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.

FAFSA and Financial Aid

You’ve heard these terms dozens of times. But why are they important? They are the key to getting money to help you pay for college.

  • State and federal grants (free money based on your family’s income)
  • Academic scholarships (more free money)
  • Work-study or other job (paid up to 20 hours/week)
  • Loans through the federal government or private lenders

How to file your FAFSA

  1. Go to or download the MyStudentAid app
  2. Create an FSA ID for you and your parent/guardian
  3. Enter Mount Mercy’s FAFSA code: 001880

Faith Janaszak

While the FAFSA seems very daunting, it really isn’t as scary as you might think! I was able to get an amazing academic scholarship based off my high school grades, a music scholarship, and a work-study job on campus my first year here.

Financial Aid Options

We're committed to affordability.

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!

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. The first step in applying for financial aid is to complete the FAFSA (Free Application for Federal Student Aid), which helps determine your eligibility 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).

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 eligibility 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

Contact Financial Aid

112 Warde Hall
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

Financial Aid Process


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 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:

  • 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