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Mount Mercy University is committed to keeping in communication with the campus community as the rapidly evolving coronavirus COVID-19 situation unfolds.

For more information and updates, visit our Coronavirus webpage.

Loans

A variety of loans and programs can help in funding your education. A loan will require repayment, and most repayment plans begin six months after you leave school.

Federal Loans

The federal government offers loans for students regardless of credit history or current finances. Many of these loans do not accrue interest while you are enrolled in school, provided you maintain minimum course hours. 

William D. Ford Subsidized Stafford Loans

  • Fixed at a 4.529% interest rate (2019–20)
  • Eligibility based on financial need
  • Principal and interest is deferred while enrolled at least half-time
  • Freshmen (0-30 hours) can borrow up to $3,500
  • Sophomores (30-59 hours) can borrow up to $4,500
  • Junior and seniors (60+ hours) can borrow up to $5,500
  • Repayment begins six months after graduation or if enrollment drops below half-time
  • Repayment may run 10-25 years
  • Government pays interest until repayment begins

William D. Ford Unsubsidized Stafford Loans

  • Fixed at a 4.529% interest rate for undergraduate students and 6.079% for graduate and professional students (2019–20)
  • Eligibility not based on financial need
  • If student is not eligible for a subsidized loan, he/she is usually eligible for unsubsidized
  • Principal is deferred while enrolled at least half-time
  • Undergraduate amount vary by grade level and dependency status
  • Graduate and professional students may borrow up to $20,500 per academic year
  • Repayment begins six months after graduation or if enrollment drops below half-time
  • Repayment may run 10–25 years (same as subsidized loans)
  • Interest begins to accrue when loan is disbursed but may be deferred and capitalized at start of repayment

Parent PLUS Loan for Undergraduate Students or Grad PLUS Loan for Graduate Students

  • Fixed at a 7.079% interest rate (2019–20)
  • Available to parents of undergraduate students or students enrolled in a graduate or professional program
  • Credit based
  • Amount of eligibility is determined by difference between school costs minus student's estimated financial assistance
  • Can be deferred by contacting Direct Loan
  • Interest begins to accrue when loan is disbursed

McElroy Loan

  • Designed to assist students who do not qualify for loans based on financial need
  • Typical award is $1,500-$3,000
  • Interest rate on new loans is 3.5%
  • Amount available to borrow is based on funds available
  • Interest and principal are deferred while the student is in school
  • Borrower must begin making payment no later than three months after ceasing to be enrolled at least six semester hours

Private Loans

Education loans are available from a number of private lenders. These loans typically require a credit check and, in most cases, a cosigner. Private loans must be repaid, and repayment typically begins once the student is no longer enrolled at least 1/2 time (6 or more credit hours).

Mount Mercy works with a variety of lenders, and it's up to the student and family to decide which private lender they would like to use. For additional information on private loans or to review a historical list of lenders Mount Mercy students have used, please visit our FASTChoice website.

Nursing Faculty Loan Program (NFLP)

The Nursing Faculty Loan Program (NFLP) is for master’s program nursing students seeking a career as a nursing faculty member. Students enrolled in Mount Mercy’s Master of Science in Nursing program earning a nurse education emphasis are eligible to receive a low-interest loan, with up to 85% forgiven after four years of teaching at a post-secondary institution.

Students enrolled in the MSN program earning a nurse education emphasis, and who intend to teach full-time at a post-secondary institution with an LPN or RN education, are eligible to apply. Please contact our office to apply, and let the graduate nursing program director know about your interest in NFLP funding once admitted to the MSN program.

Eligible students may borrow up to the cost of tuition and books per semester. Upon graduation, to be eligible for the 85% cancellation, the borrower must agree to serve as a full-time nurse faculty member at an accredited school of nursing for a period of four (4) consecutive years. To receive the cancellation, paperwork must be completed and submitted on an annual basis after each year of service.
Yes, you must apply for FASFA before requesting the NFLP.
Yes, you can apply for for both federal aid and for the NFLP. 
After graduation from Mount Mercy’s Master of Science in Nursing program, in order to qualify for the FNLP cancellation, a borrower must gain full-time employment within 12 months. The loan will go into repayment after the 9-month grace period. 
Failure to maintain employment as a full-time faculty member at an accredited school of nursing results in the loan being placed into repayment status. Repayment of the loan will be at the prevailing market rate.