Loans | Mercy College

Loans

Federal Direct Stafford Loan

Federal Direct Subsidized and Unsubsidized Loans are used to assist in paying for college expenses. These loans are in the student’s name and the student is responsible for repaying them after they leave school or drop below half-time enrollment (6 credits). For loans disbursed on or after 7/1/2017 through 6/30/2018 the fixed interest rate for the Direct Subsidized and Unsubsidized Loans (undergraduate) is 4.45% and for the Direct Unsubsidized Loan (graduate) is 6.00%. Please complete the following steps in order to receive a Federal Direct Stafford Loan.

  • Complete a FAFSA, if you have not already done so (school code – 030970)
  • Review your Mercy College award letter and accept/decline/reduce you loan on-line
  • Complete your on-line Entrance Counseling (1st time borrowers only)
  • Complete an electronic Master Promissory Note (MPN)

Federal Direct PLUS Loan

Federal Direct PLUS Loans are loans that a parent can apply for in order to assist in paying for college expenses for their dependent student. These loans are in the parent’s name and the parent is responsible for repaying them. For loans disbursed on or after 7/1/2017 through 6/30/2018 the fixed interest rate is 7.00%.  

Graduate students are eligible to borrow under the PLUS Loan program up to their cost of attendance minus other estimated financial assistance.  For loans disbursed on or after 7/1/2017 through 6/30/2018 the fixed interest rate is 7.00%.

Please complete the following steps in order to receive a Federal PLUS Loan.

Private Alternative Loans

Private Alternative Loans are loans that a student can apply for in their own name. Often these loans require a co-signer because approval is based upon the credit-worthiness of the student. Some of these loans may require interest payments be made while the student is still in school. Most Private Alternative Loans have a variable interest rate, therefore Mercy College encourages students to exhaust all other forms of financial aid before borrowing a Private Loan.

Download Private Loan Options
 
Nurse Education Assistance Loan Program (NEALP)
The Nurse Education Assistance Loan Program (NEALP) provides financial assistance to Ohio students enrolled for at least half-time study in an approved Ohio nurse education undergraduate program. NEALP provides funding for nurses who intend to serve as instructors as well as students who intend to serve as nurses after graduation. For more information or to complete the application on-line, please visit Ohio Board of Regents


The Department of Education publishes federal Cohort Default Rates for every institution.  To access Mercy College of Ohio’s information enter the following code in the OPE-ID field:  030970 at the Student Loan Default link.