Financial Aid

A Mount Mercy education is one of the best investments you can make. In fact, many students find that Mount Mercy can be less expensive than many public and private schools in the region.

Commitment to Affordability

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

Financial Aid Options

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).

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).

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

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

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.

Fill out the Deferred Billing Form.

Higher Education Emergency Relief Fund (HEERF)

Mount Mercy University applied for and received funding from the federal government under the Higher Education Emergency Relief Fund (HEERF) as authorized by the CARES Act. These funds were made available to colleges and universities for expenses related to educational disruptions due to the COVID-19 outbreak.

MMU received $1,221,083 in total funding. Per the Certification and Agreement signed and submitted to the U.S. Department of Education, $610,542 (50%) of the funds received under Section 18004(a)(1) of the CARES Act are specifically allocated to cash grants for MMU students affected by COVID-19. Under guidelines provided by the federal government, 1,282 students were determined to be eligible for the grants.  As of June 10, 2020 $644,660 of grants have been distributed by check to 1,282 students.

As required by the U.S. Department of Education, grants were disbursed only to students who are eligible to receive Title IV funds. In compliance with federal guidelines, each student’s check was calculated based on the following criteria:

  • Students enrolled on March 15, 2020

  • Students living on-campus and required by Governor Reynolds to move off-campus

  • Students whose institutional scholarships were impacted

  • Students whose fees and/or declining balances were impacted

  • Students no longer able to work on-campus

Your patience during this unprecedented time has been greatly appreciated. If you have additional financial needs, please contact finaid@mtmercy.edu.