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

The first step in applying for financial aid is to complete the Free Application for Federal Student Aid (FAFSA).

Eligibility for federal student aid doesn't carry over from one year to the next, so you need to fill out the FAFSA each year you want federal aid to help with college costs. File your FAFSA as soon as possible to maximize the amount of aid you receive—some awards are presented on a first come, first serve basis. 

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

Filing your 2024-25 FAFSA

The U.S. Department of Education has made many changes and simplifications to the FAFSA this year. Because of this, the application will open later than usual—be prepared to take action after the soft launch on December 31, 2023. The form will be available periodically as they address issues, so check back frequently if you have any trouble. 

  • Though the application is delayed for the 2024-25 academic year, it will open on the traditional October 1 date in the future
  • The final deadline for the FAFSA will not change—make sure you've filed before the June 30, 2025 deadline for entry in the 2024-25 academic year
  • The updated form will be easier to complete and includes several changes to how aid is calculated

If you have any questions, please don't hesitate to reach out! You can contact our Office of Financial Aid at 319-368-6467 or finaid@mtmercy.edu 

The U.S. Department of Education has made many changes and simplifications to the FAFSA this year. Here are some of the main updates:

  • The form was simplified, reducing the number of questions you'll have to answer

  • The student, their spouse, and all parents/guardians with tax data being reported must have their own FSA ID/StudentAid.gov account

  • Access was expanded for Federal Pell Grants

  • Larger Income Protection Allowances (IPA) will result in lower expectations for student or family income to be able to pay for college

  • Families are now required to report the value of their farms or businesses, which will impact how federal aid is calculated

  • There is no longer a benefit for siblings in college—the FAFSA will no longer consider the number of individuals in a household attending college when determining the amount of aid

The first step is to make sure everyone has their own StudentAid.gov account/FSA ID. The student and all contributors will need their own accounts, so setting these up in advance will streamline your ability to fill out the FAFSA. 

  1. If you didn't submit a 2023-24 FAFSA form, make sure to create your StudentAid.gov account. Remember your username and password so you can fill out the 2024-25 FAFSA when it opens!

  2. Find out if your parents/guardians or spouse will need to be contributors based on your dependency status

  3. If your parents/guardians or spouse will need to contribute to your form, make sure each contributor creates their own StudentAid.gov account
If the student is a dependent and their parents/guardians filed taxes jointly, only one parent is required as a contributor and needs an FSA ID. If the student's parents/guardians did not file taxes jointly, both are considered contributors and must have their own FSA IDs. 

You'll fill out the 2024-25 FAFSA using tax information from 2022.

The FAFSA usually operates with the previous year's tax information. Even though the FAFSA is opening later than usual this year, make sure you use your 2022 tax information.

Due to this year's changes, the U.S. Department of Education has stated that there will be delays in transferring information from the FAFSA to colleges.

We expect to release award offers for traditional undergraduate students by the end of February. Students in our block programs will need to register before a financial aid award will be sent.

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
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

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 can accept financial aid by following the instructions on their award letter. 

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 December 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
  • 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.