Financial Aid Award Terms and Conditions


GENERAL TERMS AND CONDITIONS OF FINANCIAL AID AWARDS 

  1. The financial aid award has been estimated based upon full-time attendance (Full-time attendance for an undergraduate student is minimally twelve credits per semester; full-time attendance for a graduate student is minimally nine credits per semester/trimester, and six credits per quarter).  It is YOUR RESPONSIBILITY to inform the Office of Student Financial Services of any change in enrollment status.  Upon receipt of notification, the award will be reevaluated and subject to revision.
  2. Financial aid awards are usually offered for an academic year with equal disbursements for each term in the academic year.  A term bill from the Office of Student Accounts is sent, minimally, once each month. You may deduct from your charges the amount of financial aid for a particular term, with the exception of Federal Work Study.
  3. All financial aid recipients must be matriculated and enrolled in courses leading to a degree.
  4. Institutional academic scholarships and grants are available for students seeking their first undergraduate degree only.  Students in second degree programs are not eligible.
  5. The total awarded amount of institutional funds (including scholarships/grants/discounts) and NYS TAP grants cannot exceed tuition costs.
  6. International students attending on an F1 Visa are not eligible for institutional need-based grants, federal grants or loans, or NY state grants.  Eligibility for institutional academic scholarships is based on admit criteria (GPA and/or transfer credits.)
  7. Students who receive discounted tuition, tuition waivers or assistantships are not eligible to receive institutional need-based awards or academic scholarships (including, but not limited to, Mercy Assistance Grant, Excellence Scholarships or Transfer Scholarships). 
  8. The comprehensive financial aid award package is conditional upon receipt of all requested information by the Office of Student Financial Services.  All applicants selected for Verification by the Department of Education will be notified under separate cover.  The Verification process may lead to award revision(s). The Office of Student Financial Services reserves the right to request verification of any data submitted by the applicant and/or parents.
  9. The University awards initial grants and scholarships from University Operating Funds.  The University reserves the right to substitute Private & Restricted Scholarship Funds for University Grants & Scholarships offered from the Operating Funds.  In such an event, a revised Financial Aid Award Notification will be sent to you detailing the substitution.
  10. The New York State Tuition Assistance Program Grant (TAP) is an estimated award.  A NYS TAP Application must be completed by the student with NY HESC.  It is the responsibility of the student to submit all requested documentation to the State in a timely fashion to insure payment of the TAP award. Applications can be completed online at www.tap.hesc.ny.gov/totw.
  11. Direct Loan funds require the completion of the Direct Loan Master Promissory Note (MPN) and Entrance Interview; these must be completed online at www.studentaid.gov/entrance-counseling  and www.studentaid.gov/mpn.
  12. Please be advised that financial aid funding (including federal, state, and institutional funds) will be utilized to pay down all balances owed to the University, including, but not exclusively, tuition, room, board, accident insurance, fees, fines, etc.  Please be advised that if you do not wish to have federal funds pay ‘non educational expenses’ (e.g., parking fines), you must notify the Office of Student Financial Services in Writing.
  13. Students who are awarded an academic scholarship and participate in a tuition exchange program will receive the exchange discount in place of the scholarship.  If the student ceases participation in the tuition exchange program, he/she will once again be eligible to receive the academic scholarship, provided he/she is maintaining the enrollment level and the necessary cumulative GPA required for the award.
  14. The awarding of federal and state aid (including Veteran’s benefits) may affect your eligibility for other student aid administered by Mercy University.  The Office of Student Financial Services reserves the right to adjust these University awards as a result of changes in federal and/or state levels of assistance.
  15. Upon the receipt of additional assistance, your financial aid award will be re-evaluated.  It is your responsibility to notify the Office of Student Financial Services upon receipt of additional awards, including, but not limited to, scholarships from outside sources.  (For example, students receiving awards from previous institutions may not be eligible for additional University funding; financial aid awards of students hired as Resident Assistants will also be reallocated, etc.) 
  16. To ensure renewed eligibility for financial aid offered, you must file a FAFSA each year by the February 15th priority deadline and maintain Satisfactory Academic Progress (SAP) as required by the US Department of Education, the NYS Higher Education Services Corporation, and Mercy University.  University SAP standards can be found in the Catalog under “Tuition, Expenses and Financial Assistance.”
  17. Financial aid offered is based on commuter or resident status as indicated by the student.  It is the responsibility of the student to notify the Office of Student Financial Services of any changes in residency status.