|
Where do I begin?
The fastest and easiest way to apply for federal financial aid is to fill out a Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov. You can avoid processing delays by using FAFSA on the Web because it helps to ensure that your information is complete. You and your parents can even "sign" the application electronically by getting a PIN (Personal Identification Number) at pin.ed.gov. If you do not have access to the Web, you can complete the enclosed FAFSA instead.
To file the FAFSA, you will need:
- A copy of your parents' and/or your most recent federal tax return.
- The Mercy College code number 002772.
If you have any questions regarding the FAFSA, please call 1-800-MERCY-NY or 914-674-7328 or 718-678-8463.
[ Back To Top ]
What happens next?
Within a two- to six-week processing period (depending on whether you file using the Web or a paper application), you will receive a Student Aid Report (SAR) in the mail. The SAR will give you information about your eligibility for a Federal Pell Grant. You will also receive another financial aid form in the mail called the TAP application form. You will use this form to apply for TAP and other New York State award programs. Be sure to complete and return it in the envelope provided as soon as you receive it.
[ Back To Top ]
When do I apply?
The sooner you file your aid application, the earlier you will be able to determine what additional monies you might need to cover your educational costs and put payment plans in place so that you can enroll without any delays.
[ Back To Top ]
How do I know if I am eligible to receive financial aid?
In addition to documenting financial need for most programs, you must meet the following criteria:
- You must be a U.S. citizen or eligible non-citizen. Students who have permanent resident status must provide alien registration information.
- You must be regularly admitted to, or enrolled at, Mercy College.
- You must be enrolled full time to be eligible for many types of scholarship and financial aid programs. This requires at least 12 credit hours per semester. Some types of aid, depending upon program restrictions and available funds, may be awarded to students enrolled in fewer than 12 credit hours, usually 3 to 11 credit hours.
[ Back To Top ]
How is financial need determined?
Your Financial Need is defined as the difference between your Cost of Attendance as determined by the College and your Expected Family Contribution (EFC).
Your Cost of Attendance includes tuition, fees, books, supplies, transportation and living expense estimates determined by the Financial Aid Office.
Your Expected Family Contribution (EFC) is based on the financial information from your FAFSA. The U.S. Department of Education calculates your EFC by comparing your income and assets against the standard cost of living allowances for the number of people in your household.
Cost of Attendance – Expected Family Contribution (EFC) = Financial Need
Your financial aid award will show the cost of tuition, minus any grants and loans you will receive. The difference between these grants and tuition costs is what you will owe.
Once the documented need is determined, awards are made based upon:
- the student’s request for certain types of financial aid,
- the amount of funds available for awarding, and
- the student’s eligibility for such aid.
An eligible student is first considered for a scholarship and/or grant and then for the Federal Work-Study Program and/or a student loan, depending upon the student’s expressed preferences. Indicating a desire for other types of aid will not affect the amount of scholarship or grant awarded to any student. For most types of financial aid, students and/or parents may be required to submit copies of income tax forms or other documents that verify the information submitted in support of the financial aid application.
[ Back To Top ]
What kind of financial aid can I get to attend Mercy College?
Federal and State Grants: Grants, such as Pell and TAP, are designed to help eligible students pay their expenses for college. The eligibility for a grant and the maximum amount a student might receive are determined by the family’s financial circumstances. Descriptions of these awards can be found on the next page. The student must submit the FAFSA form to apply for these grants. Visit www.fafsa.ed.gov for more information.
Mercy Assistance Grants: MAGs are financial awards that are outright "gifts" which the student does not need to repay. While the amount of most awards is determined by a student’s financial need, there are usually other criteria that must be met.
Academic Scholarships: Academic Scholarships are based completely on a student’s academic record without consideration of the family’s financial situation. These scholarships often partially cover tuition and are renewable each year provided that the student meets the requirements of the award.
Loans: Loans are money to pay for college costs that must be repaid with interest. The loan can be backed by the Federal Government or may be granted independently by a bank. One example of a federal loan is the Federal Stafford Student Loan. Interest rates are subsidized by the federal government to keep them below general market rates.
Private Scholarships: Many organizations, fraternal societies, unions, high schools, and religious groups offer scholarships. Most of these private scholarships require that students meet organization-specific criteria to qualify.
Federal Work-Study Program: This program helps students pay for college by providing them with part-time employment. Students usually work a limited number of hours per week and may work on campus in a variety of activities. Off campus, Federal Work-Study jobs are limited to nonprofit, non-sectarian, and non-political organizations.
ROTC: The Air Force, Army, and Navy all have scholarship programs to help students interested in becoming officers after graduation. Mercy students may participate in the ROTC Air Force program at Manhattan College or the ROTC Army program at Fordham University. Our students are eligible to compete for scholarships to both programs and receive ROTC credit to be used toward their degree requirements. Upon graduation, cadets are commissioned as second lieutenants in the military.
Private Education Loans: There are a number of private companies that offer loans for college with a variety of interest rates and conditions. It is important to compare interest rates, terms of repayment and prepayment penalties to be sure that all conditions can be met by the family.
Company Reimbursement: Many companies offer a tuition payment plan for their employees. Plans vary by company but sometimes reimburse students for 100 percent of tuition costs. In some cases, reimbursement is based on the grade the student receives.
[ Back To Top ]
What state and federal financial aid programs are available?
Tuition Assistance Program (TAP) is a New York State grant that helps full-time students meet the cost of tuition. If you receive a TAP award, the money goes directly to Mercy College for payment of tuition. To qualify, you must be a U.S. citizen or permanent resident, have lived in New York State for at least one year prior to the first term for which you are seeking payment, and meet certain income and enrollment criteria.
Aid for Part-Time Students (APTS) is a New York State tuition grant for students pursuing a degree on a part-time basis. To qualify, you must be a New York State resident, be enrolled for at least six but fewer than twelve credits (including a minimum of three degree credits), meet certain income criteria, and may not have exhausted your undergraduate TAP eligibility.
Federal Pell Grants can be used to pay tuition, or if tuition is covered by other means, help cover book, supplies, and transportation costs. To qualify, you must be a U.S. citizen or an eligible non-citizen enrolled in a degree program and meet income criteria.
Federal Work Study is a program that provides part-time jobs, both on and off campus, to students who need additional financial aid.
Federal Supplemental Educational Opportunity Grants (SEOG) assist exceptionally needy students by supplementing other forms of financial aid.
Federal Subsidized Stafford Loans are subsidized student loans for which the government pays the interest on the loan while you are in school. Eligibility is based on financial need.
Federal Unsubsidized Stafford Loans are available regardless of financial need but interest is not deferred until after you have completed your education, as is the case with a Subsidized Stafford Loan. The maximum amounts of combined subsidized and unsubsidized loans that freshman may request for the academic year are as follows:
Dependent Students: $2,625
Independent Students: $6,625
Upperclassmen may be eligible to borrow higher amounts.
[ Back To Top ]
Are there additional scholarships for Hispanic students?
Hispanic Scholarship Fund (HSF) offers different scholarship programs for students of various educational backgrounds, with awards ranging from $1,000 to $2,500. All applicants must be U.S. citizens or legal permanent residents of Hispanic heritage.
[ Back To Top ]
What happens if I withdraw?
Mercy College is required by law to pro rate the amount of federal financial aid that must be returned to Federal Aid Programs for students who officially withdraw (through the Registrar's Office) prior to attending 60% of a semester. The percentage of aid retained, less an administrative fee of $100.00, will be applied towards the institutional charges. This situation may leave the student with a balance due the College because institutional charges are separately calculated which should be referenced in the "Refund" section of the Catalog. The order in which the refunds are applied to the federal programs is: Federal Stafford Loan, Federal Plus Loan, Federal Pell Grant, Federal Supplemental Education Opportunity Grant, other Title IV Aid Programs, other federal sources of aid, other state, private, or institutional aid, the student. Also, since the New York State Tuition Assistance Program (TAP) award is based on tuition charged, a reduction of tuition will result in a decrease of the TAP award.
Faculty members are no longer required to record attendance in class. However, they are required to report students with academic problems, including non-attendance, using the Early Alert Form to the Academic Advisors. For purposes of calculating tuition charges, all students are considered registered for courses unless they officially withdraw. For further information on official withdrawals and leaves of absence, please refer to those sections in the Mercy College Catalogue. Upon official withdrawal from all classes before 60% of a semester has elapsed, the amount of financial aid, grants, and loans that a student may apply towards the charges for that semester will be calculated based upon the per cent of time the student attended classes as mandated by the Return to Title Four Regulations of the US Department of Education.
[ Back To Top ]
|
