Financial Aid Frequently Asked Questions
What is the FAFSA and how does a prospective student apply for aid?
FAFSA stands for the Free Application for Federal Student Aid and is the starting point for all types of financial aid. For more information please click here.
Are scholarships available for Mercy College students?
Mercy College offers academic scholarships as well as professional program scholarships. Scholarship applications are available October 1 for spring (limited basis) and March 1 for fall funding. For more details please check out the scholarships page on our website.
I'm a current Mercy or CHI employee. What programs could help me with tuition?
Mercy Medical Center and Catholic Health Initiatives (CHI) each have a tuition benefit that may help you.For direct contact information, please click here.
I have already submitted my FAFSA. When will I find out about my financial aid award?
If we need additional documentation from you, we will send a request to your email address (your Mercy College student email for current students, or the email address listed on your FAFSA for prospective students). Once we have received all needed documentation, we will send your award to your home address as soon as possible. We anticipate sending the first awards around April 1st.
My son or daughter is attending Mercy College. How may I request a copy of his/her financial aid award?
Due to federal privacy regulations, your son or daughter must sign a form that allows us to release information to any third parties. This is for your child's protection. Please have your student come to the Student Affairs department with identification (Mercy College badge or driver's license) to sign a Release of Information Form.
My financial situation has changed drastically. What can I do?
If your family's circumstances have changed, please call the financial aid office at (515) 643-6715. With proper documentation, we may be able to adjust your financial aid to take into account certain situations, such as the loss of a job, high medical bills, marriage, or divorce.
Why am I being asked to request a copy of my IRS tax transcript?
Every year, approximately 30% of financial aid applicants are selected by the Department of Education for a process called "verification". This is an extra quality-control step to verify that the information on the FAFSA is correct. In previous years, we were required to request a copy of the student's (and parents of dependent students') tax returns. This process has changed, and some applicants are now required to submit the actual tax transcripts from the IRS.
Requesting a tax transcript from the IRS is free. We do understand that this may delay the financial aid process, but it is a federal requirement. Instructions are available here.
Please note that students may often avoid submitting tax transcripts by using the IRS Data Retrieval Tool on the FAFSA website instead. For more information, please click here.
What are the deadlines for submitting financial aid forms?
To avoid losing eligibility for financial aid, we recommend returning all forms as soon as possible. Each financial aid program has a different deadline by which all of your documentation must be fully processed by the financial aid office. For more information, please view our Financial Aid Policies page.