Financial Aid

A Mount Mercy education is one of the best investments you can make. With generous financial aid options and a focus on clear pathways to graduation, Mount Mercy is committed to partnering with you to make your MMU education an affordable investment. In fact, many students find that Mount Mercy can be less expensive than many public and private schools in the region.

Financial Aid Options

Commitment to Affordability

Please reach out to our financial aid counselors to talk about all the available financial aid options—we're here to help! 

From scholarships and grants to federal and private loans, many resources are available to support you in getting your degree. In fact, 100% of our incoming freshmen and transfer students receive scholarships.

The first step in applying for financial aid is to complete the FAFSA (Free Application for Federal Student Aid). Mount Mercy's federal school code is 001880

Graduate students may be eligible for various scholarships and loan programs, including the Federal Direct loan and the Federal Perkins loan. The first step in applying for financial aid is to complete the FAFSA (Free Application for Federal Student Aid), which helps determine your eligibilty for state and federal aid. All admitted students should complete the FAFSA. Mount Mercy's federal school code is 001880. For financial aid purposes, the academic year starts in the fall semester (usually late August) and ends in the summer semester (usually early August).

Students enrolled in Mount Mercy’s Master of Science in Nursing program earning a nurse education emphasis are eligible for the low-interest Nursing Faculty Loan Program (NFLP), with up to 85% forgiven after four years of teaching at a post-secondary institution. 

Adult accelerated students are encouraged to learn more about aid options (PDF). If you've been out of college for 2+ years, you may qualify for a $3,500 Future Ready Iowa Grant, if eligible. Majors that qualify for the Future Ready Iowa Grant include:

  • Accounting
  • Actuarial Science
  • Art Teacher Education
  • Business/Commerce, General
  • Computer Science
  • Elementary Education and Teaching
  • Finance, General
  • Management Information Systems, General
  • Marketing/Marketing Management, General
  • Music Teacher Education
  • Registered Nursing/Registered Nurse
  • Secondary Education and Teaching
  • Social Work

The first step in applying for financial aid is to complete the FAFSA (Free Application for Federal Student Aid), which helps determine your eligibilty for state and federal aid. Mount Mercy's federal school code is 001880. For financial aid purposes, the academic year starts in the fall semester (usually late August) and ends in the summer semester (usually early August).

Financial Aid Process

FAFSA

The first step in applying for financial aid is to complete the FAFSA (Free Application for Federal Student Aid). Mount Mercy's federal school code is 001880

Award Letter

Mount Mercy’s financial aid award letter will serve as official notification of your financial aid eligibility. While not a commitment of funds, the letter is an initial indication of state, federal, institutional, and outside agency funds available. The letter will include the amounts of federal, state, and institutional aid for which the student is awarded, and the award period. Students should return a signed copy of the award letter to the Financial Aid Office in order for aid to be applied to your account.

Deadlines

The priority deadline for new incoming traditional students (fall semester) to file the FAFSA is March 1. Iowa students (all undergraduate students) should file the FAFSA no later than July 1 to be eligible for the Iowa Tuition Grant. To be eligible to receive financial aid, Mount Mercy’s Financial Aid Office must receive all necessary documents for processing aid by October 1 for the fall semester and March 1 for the spring semester.

To receive aid from the major federal student aid programs and to determine eligibility for institutional aid, a student must:

  • Be enrolled as a regular student in an eligible program
    • A regular student is someone who is enrolled for the purpose of obtaining a degree
  • Have a high school diploma (or its recognized equivalent) or pass a U.S. Department of Education-approved test
    • Home-school students are also eligible under certain circumstances
  • Be making satisfactory academic progress
  • Be a U.S. citizen or eligible non-citizen
  • Certify that he/she is not in default on any Federal Student Aid (FSA) loan or owe an overpayment on any FSA grant or loan
  • Provide a correct social security number
  • Register with Selective Service, if required
  • File the FAFSA (Free Application for Federal Student Aid)
    • The result yielded from this form is an Expected Family Contribution (EFC), and Mount Mercy's FAFSA code is 001880
  • Provide federal tax returns, verification worksheets, and any other information if requested
  • Attend class on a regular basis

All federally funded programs are subject to change as a result of legislative action.

To be eligible for state financial aid programs, a student must be:

  • An Iowa resident (as defined by the State Board of Regents) and a United States citizen, or residing in the United States on a permanent visa, or a refugee (as defined by the U.S. Citizenship and Immigration Services)
  • Currently enrolled or planning to enroll at least part-time (3 hours minimum) in an undergraduate degree program

Federal Work Study

The Federal Work Study program is based on financial need, which is determined by filing the FAFSA. Student eligibility depends on the need for employment to defray educational expenses, with preference given to those with the highest financial need.

Many students are offered employment as part of their financial aid award. Awards generally range between $1,000-$2,000 per year with students working 6-10 hours per week. The student is expected to work during the hours agreed upon with the supervisor.

Every effort will be made to place the student in a job related to his/her field of interest and/or past experience. However, there is no guarantee of employment or the amount the student will earn. The funds are only disbursed when the student works the required hours.

Campus Employment

Employment is available to students not eligible for Federal Work Study. The procedural guidelines for campus employment are the same as for the Federal Work Study program. Contact Career Services or our office for employment opportunities. 

All students who register to take class(es) at Mount Mercy University are required to electronically sign (e-sign) a Financial Responsibility Agreement (FRA).

The Financial Responsibility Agreement is a disclosure agreement between you and Mount Mercy University that states that you agree to pay all charges that result from your registration and services you receive from the university. You will be asked to acknowledge that you understand that you are responsible for paying all charges associated with your attendance and where applicable, residence costs at the university. The agreement also explains how your financial aid is used to pay your bill, the consequences of not paying your bill in a timely fashion, how the university will notify you about any outstanding balance you owe the university, social security number or taxpayer identification number requirement for 1098-T forms, and electronic distribution of 1098-T forms.

You (the student) will receive an email inviting you to read and sign the agreement. If you decline to sign the form, your enrollment will be subject to cancellation since you are not agreeing to pay the university. You will only need to sign the agreement once as long as you maintain continuous enrollment with the university.

Mount Mercy University accepts tuition reimbursement from employers who offer that benefit. We allow students that receive tuition reimbursement up to 45 days after the completion of the course to pay the course tuition.