FAQ About Financial Aid

How do I apply for financial aid at Mercy College?

The only form necessary to apply for financial aid is the FAFSA (Free Application for Federal Student Aid). The FAFSA is used to determine your eligibility for financial aid.

What is a FAFSA and why do I need to complete one?

The FAFSA is the Free Application for Federal Student Aid. By completing the FAFSA you are taking the first step in the financial aid process. The FAFSA will:

• Determine your eligibility for Federal Grants, Loans and Work Study
• Determine your eligibility for Ohio Grants
• Determine your EFC (expected family contribution) and need

You should file the FAFSA or renewal FAFSA online at http://www.fafsa.ed.gov/. This is the fastest and most efficient way to file the FAFSA. FAFSA on the web provides numerous edit checks and that help to prevent errors. The FAFSA is available to complete beginning January 1st each year.

Please make sure that you read the instructions before completing the FAFSA. They are helpful and should answer most of your questions. If after reading the instructions you require additional assistance to complete the form there are several places you can receive help. You can call 1.800.4.FED.AID (1.800.433.3243), consult your high school guidance counselor, or contact the Financial Aid Office at Mercy College. (419.251.1219 or Financialaid@mercycollege.edu).

What will I need to complete the FAFSA?

To complete the FAFSA you will need:

• Your tax return and all W-2 forms for the prior year
• Your spouse’s tax return and W-2 forms for the prior year, if applicable
• Bank statements for checking, savings, and investment accounts
• Business and farm financial records if applicable
• A PIN number (www.pin.ed.gov)
• Your parents’ tax return and W-2 forms for the prior year, if applicable

What is a PIN and how do I get one?

Your PIN is your Personal Identification Number. You should apply for a PIN at www.pin.ed.gov about a week before filing your FAFSA. Your PIN is a four-digit number that acts as an electronic signature and will speed up the financial aid process. You will use the same PIN each year you file the FAFSA so you should keep this number in a safe place. If you have lost or forgotten your PIN visit the website at www.pin.ed.gov to request a duplicate PIN.  Dependent students should have parents apply for their own PIN number so that they can also electronically sign the FAFSA.

What is the school code for Mercy College?

The Mercy College school code is 030970. Be sure to include this on the FAFSA so that your information is sent to the Financial Aid Office.

What is the deadline for submitting the FAFSA?

We recommend that you submit your FAFSA by March 1st in order to meet our priority filing date of April 1st. Financial aid is always available after this date however filing by the priority deadline will ensure that you receive all financial aid available to you.

Am I considered a dependent or independent student?

The U.S. Government has established criteria for classifying financial aid recipients as dependent or independent. If you are able to answer yes to any ONE of the following questions you are considered independent for financial aid purposes:

1. Will you be 24 years old or older by December 31 of the award year?
2. As of today, are you married?
3. Are you currently serving on active duty in the U.S. Armed Forces for purposes other than training?
4. Are you a veteran of the U.S. Armed Forces?
5. Do you have children who will receive more than half of their support from you between July 1st and June 30th?
6. Do you have dependents (other than your children or spouse) who live with you and who receive more than half of their support from you, now and through June 30th?
7. At any time since you turned age 13, were both your parents deceased, were you in foster care or were you a dependent or ward of the court?
8. Are you or were you an emancipated minor as determined by the court in your state of legal residence?
9. Are you or were you in legal guardianship as determined by a court in your state of legal residence?
10. At any time on or after July 1, 2008, did your high school or school district homeless liaison determine that you were an unaccompanied youth who was homeless?
11. At any time on or after July 1, 2008, did the director of an emergency shelter or transitional housing program funded by the U.S. Department of Housing and Urban Development determine that you were an unaccompanied youth who was homeless?
12. At any time on or after July 1, 2008, did the director of a runaway or homeless youth basic center or transitional living program determine that you were an unaccompanied youth who was homeless or were self-supporting and at risk of being homeless?

If you cannot answer YES to any item, you are considered dependent and must include parent financial information on your FAFSA regardless if you live at home or not.

My FAFSA was selected for Verification, what does this mean?

Verification is the process used to compare the information provided on the FAFSA to documentation you provide (signed tax returns, W2 forms, and a verification worksheet). After you complete the FAFSA you will receive a summary called the Student Aid Report (SAR). This report will indicate if you have been selected for verification. You will also be notified by the Financial Aid Office.

The Verification process needs to be completed within 30 days of the receipt of your SAR. Be sure to keep copies of all (student, spouse, and parent) federal income tax returns and attachments as well as W-2s. The Financial Aid Office will notify you if additional paperwork is required.

How is my financial aid eligibility determined?

A student’s Expected Family Contribution (EFC) is used to determine need. The EFC is calculated according to a formula established by law. Your family’s income, assets, and benefits are used in determining your EFC. Also considered are your family size and the number of family members who are pursuing higher education. A simple formula is used to determine your eligibility for need-based financial aid:

Cost of Attendance – Expected Family Contribution (EFC)= Unmet Need

Your cost of attendance includes your costs for tuition and fees, books, supplies, transportation, room and board, and miscellaneous personal expenses to attend Mercy College for one academic year. Your EFC is calculated from your FAFSA and is reported on your SAR.

What is financial aid packaging?

The Financial Aid Office receives an ISIR (Institutional Student Information Record) once a student completes the FAFSA. The financial aid officer will then combine aid from available programs to form a financial aid package for accepted students. This will be reported to each student in an award letter. Acceptance of the award, or any source of aid, constitutes a commitment on the part of the student. The student commits to maintaining satisfactory academic progress and notifying the financial aid office of any changes that may occur.

When will I receive an award letter?

We make every effort to ensure that our students receive award letters as soon as possible. Our goal is to provide incoming freshmen who have met the priority filing date and who have submitted all requested paperwork with an award letter in time to make an informed decision about their college choice. For continuing students, award letters are usually completed at the end of spring semester. If you have met the priority filing date and have not received an award letter by the end of May please contact our office.

I received my award letter, what do I do next?

Once you receive your award letter you will need to decide if you want to accept the aid you are eligible for. It is automatically assumed that students accept all gift aid available to them. It is up to the student to decide if they want to accept or decline the loans available to them. Each student will have to fill out a loan request form telling the Financial Aid Office if they accept or decline their loans and for which loan period they would like the loan certified. A loan request form can be downloaded from the Mercy College website or picked up in the financial aid office.

I have to complete entrance counseling and a MPN, how do I do this?

If you are a first time borrower the law requires that you complete an entrance counseling session and Master Promissory Note (MPN). Entrance counseling is an introduction to borrowing for new students. The MPN is the student or borrowers agreement to repay their loans. Both of these can be completed online at the Mercy College website. The Financial Aid Office will receive electronic notification once they are completed. You will need your PIN number to electronically sign your MPN.

I received a revised award letter. Why did my award change?

Your financial aid may be revised at any time based on changes in your eligibility, enrollment, or an office/agency error. If your financial aid has already been credited to your student account your may be responsible for partial or full repayment of the funds, regardless of the reason for the adjustment. As required by law, revision of your financial aid package may occur if:

1. Your aid was based on inaccurate information
2. The Financial Aid Office made an error in determining your eligibility
3. You do not maintain satisfactory academic progress
4. You fail to meet enrollment, GPA, or other requirements
5. You add/drop classes or withdraw from college
6. You decline an award

What if my situation has changed since I completed the FAFSA?

The FAFSA, which uses prior year income information, is used to determine your eligibility for financial aid. If the prior year no longer represents your current situation please contact the Financial Aid Office.

Can I use my Veterans Administration (VA) benefits at Mercy College?

Veterans, service members, and dependents eligible for VA education benefits may use those benefits at Mercy College. Please contact the Financial Aid Director to process your benefits at Mercy College.

When is the Financial Aid Office open and where is it located?

The office is open Monday through Friday from 8:00 AM until 5:00 PM unless otherwise posted. Evening appointments are available with advanced notice. We are located on the first floor of the Administration Building just off the Madison Avenue Lobby.

How do I get in touch with your office?

There are several ways to get in touch with the Financial Aid Office. You can call the office directly at 419-251-1219. If no one is available your call will be returned within 48 hours. You can also e-mail us at financialaid@mercycollege.edu or stop by our office during business hours.

What other sources of financial aid are available?

Besides grants and loans there are many other sources of available aid. Local service clubs, churches, labor unions, employers, and local businesses may offer programs to help pay for the cost of post-secondary education for members, employees, or their children. You can also check with foundations, religious organizations, fraternities and sororities, and town or city clubs for scholarship opportunities. Also check with community organizations and civic groups such as the American Legion, YMCA, 4-H Club, Elks, Kiwanis, Jaycees, Chamber of Commerce, and the Girl or Boy Scouts.

There are free scholarship searches currently available on the Internet. Fastweb is one example, and can be accessed at www.fastweb.com. You should never pay for a scholarship search.

How many credit hours do I need to enroll in each semester?

Students are expected to participate in and complete requirements for the classes in which they enroll. For loan purposes, you must be enrolled for a minimum six (6) credits. For grant purposes, enrollment requirements vary. Please check with the financial aid office if you are unsure how many credits you need to take.

How do I apply for Federal Direct loans?

You must complete the FAFSA and have received a valid SAR to determine your eligibility for Federal Direct Loans. Once you receive an award package from the Financial Aid Office you will need to complete additional paperwork. All required documentation must be received by the financial aid office before any loans can be certified. All students must complete the loan request form which can be picked up in the Financial Aid Office or downloaded from the website. In addition, first time borrowers must also complete and Entrance Counseling session and Master Promissory Note (MPN).

When can I get my loan monies?

The earliest loan monies will be posted to a student account is on the first day of attended classes. If you have a credit on your student account, a refund will be automatically requested by the Business Office, unless you have authorized the credit balance to remain on your account. Refund checks will be mailed directly to students and can generally be expected in 7 to 10 business days from the disbursement date.

Am I always eligible for my loan disbursement?

The Financial Aid Office will verify your eligibility before each disbursement is made. In addition to general eligibility requirements you must:

• Be enrolled on at least a half-time basis (6 hours or more)
• Be making satisfactory academic progress as defined in the college catalog

Withdrawing from classes or reducing registered credit hours may affect financial aid eligibility. Also, you are responsible for notifying the Financial Aid Office of any additional awards, scholarships, and/or educational reimbursements. This may affect your financial aid eligibility.

What is Satisfactory Academic Progress?

Any student receiving financial aid is required to make satisfactory academic progress (SAP) to continue to receive financial aid at Mercy College. Please refer to the college catalog for further information on SAP.

Can I receive financial aid from two institutions?

No. You can only receive financial aid from one institution during a given term. You can NOT mix the types of financial aid you receive from different packages.

How do I transfer my financial aid to Mercy College?

To transfer financial aid to Mercy College from another institution you will need to do the following:

1. Add Mercy College to your FAFSA. This can be done as a correction at www.fafsa.ed.gov, or by calling 1.800.4 FED AID. You will need to add the Mercy College school code 030970.
2. Complete a new MPN and Entrance Counseling session. This can be completed on our website. You must also notify your lender that you have transferred to Mercy College so that you do not lose your six month grace period and enter repayment.
3. Submit any documentation that may be required if you are selected for verification. You will need to do this even if you have already completed the verification process at another institution.

Can I receive aid in the summer?

Federal and State Grant eligibility may be available for summer classes. You must have a renewal FAFSA on file with the Financial Aid Office. Loans can be used to help cover summer expenses as long as a student is enrolled for 6 or more credit hours. If you are not enrolled for 6 or more hours there are some private loans that may be available. Please contact the Financial Aid Office for further information on summer aid.

Does Mercy College offer any payment options?

There are several payment options available to students. To make payment arrangements or for further information you will need to contact the Business Office at 419-251-1726. The financial aid office does not handle payment.  Click here to view the tuition and fees page.

What is the Tuition Refund Policy?

Please refer to your Course Catalog for Mercy College’s tuition refund policy. The Course Catalog is available in PDF on the Mercy College website.

What is the Withdrawal Policy?

You must officially withdraw from your courses. This process can be started with the Office of Student Records. Please refer to your Course Catalog for Mercy College’s withdrawal policy. The Course Catalog is available in PDF on the Mercy College website.

What is Return to Title IV Funds?

Mercy College must determine the amount of Federal Financial Aid a student has earned if he/she withdraws, “disappears”, is dismissed, or takes a leave of absence prior to completing 60% of the term. Please refer to your Course Catalog for further information regarding Return to Title IV calculations. The Course Catalog is available in PDF on the Mercy College website.

Financial Aid Office Contacts

Julie Leslie
Financial Aid Director
419-251-1598 or 1-888-80-MERCY, ext. 1-1598
julie.leslie@mercycollege.edu

Chris Fowler
Financial Aid Officer
419-251-1721 or 1-888-80-MERCY, ext. 1-1721
christopher.fowler@mercycollege.edu-or-financialaid@mercycollege.edu

Sam Pfitzer
Financial Aid Secretary
419-251-1219 or 1-888-80-MERCY, ext. 1-1219
samantha.pfitzer@mercycollege.edu

Sarah Robarge
Financial Aid Secretary
419-251-1417 or 1-888-80-MERCY, ext. 1-1417
sarah.robarge@mercycollege.edu