Financial aid is available through scholarships, loans and grants. The Mercy School of Nursing is certified by the Veteran's Administration for VA benefits.
Scholarships and Loans
What is the difference between a loan and a scholarship?
A scholarship is awarded on the basis of academic merit and sometimes need. Scholarships are considered gifts and do not have to be repaid. A loan is awarded on the basis of financial need and must be repaid. There are some scholarship/loans that are awarded on the basis of academic merit and repaid through employment in certain areas after graduation.
What requirements must I meet to be considered eligible for financial aid?
To be considered for financial aid, a student must:
- Be enrolled or accepted for enrollment at Mercy School of Nursing
- Have a high school diploma or equivalent
- Be a U.S. citizen or eligible non-citizen (resident alien)
- Submit required forms before the deadline dates
- Notify the school of all financial assistance received through any source
- Attend the required counseling conferences as scheduled by the school
- Maintain satisfactory academic progress as defined by the school
What types of financial aid are available?
Federal Pell Grant Program
Pell Grants are designed to provide financial assistance to eligible students and are based on the student's financial need and costs of attendance. It is an entitlement program, which means that any student who applies and is determined to be eligible will receive funds.
Mercy School of Nursing participates in the Federal Direct Loan Program. Through this program, eligible students may receive low-interest loans for educational expenses. Subsidized loans are based on financial need and the interest on the loan is paid by the federal government. Unsubsidized loans are non-need based and the borrower must pay the interest and principle. For both types of loan, the repayment of the loan does not begin until six months after graduation or withdrawal from the school. PLUS loans are made to parents of dependent students. The chart below shows the loan limits for each type of loan.
Subsidized/Unsubsidized Loan Limits
- For All Students: Dependent or Independent
First year (undergraduate): $3,500 / year
Second year(undergraduate): $4,500 / year
- For independent students or dependent students whose parents are ineligible for a PLUS loan, the student has additional unsubsidized loan eligibility of:
First year (undergraduate): $4,000 / year Maximum $7,500 for first year
Second year (undergraduate): $4,000 / year Maximum $8,500
Parents (PLUS loan): Parents may borrow amounts up to cost of attendance less other financial aid.