Millikin University
Decatur, Illinois · Private Nonprofit · 66.7% acceptance rate
ROI Score: 37/100 · Below Benchmark
Data: 2024-25 College Scorecard release
Millikin University earns an ROI score of 37 out of 100 and lands in our Below Benchmark 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. 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. 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. The honest read: Millikin can work, but only if students pick the right major and qualify for substantial institutional aid.
How Millikin University scores under our methodology
These are the College Scorecard measures that pull this school's CampusROI score down. They describe the published figures, not the quality of the education, and they are our reading of the data. Check them against your own aid offer and intended major.
- ROI Score37/100 - Below Benchmark tier of our scale (below 45). For context, 38% of the schools we score reach 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 |
| Average 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 first number you'll see is the sticker price: $26,892/year, which covers tuition and fees only. After grants, scholarships, and aid, the average student here pays a net price of $21,989/year, or roughly $87,956 over four years. That's the number to plan around.
What you actually pay depends a lot on what your family earns. Families making under $30,000/year pay an average of $18,659/year here, while families earning over $110,000 pay $27,524/year.
Among graduates who borrowed, the median federal loan debt from this school is $27,000, which works out to about $286 a month on the standard 10-year repayment plan. Our debt-to-earnings ratio divides that debt by average earnings six years after entry ($34,900) and comes to 0.77, under 1.0, meaning median debt is less than a full year of those earnings.
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 average 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.
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.
Drama/Theatre Arts and Stagecraft
Theatre is a signature Millikin program with 42 graduates per year and a strong national reputation in conservatory circles. 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. Year-four earnings are $38,666. 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 | Median of schools we score |
|---|---|---|
| 1-year repayment | 68.9% | 68.8% |
| 3-year repayment | 74.0% | 73.6% |
| 5-year repayment | 72.0% | 67.7% |
| 7-year repayment | 77.0% | 72.8% |
Completion Rate
Trends Over Time
How Millikin University’s cost and outcomes have moved across College Scorecard releases (2009-2024).
Average Net Price
Completion Rate
Median Earnings, 10 Years After Entry (as reported)
Earnings reflect borrowers measured 10 years after entry and publish on an irregular cadence with a multi-year reporting lag, so this series shows only the years the Department of Education reported - the data is never interpolated.
Source: U.S. Department of Education College Scorecard, release years shown. Net price and completion are reported annually.
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.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
| 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 theatre program carries an F grade (debt-to-earnings 1.124).
The Verdict: Below Benchmark Under Our Scoring
Under our methodology, Millikin University scores 37/100, which falls in the Below Benchmark tier (below 45). At a net price of $21,989 per year, with typical graduate earnings of $51,262 ten years after entry, we estimate the payback period at about 14 years. In our view that makes the financial case a hard one to make on the numbers alone, but those numbers are averages: your major, your aid package and what you want from a degree all change the picture, so run your own numbers before you commit.
What to keep an eye on: weak earnings relative to cost, a debt-to-earnings ratio of 0.77 (median across the schools we score: 0.61), a long payback period.
Median debt of $27,000 among graduates who borrowed, against average earnings of $34,900 six years after entry, gives a debt-to-earnings ratio of 0.77. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. Your major - and how much you borrow - really matters.
Millikin University: Common Questions
Is Millikin University worth it?
In our view, the financial case is a hard one to make on the numbers alone. Millikin University scores 37/100 on our ROI scale, in the Below Benchmark tier (below 45). At $21,989 a year after aid against $51,262 in typical earnings ten years out, we estimate the payback period at about 14 years. Your major and aid package can change the picture, so run your own numbers.
How much does Millikin University cost after financial aid?
The average net price - the cost of attendance (tuition, fees, books, supplies and average living costs) minus grants and scholarships, for full-time, first-time students receiving federal aid - is about $21,989 a year, or roughly $87,956 over four years. Because it counts living costs, it can run above tuition alone. That is the number to plan around. Actual cost varies by family income, per the U.S. Department of Education's College Scorecard.
What do Millikin University graduates earn?
The typical graduate earns about $51,262 ten years after enrolling, roughly $9,462 a year more than the median high-school graduate ($41,800, per NCES, 2022). That earnings gap is what has to cover the cost of the degree.
How long does it take to pay off Millikin University?
We estimate the payback period - the time it takes for the earnings bump over a high-school graduate to cover what you spent - at about 14 years for Millikin University. The median across the schools we track is about 12 years.
How much debt do Millikin University graduates take on?
Among graduates who borrowed, median federal loan debt from this school is about $27,000, against average earnings of $34,900 six years after entry - a debt-to-earnings ratio of 0.77. That is under 1.0 (a full year of those earnings); the median across the schools we score is about 0.61. How much you borrow really matters.
What is the graduation rate at Millikin University?
The six-year graduation rate is 54.9%. The national average for four-year schools is 64% (NCES, 2022). Completion is 15% of our ROI score, since a degree you don't finish rarely pays back.
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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.