Millsaps College
Jackson, Mississippi · Private Nonprofit · 43.1% acceptance rate
ROI Score: 43/100 · Poor Value
Millsaps College earns a 43 ROI score and a Poor Value tier rating, a result driven primarily by a steep cost structure that the college's earnings outcomes do not currently justify. Sticker tuition runs $44,680 against a net price of $26,034, pushing four-year cost of attendance to roughly $104,136. Median earnings six years after entry sit at just $39,400, climbing to $53,848 by year ten, while median federal debt at graduation reaches $27,000. The resulting debt-to-earnings ratio of 0.685 is unusually heavy, contributing to a 13-year payback period and dragging the financial sub-scores well below average. Completion at 57.1 percent is middling for a small private liberal arts college, and the 78.5 percent five-year repayment rate is a relative bright spot, suggesting graduates do service their debt even when they aren't earning premium wages early in their careers. The Jackson, Mississippi setting and small size mean students get an intimate liberal arts experience, but the value math is unforgiving for full-pay families given current Scorecard outcomes.
The data raises concerns about Millsaps College
These metrics fall below the thresholds most financial advisors recommend for a sound college investment. Review them carefully before committing.
- ROI Score43/100 - Poor Value tier (below 45). Most 4-year schools we track score 60 or higher.
Millsaps College
Quick Numbers
| In-state tuition + fees | $44,680/yr |
| Out-of-state tuition + fees | $44,680/yr |
| Average net price | $26,034/yr |
| Total 4-year cost (net) | $104,136 |
| Median earnings (10yr post-entry) | $53,848 |
| Median earnings (6yr post-entry) | $39,400 |
| Median debt at graduation | $27,000 |
| Estimated monthly loan payment | $286 |
| Estimated payback period | 13 years |
| 6-year graduation rate | 57.1% |
| Undergraduate enrollment | 549 |
Data as of 2024-2025. Source: College Scorecard API (U.S. Department of Education).
The Full Financial Picture
The sticker price at Millsaps College is $44,680/year. But sticker price isn't what most students pay. After grants, scholarships, and financial aid, the average student pays a net price of $26,034/year, or roughly $104,136 over four years.
That net price varies significantly by family income. The lowest-income families (under $30,000/year) pay an average of $24,215/year, while families earning over $110,000 pay $30,945/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 $53,848 ten years out, the debt-to-earnings ratio is 0.69 - 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 | $24,215 |
| $30,001 - $48,000 | $23,719 |
| $48,001 - $75,000 | $23,062 |
| $75,001 - $110,000 | $27,049 |
| $110,001+ | $30,945 |
Cost by Income Bracket Explained
Lower-income families (under $30K)
Families earning under $30,000 pay a net price of $24,215 -- still a heavy lift relative to income, even after aid. With median graduate earnings of $39,400 at six years out, the math is genuinely difficult for Pell-eligible students to make work without scholarships above the federal aid floor. Lower-income students should aggressively pursue Millsaps's institutional merit awards before committing.
Middle-income families ($30K-$110K)
The $48,001-$75,000 bracket pays $23,062, the lowest net price across all income tiers -- a noteworthy inversion where this middle-income band actually pays less than the lowest-income band. The $75,001-$110,000 group jumps to $27,049. For these middle-income families, Millsaps becomes a $90K-$108K four-year decision against $40K starting salaries, a ratio that should prompt careful comparison with state options.
Higher-income families ($110K+)
Families above $110,000 pay $30,945 net annually, or roughly $124K over four years. With median 10-year earnings of $53,848, full-pay families are absorbing a meaningful premium for the small-college experience without strong earnings evidence to support it. Wealthier applicants who value the liberal arts environment may still find it worthwhile, but the financial case is weak.
Earnings by Major
Top 2 most popular majors at Millsaps College with available earnings data.
| Major | Median Earnings | Grade |
|---|---|---|
| Business Administration, Management, and Operations | $76,477 | C |
| Accounting | $72,642 | - |
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.
Business Administration, Management, and Operations
Business Administration is Millsaps's flagship undergraduate program, with 16 graduates and a median four-year earnings figure of $76,477 -- well above the schoolwide median. Median debt sits at $27,000 and the debt-to-earnings ratio of 0.679 earns a C ROI grade. First-year earnings of $39,765 are modest, but the four-year trajectory shows strong post-graduation career growth typical of business majors who climb into management roles. Career paths likely concentrate in regional banking, corporate accounting, and small-business management.
Accounting
Accounting graduates 4 students annually -- a small cohort -- but reports a strong $72,642 median four-year earnings figure. Debt and ROI grade are not reported due to thin sample size. For students who can secure CPA-track internships and licensure, this program likely delivers among the best returns on a Millsaps degree, particularly if combined with the regional accounting firm pipeline in Jackson and the broader Mississippi market.
How Graduates Do
Earnings
Loan Repayment
| Metric | This School | Nat'l Avg |
|---|---|---|
| 1-year repayment | 79.7% | 52.0% |
| 3-year repayment | 78.5% | 62.0% |
| 5-year repayment | 72.6% | 68.0% |
| 7-year repayment | 75.1% | 72.0% |
Completion Rate
Admissions Snapshot
| Acceptance rate | 43.1% |
| SAT Math (25th-75th) | 530-575 |
| SAT Reading (25th-75th) | 495-575 |
| ACT Composite (25th-75th) | 21-28 |
| Enrollment | 549 |
| Pell Grant recipients | 36.9% |
| Avg faculty salary (monthly) | $8,256 |
Millsaps admits 43.1 percent of applicants, putting it in the moderately selective range. SAT Math mid-50 percent runs 530-575 and Reading 495-575, while ACT Composite spans 21-28. These are middle-of-the-road academic profiles, and the wide ACT range hints at meaningful variation in incoming preparation. The 57 percent completion rate is consistent with that profile -- selective enough to filter, not so selective that retention is automatic.
Compared to Similar Schools
Peer institutions matched by type, size, and selectivity.
Among Millsaps's nearest peers, Belhaven University is a fellow Jackson-based private liberal arts school competing for similar Mississippi students. Blue Mountain Christian University and Briar Cliff University are small faith-affiliated privates with comparable scale. College of Biblical Studies Houston and Rabbinical College Bobover Yeshiva Bnei Zion are niche religious institutions with very different missions. Within this peer set, Millsaps's 43 ROI score reflects the broader struggle small private colleges face when sticker price climbs but graduate earnings stay close to regional medians.
| School | ROI | Net Price | 10yr Earnings |
|---|---|---|---|
| Millsaps College (this school) | 43 | $26,034 | $53,848 |
| Briar Cliff University | 46 | $23,907 | $54,475 |
| College of Biblical Studies-Houston | 43 | $672 | $39,260 |
| Rabbinical College Bobover Yeshiva Bnei Zion | 41 | $9,136 | $20,707 |
| Belhaven University | 29 | $15,676 | $46,440 |
| Blue Mountain Christian University | 27 | $24,016 | $40,421 |
Who Thrives Here
Millsaps fits students who want a tight-knit liberal arts experience in the Deep South and who can either secure substantial merit aid or absorb the full sticker. With just 549 students enrolled and a 36.9 percent Pell grant rate, the campus is small and economically mixed but tilts toward middle-income families. Strongest outcomes accrue to business and accounting graduates, where four-year earnings reach the mid-$70Ks. Students set on STEM-heavy or finance-heavy careers in larger metro areas should weigh whether the small-campus tradeoff outweighs the cost premium.
The Verdict: The Numbers Don't Add Up
The financial data raises serious concerns about Millsaps College. With a net cost of $26,034 per year and median graduate earnings of only $53,848 ten years out, the estimated payback period exceeds 13 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 $53,848 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.