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Financial Aid Policies

Statement of Ethical Principles

Mercy College of Health Sciences is a standing member of the National Association of Student Financial Aid Administrators (NASFAA). As such, we believe that the primary goal of the financial aid professional is to help students achieve their educational goals through financial support and resources. NASFAA members are required to exemplify the highest level of ethical behavior and demonstrate the highest level of professionalism. The guidelines were last updated by NASFAA's Board of Directors in March 2014.

Below is a summary of the NASFAA Statement of Ethical Principles. The entire Statement can be found at this link.

Financial aid administrators shall:

  • Advocate for students
  • Manifest the highest level of integrity
  • Support student access and success
  • Comply with federal and state laws
  • Strive for transparency and clarity
  • Protect the privacy of financial aid applicants

 

Policies

  • Federal and state grants, and external scholarships and grants will be applied to student accounts first. Institutional funding, followed by loans are applied next according to need.
  • In the event that a student receives additional funds from outside sources, it is the student’s responsibility to notify the Financial Aid Office. Reductions or adjustments in previously packaged assistance may result.
  • Withdrawal from the College or dropping of a course may result in the adjustment of a student’s financial assistance package. This may result in a balance owed to the college or to the Department of Education. The student should discuss the potential impact of such a decision with the Financial Aid Office prior to making schedule changes.
  • To receive federal financial aid, a student must be accepted into a qualifying academic program.
  • Financial Aid awards are mailed to students based on full-time enrollment. Aid will be adjusted based on the number of actual registered credits.
  • If a student is taking academic credits at another institution while attending Mercy College, the student is responsible for providing appropriate documentation.

 

Satisfactory Academic Progress Standards

Students receiving federal and/or state funded aid are required to make satisfactory academic progress (SAP). This is a different policy than the College Academic Performance Policy.

Students are required to maintain a 2.00 cumulative GPA. Students must also complete (with a D- or above) 67% of cumulative attempted credit hours applied to their program including all courses taken at Mercy College of Health Sciences. For financial aid SAP, attempted hours include completed courses as well as courses with a grade of F, W, or I, and repeated courses.

Students who do not meet these requirements at the end of a semester may be granted one warning semester of continued financial aid eligibility. After the warning semester, students will be placed on financial aid suspension and lose their financial aid eligibility until the SAP requirements are met. Students may appeal their financial aid suspension by completing the appeal form available here or in the Financial Aid Office. 

For financial aid purposes students must complete their program of study within 150% of the published length of the educational program.

 

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