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 7/1/2016 through 6/30/2017 the fixed interest rate for the Direct Subsidized Loan is 3.76% and for the Direct Unsubsidized Loan is 3.76%. 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 Parent PLUS Loan
Federal 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. Currently, the fixed interest rate is 6.31% for loans first disbursed on or after 7/1/2016 through 6/30/2017. Please complete the following steps in order to receive a Federal PLUS Loan.
Private Alternative Loans
Download Private Loan Options
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.