College Affordability
Mount Mercy is committed to making your education affordable. Check out these resources:
FAFSA (use Mount Mercy's code: 001880)
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.
With generous financial aid options and a focus on clear pathways to graduation, Mount Mercy is committed to making your 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!
112 Warde Hall
finaid@mtmercy.edu
319-368-6467 or 1-800-248-4504 ext.6467
Office Hours
Monday-Thursday: 8:00 AM-4:30 PM
Friday: 8:00 AM-4:00 PM
Summer Hours
Monday-Thursday: 8:00 AM-4:00 PM
Friday: 8:00 AM-Noon
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.
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 can accept financial aid by following the instructions on their award letter.
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:
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:
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.
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.