001 - $48,000 | $15,629 |
| $48,001 - $75,000 | $23,053 |
| $75,001 - $110,000 | $24,622 |
| $110,001+ | $27,524 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 pay an average net price of $18,659, and the $30,001-$48,000 bracket actually pays less at $15,629. Even with that aid, low-income students take on most of the $27,000 median debt and face a 14-year payback. The math only works for high-earning majors like nursing; for arts and education students, low-income enrollment here usually means net-negative ROI through their twenties.
Middle-income families ($30K-$110K)
Middle-income families in the $48,001-$75,000 bracket pay $23,053, jumping to $24,622 for the $75,001-$110,000 tier. That is a steep leap from the lower bracket and brings four-year out-of-pocket close to $95,000. With median earnings of $34,900 at year six, middle-income families absorb the heaviest aid cliff and the worst effective ROI. Picking a nursing or business track is essentially required to justify the price.
Higher-income families ($110K+)
Families above $110,000 pay $27,524 on net, slightly above sticker tuition once room and board are factored in. At this tier Millikin behaves like a full-pay private with limited merit upside. For high-income households the question is whether the small-campus performing arts or nursing program is worth a $110,000 four-year commitment when in-state Illinois publics offer comparable or stronger outcomes at a fraction of the cost.
Earnings by Major
Top 10 most popular majors at Millikin University with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Registered Nursing | $82,200 | B |
| Drama/Theatre Arts and Stagecraft | $38,666 | F |
| Teacher Education, Subject-Specific | $52,910 | C |
| Teacher Education | $45,797 | C |
| Business Administration, Management, and Operations | $71,489 | C |
| Kinesiology and Exercise Science | $48,665 | F |
| Music | $43,388 | F |
| Biology | $64,834 | B+ |
| Communication and Media Studies | $45,444 | C |
| Marketing | $71,399 | - |
Earnings reflect median 4-year post-completion (or 1-year where 4-year unavailable). Grades based on debt-to-earnings ratio.
Program Analysis
Why these programs deliver their earnings outcomes.
Registered Nursing
Nursing is Millikin's flagship outcome. Graduates earn $71,848 one year out and $82,200 by year four against $27,000 in median debt, producing a 0.376 debt-to-earnings ratio and a B grade. With 50 graduates per year, this is also the largest cohort on campus. For students who can pass the prerequisites and clinical rotations, this single program rescues the school's ROI story and outperforms most peers.
Drama/Theatre Arts and Stagecraft
Theatre is a signature Millikin program with 42 graduates per year and a strong national reputation in conservatory circles, but the financial outcomes are brutal. Year-one earnings of $24,013 against $27,000 in debt push the debt-to-earnings ratio to 1.124 and earn an F grade. Even by year four, earnings of $38,666 leave graduates underwater. Students should pursue this only with eyes open and external scholarships in hand.
Teacher Education, Subject-Specific
Subject-area teacher prep enrolls 34 graduates with $43,936 first-year earnings, $27,000 in median debt, and a 0.615 debt-to-earnings ratio for a C grade. Earnings climb modestly to $52,910 by year four, reflecting Illinois public-school pay scales. The math is workable but tight: graduates spend most of their twenties servicing debt on a teacher's salary, and any income-driven repayment becomes essential.
Business Administration, Management, and Operations
Business admin produces 28 graduates a year with first-year earnings of $46,431 and year-four earnings of $71,489 against $27,000 in debt. The 0.582 ratio is a C grade, and the strong year-four jump shows that early career trajectory does pay off. This is the second-best ROI bet on campus after nursing, particularly for students who pair the degree with quantitative coursework or accounting electives.
Music
Music graduates 22 students per year with first-year earnings of just $21,138 and $26,996 in median debt, yielding a 1.277 debt-to-earnings ratio and an F grade. By year four earnings only climb to $43,388. Millikin's School of Music has prestige in performance circles, but the financial outcomes are unambiguous: students should either secure heavy scholarships or pursue music as a minor alongside a higher-ROI major.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 68.9% | 52.0% |
| 3-year repayment | 74.0% | 62.0% |
| 5-year repayment | 72.0% | 68.0% |
| 7-year repayment | 77.0% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 66.7% |
| SAT Math (25th-75th) | 420-560 |
| SAT Reading (25th-75th) | 440-570 |
| ACT Composite (25th-75th) | 18-25 |
| Enrollment | 1,382 |
| Pell Grant recipients | 37.6% |
| Avg faculty salary (monthly) | $6,557 |
Millikin admits about 66.7% of applicants, so it is moderately selective without being a reach school. SAT mid-ranges land at 420-560 math and 440-570 reading, with ACT composites of 18-25. These scores are roughly average for private regional universities and broadly align with the 54.9% completion rate -- students arrive with a wide preparation band, and persistence outcomes reflect that mix. Well-prepared students who would otherwise be admitted to flagships often land here for the merit aid.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Peer institutions tell a mixed story. School of the Art Institute of Chicago serves a more specialized arts population at much higher cost. Augustana College, also in Illinois, generally posts stronger completion and earnings outcomes than Millikin and is a more traditional liberal arts comparison. Midland University in Nebraska is a closer financial peer with similar small-private economics. Geneva College in Pennsylvania and Sarah Lawrence College sit at very different price points -- Sarah Lawrence costs more than double while serving a higher-income population. Among these peers Millikin's debt-to-earnings ratio is one of the weakest, which is what drags its ROI score below the cluster.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Millikin University (this school) | 37 | $21,989 | $51,262 |
| Augustana College | 67 | $22,736 | $62,971 |
| Midland University | 38 | $26,267 | $52,163 |
| Geneva College | 38 | $25,890 | $50,004 |
| Sarah Lawrence College | 37 | $41,437 | $53,603 |
| School of the Art Institute of Chicago | 21 | $49,790 | $40,151 |
Who Thrives Here
With enrollment of 1,382 and a 37.6% Pell rate, Millikin draws meaningfully from working- and middle-class families in central Illinois. The small size supports tight-knit programs in nursing, education, and the performing arts, which are the campus's identity. Students who thrive here tend to be place-bound Illinois residents pursuing nursing or business-adjacent fields, where post-grad earnings hold up. Aspiring artists and theatre majors can find rich training, but the financial outcomes data is unambiguous: those paths leave most graduates underwater on debt for a decade or more.
The Verdict: The Numbers Don't Add Up
The financial data raises serious concerns about Millikin University. With a net cost of $21,989 per year and median graduate earnings of only $51,262 ten years out, the estimated payback period exceeds 14 years. For most students, the financial return does not justify the cost.
Areas of concern include weak earnings relative to cost and high debt relative to what graduates earn and a long payback period.
Median debt of $27,000 against $51,262 in earnings is reasonable, though major choice matters significantly. Students in higher-earning programs will see better returns.
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Data: College Scorecard API (U.S. Department of Education)
Vintage: 2024-2025 · Last updated: 2026-03-25
Earnings reflect median outcomes for all federal financial aid recipients. Individual results vary by major, effort, and career path.