Financial Aid: Policies

All policies can be found in the Financial Aid Handbook

Disbursement of Your Aid Funds

Exit Counseling

Federal Student Financial Aid Penalties for Drug Law Violations

Price of Attendance

Private Education Loans

Study Abroad Students

About Loans


 

STUDENT RIGHTS 

A student has the right to ask Mount Mercy University:  

  • The names of accrediting and licensing organizations.
  • About its programs; its instructional, laboratory, and other physical facilities, and its faculty.
  • What the cost of attending is, and what its policy is on refunds to students who drop out.
  • What financial assistance is available, including information on all federal, state, local, private, and institutional financial aid programs.
  • What the procedures and deadlines are for submitting applications for each available financial aid program.
  • How it selects aid recipients.
  • How it determines the student's financial need. This process includes how costs for tuition and fees, room and board, travel, books and supplies, and personal and miscellaneous expenses are considered in the cost of education. It also includes the resources considered in calculating need (such as parental contribution, other financial aid, assets, etc.).
  • How much of the student's financial need, as determined by the school, as been met.
  • To explain each type and amount of assistance in the student's financial aid award and how a student was selected as a recipient.
  • What the interest rate is on any student loan the student has, the total amount the student has to repay, the length of time the student has to repay, when the student must start repaying , and what cancellation or deferment provisions apply.
  • If the student is offered a Federal work study job, what kind of job it is, what hours the student must work, what the student's duties will be, what the rate of pay will be, and how much and when the student will be paid.
  • To reconsider the student's aid package if the student believes a mistake has been made, or it the student's enrollment or financial circumstances have changed.
  • How the school determines whether the student is making satisfactory academic progress, and what happens if the student is not.
  • What special facilities and services are available to the disabled.
  • Completion/graduation and job placement  rates and how they are calculated.

Terms and conditions of loan deferments for service in the Peace Corps and Volunteer Service


STUDENT RESPONSIBILITIES 

It is the student's responsibility to:

  • Review and consider all information about Mount Mercy University's programs before the student enrolls.
  • Pay special attention to the student's application for student financial aid, complete it accurately, and submit it on time to the right place. Errors can delay or prevent the student from receiving aid.
  • Know all the deadline dates for applying or reapplying for aid, and meet them.
  • Provide documentation, corrections, and/or new information requested by either the Financial Aid Office or the agency to which the student submitted the student's application.
  • Notify Mount Mercy University of any information that has changed since the student applied.
  • Read, understand, and keep copies of all forms the student is asked to sign.
  • Submit a valid Student Aid Report or release the information electronically while still enrolled.
  • Report any additional financial aid that you received but that is not listed on your current award letter from Mount Mercy.
  • Maintain good academic standing.
  • Repay any student loans the student has received. When the student signs the promissory note, the student is agreeing to repay their loan.
  • Participate in an entrance interview for Federal Student Loan applicants.
  • Attend the financial aid exit interview it the student received a federal student loan or a McElroy Loan while attending Mount Mercy University. Academic transcripts will be held until the next exit interview is complete.
  • Notify the school of change in the student's name, address, or attendance status (i.e. full-time to part-time attendance). If the student has a loan, the student also must notify their lender of these changes.
  • Satisfactorily perform the work agreed upon in a University work-study job.
  • Understand the Mount Mercy University refund policy.
  • Understand the Mount Mercy University award policy.

SATISFACTORY ACADEMIC PROGRESS

Process Overview and Responsibilities:

The U.S. Department of Education and the State of Iowa require students to maintain satisfactory academic progress toward their degree objectives to be eligible for federal, state and institutional aid. In compliance with prescribed regulations, Mount Mercy University has established guidelines that are designed to ensure students successfully complete courses and advance toward degree objectives. These requirements serve as standards against which to evaluate student progress, grade point average and overall time period in which a student must complete their program.

Mount Mercy University’s Satisfactory Academic Progress standards apply to all students who want to establish or maintain financial aid eligibility. These standards apply to a student’s entire academic transcript, including terms for which financial aid was not applied or disbursed. These standards require that students successfully complete a specific number of credit hours each academic school year and maintain a minimum grade point average as defined by the standards. These are minimum standards that must be attained. Specific aid programs or department standards may require more than these minimum standards.

 The academic progress of financial aid recipients is monitored a minimum of once each academic year. Students should contact the Financial Aid Office with questions regarding the intent and/or interpretation of these standards.

 Completion Rate and Grade Point Average (GPA) Requirements

Full-time students (students attempting 12 or more credit hours each semester) must progress according to the following schedule:

                                     Minimum Credits                    Minimum Required

                               Successfully Completed              Cumulative GPA

            Year 1                      24                                               2.00 *updated for 2010-11

            Year 2                      48                                               2.00

            Year 3                      72                                               2.00

            Year 4                      96                                               2.00

            Year 5                     123                                              2.00

 These credit hours must be earned during the academic year (fall, winter and spring). However, if a student does not meet these required hours, they may be earned during the following summer session(s). Failure to achieve this standard by the end of the summer will result in the loss of financial aid eligibility until the completed cumulative hours meet the minimum standards. Loss of aid is not the same as academic suspension, which is handled by the Vice President of Academic Affairs.

 Part-time students must successfully complete one-half of the credit hours they attempt. Combined students (students blending terms of full- and part-time enrollment) must achieve a cumulative total that satisfies the combined full- and part-time standards.

 Students who do not achieve the minimum cumulative GPA are granted one probationary semester in which to raise their cumulative GPA to the minimum. Failure to achieve this standard at any point following the probationary semester results in the loss of financial aid eligibility until the cumulative GPA meets the minimum standards.

 Students will be notified by letter if they fail to meet Satisfactory Academic Process.

 Maximum Timeframe – Undergraduate and graduate students will be considered for financial aid eligibility for up to 150% of their program time. At the end of each academic year, each student’s credits earned are reviewed to ensure that satisfactory academic progress is occurring at the required rate. Students will be notified when they are within two semesters of reaching the expiration of the allowable timeframe. Once the timeframe has expired, students will not be eligible for additional federal, state or institutional financial aid.

 Incomplete Coursework – Courses with a grade of incomplete must be completed in the following semester. An Incomplete grade will not be considered as credits completed toward qualitative and quantitative academic progress until the faculty member assigns the grade. Financial aid may be revoked until a satisfactory letter grade has been assigned.

 Changing Majors –When students change majors all attempted coursework will be included when assessing academic progress. All coursework, regardless of changing majors must be completed in a reasonable length of time, which is defined as no more than 150% of the credit hours required for graduation in that program.

 Additional Degrees –Coursework applicable to the additional degree will be taken into consideration in determining satisfactory academic progress compliance.

 Transfer Students – Transfer students will be assumed to be maintaining academic progress at the time of admission. Transfer credits and GPA that are accepted at Mount Mercy are counted toward the total attempted credits/cumulative GPA in determining satisfactory academic progress compliance.

 Repeated Coursework – When students repeat a course, the most recent grade received is used in the calculation of the cumulative grade point average. The credit hours for the class are not counted in the minimum credit requirement.

 Non-Credit Coursework – Non-credit coursework is not counted in the minimum credit requirement.

 Appeal Process, Probation, Suspension – Extenuating circumstances that result in a student failing to achieve the minimum completed credit hours and/or GPA requirements are evaluated by Committee. To appeal, you must request an appeal form from the Student Financial Services Office, complete the form as instructed and submit it with documentation to the Student Financial Services Office. You will receive written notification of the appeal decision. If a student’s appeal is approved they will be placed on Financial Aid Probation and their financial aid eligibility will be reviewed each semester for continued aid eligibility until minimum SAP requirements has been achieved. For full time students, failure to complete a minimum semester GPA of 2.0 and 12 credits each of these semesters will result in immediate suspension of future aid. Part-time students must maintain a minimum semester GPA of 2.0 and complete at least half of the credits attempted in order to retain future financial aid.

 Reestablishing Eligibility – Students who have lost financial aid eligibility due to a deficiency in completed hours or a low GPA can regain eligibility by achieving the minimums established in this policy. It is the student’s responsibility to notify the Student Financial Services Office when this has been accomplished in order to request the aid be reinstated.