At Mercy College, we believe that paying for college should never be a reason why students are unable to get the education they deserve. We encourage you to visit the our Student Financial Services Centers at any one of our campuses or call for an appointment with a student financial services counselor for more information about the best way to finance your education. If you’ve chosen Mercy College because we meet your educational objectives, we are prepared to work with you to find ways to help you meet your college expenses. Our goal is to never let money get in the way of attending Mercy. Here you will find information about a combination of academic scholarships, need-based grants, loans, and jobs that can help get you started.

Be sure to read our Frequently Asked Questions About Financial Aid for more information. Please contact the Mercy College Student Financial Services Call Center at 1-888-464-6737 if you have any questions about financial aid and scholarships. The office can also provide you with all of the forms that you need to complete to apply for financial assistance.

Sample Financial Aid Award Packages 2008-2009 Here are some sample financial aid award packages to give you an example of what a student can expect to receive when attending Mercy College: Sample Freshman George is an 18-year-old freshman entering Mercy College in the fall semester. He graduated from high school in May. Prior to his graduation, he applied to Mercy College for admission and, because he knew that he would need help paying for college, he filled out the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Using both his and his parents' financial information, Mercy College determined that he would be eligible for the maximum federal, state and college need-based aid. Below is an example of what a freshman’s financial aid package would look like: Tuition $15,470.00 Pell Grant $4,731.00 TAP Grant $5,000.00 MAG (Mercy Assistance Grant) $2,220.00 *Balance (after grants are deducted) $3,519.00 (George needs to pay this balance.) Maximum loan available to freshmen $5,500.00 In addition to the grants and loans, Mercy College offered George a part-time job through the Federal Work-Study Program that helped him with his living expenses. When George reviewed his financial aid award letter, he returned a copy to the financial aid office indicating he wished to accept his Stafford Loan and contacted the Career Development Office for a job placement. Since he had started the process in April, he was able to begin working at the beginning of July and all of his aid was applied to his account when school started. *Other options available to students to help offset their balance include: private educational loans, payment plans through Tuition Management Services (TMS) and scholarships.

Important Notice: You must file and complete processing for all financial aid, grants, and loans no later than two weeks before the beginning of a term. Full payment of your tuition is due two weeks before the beginning of each semester. Mercy College will contact you regarding the completion of your financial aid forms, but it is your responsibility to make sure you have submitted the required forms. Mercy College Code Number: 002772

Sample Sophomore

Lila has almost completed her first year at Mercy College. In March she completed the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov for the forthcoming academic year. Since Lila is 26 years old, she only needs to enter her own financial information on the FAFSA. Mercy College reviews the information and reviews the package, showing her the eligibility for grants, loans and work-study. Below is an example of what a sophomore’s financial aid package would look like:

Tuition $15,470.00

Pell Grant $3,081.00

TAP Grant $3,025.00

MAG (Mercy Assistance Grant) $3,932.00

*Balance (after grants are deducted) $5,432.00

(Lila needs to pay this balance.)

Maximum loan that is available to independent sophomores $10,500.00

Lila reviewed her financial aid package and accepted her loan by returning her award letter to the financial aid office. Since Lila already has a full-time job, she will not need the work-study funds. All of Lila’s aid is available when school starts in September and she even has some extra funds to use for her books and living expenses.

*Other options available to students to help offset their balance include: private educational loans, payment plans through Tuition Management Services (TMS) and scholarships.

Sample Transfer

Marc spent the fall semester at a community college. In November, he decided he was going to transfer to Mercy College for the spring semester. He had filed the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov for his community college in March. Using his federal PIN number, which he obtained at the PIN web site at pin.ed.gov, he went into the online FAFSA and added Mercy College (school code: 002772) to the schools he wanted to review the FAFSA information. Mercy College reviewed the information and prepared an aid package showing Marc the grants, loans and work-study for which he will be eligible for the fall. Below is an example of what a transfer student’s financial aid package would look like:

Tuition (spring semester only) $7,735.00

Pell Grant $2,365.50

TAP Grant $2,500.00

MAG (Mercy Assistance Grant) $1,310.00

*Balance (after grants are deducted) $1,559.50

(Marc needs to pay this balance.)

*Options available to cover the balance include: private educational loans, payment plans through Tuition Management Services, and scholarships.

The maximum loan available to students depends on the number of transfer credits applied to the degree at Mercy College.

Marc reviews his aid package through Mercy Connect and accepts his Stafford loan to cover his balance. Because Marc started the process early, all his aid was available when school started in January and he received a refund check for books and living expenses.

Sample Graduate Student

Lisa is applying to Mercy College as a graduate student for the upcoming fall semester. In March, she completes her Free Application for Federal Student Aid (FAFSA) using her PIN number to complete the online application at www.fafsa.ed.gov. Because she is a graduate student she is considered independent and only needs to supply her financial information on the FAFSA.

Mercy College reviews the information and prepares an aid package showing that Lisa is eligible for the maximum Stafford Loan, which is $20,500 per year. Tuition is charged per credit and, while Lisa can make arrangements to pay this over ten months through Tuition Management Services, she chooses to complete the application for the full amount of the Stafford Loan, which will leave her with some extra funds to use for books and living expenses.

Please note: $20,500 is the maximum Stafford Loan available to a graduate student per academic year. Alternative loans that are based on credit ratings are: Signature and Key Alternative. Tuition Management System (TMS) payment plans are also available.