Types of Financial Aid Available
Grants
Grants are awarded based on financial need and do not require repayment. Grants that are available for qualified undergraduate students through Mercy College include the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (FSEOG), and State of Ohio – approved grant programs.
Loans
Several different loan options exist. All loans MUST be repaid. Not all loans are based on need. The loan programs available at Mercy College of Ohio are:
- Direct Subsidized Loans (undergraduate only)
- Direct Unsubsidized Loans (undergraduate and graduate)
- Direct PLUS Loans (Parent Loans, credit-based) (undergraduate only)
- Graduate Direct PLUS Loans (graduate only)
- Ohio Nurse Education Assistance Loan Program (NEALP)
- Private Alternative Loans, (credit-based) offered by various lenders
Mercy College also participates in the Federal Work-Study (FWS) Program. This is available to Toledo campus students only.
Scholarships
There are many scholarships available from Mercy College. A complete listing of all scholarships is available at http://www.mercycollege.edu/scholarships or through the Office of Financial Aid at financialaid@mercycollege.edu.
Other Sources of Financial Aid
Local service clubs, churches, labor unions, companies, etc. offer grants and scholarships for many college students. Many high school organizations have scholarship programs available. Information is available at high school guidance counselor offices.
Veterans Benefits
Mercy College of Ohio will assist veterans, service members, and qualified family members eligible for Veteran Education Benefits to achieve their goal of a college degree. The U.S. Department of Veterans Affairs (VA) determines eligibility for educational benefits. If eligible, the VA Certifying Official at Mercy College (located in the Office of Financial Aid) will certify education benefits. To apply for VA education benefits, please visit https://www.va.gov/education/ or call the VA benefits hotline at 1-888-GI-BILL-1 (1-888-442-4551).
Mercy College of Ohio complies with the Veteran Benefits and Transition Act of 2018 and ensures the College will not impose any penalty, including the assessment of late fees, the denial of access to classes, libraries, or other institutional facilities, or the requirement that a Chapter 31 or Chapter 33 recipient borrow additional funds to cover the individual’s inability to meet his or her financial obligations to the institution due to the delayed disbursement of a payment by the U.S. Department of Veterans Affairs. A Covered Individual is any individual who is entitled to educational assistance under Chapter 31, Vocational Rehabilitation, or Chapter 33, Post 9/11 GI Bill® benefits. Additionally, this requirement is limited to the portion of funds paid by VA. Mercy College will permit any covered individual to attend or participate in the course of education during the period beginning on the date on which the individual provides to Mercy College a certificate of eligibility for entitlement to educational assistance under Chapter 31 or 33 and ending on the earlier of the following dates:
- The date on which payment from the VA is made to the institution.
- Ninety days after the date the institution certified tuition and fees following the receipt of the certificate of eligibility.
In the case a student must take a leave of absence due to being called to active duty, the Student Military Leave Policy will be followed. The Student Military Leave Policy is available at https://mercycollege.edu/admissions/financial-aid/veterans-benefits and available in the Academic Affairs section of this catalog.
Mercy College is approved for the Ohio National Guard Scholarship Program, tuition assistance available for enlisted persons in the State of Ohio. For scholarship consideration, the enlisted student must complete the State of Ohio application by the appropriate deadlines. For further information, please visit http://ong.ohio.gov/education. Students must also apply for the Federal Tuition Assistance to be used before the Ohio National Guard Scholarship. Students can apply online at www.GoArmyEd.com. Students can contact the State of Ohio at 1-888-400-6484 for assistance. All scholarship approval letters need to be submitted to the Office of Financial Aid for certification by the VA Certifying Official.
For eligible students who receive funds through the Department of Defense Tuition Assistance Program, Mercy College of Ohio will return any unearned tuition assistance (TA) funds on a proportional basis through at least the sixty (60) percent portion of the period for which funds were provided. In instances when a service member stops attending due to a military service obligation, Mercy College will work with the affected service member to identify solutions that will not result in student debt for the returned portion. Mercy College’s schedule for returning unearned TA to the government is as follows:
5-week Course Withdraw submitted
By Monday at 4:30 pm of the 2nd week - 100% return
By Monday at 4:30 pm of the 3rd week – 10% return 60% of course completed at 3 weeks
5-week Course Withdraw submitted, the 60% of course completed at 3 weeks
6-week Course Withdraw submitted
By Monday at 4:30 pm of the 2nd week - 100% return
By Monday at 4:30 pm of the 3rd week – 10% return 60% of course completed at 3.6 weeks
By Monday at 4:30 pm of the 4th week – 0% return
6-week Course Withdraw submitted, the 60% of course completed at 3.6 weeks
8-week Course Withdraw submitted
By Monday at 4:30 pm of the 2nd week - 100% return
By Monday at 4:30 pm of the 3rd week – 50% return
By Monday at 4:30 pm of the 4th week – 25% return
By Monday at 4:30 pm of the 5th week – 10% return 60% of course completed at 4.8 weeks
8-week Course Withdraw submitted, the 60% of course completed at 4.8 weeks
10-week Course Withdraw submitted
By Monday at 4:30 pm of the 2nd week - 100% return
By Monday at 4:30 pm of the 3rd week – 50% return
By Monday at 4:30 pm of the 5th week – 25% return
By Monday at 4:30 pm of the 6th week – 10% return 60% of course completed at 6 weeks
10-week Course Withdraw submitted, the 60% of course completed at 6 weeks
12-week Course Withdraw submitted
By Monday at 4:30 pm of the 2nd week - 100% return
By Monday at 4:30 pm of the 3rd week – 80% return
By Monday at 4:30 pm of the 4th week – 50% return
By Monday at 4:30 pm of the 7th week – 25% return 60% of course completed at 7.2 weeks
By Monday at 4:30 pm of the 8th week – 0% return
12-week Course Withdraw submitted, the 60% of course completed at 7.2 weeks
16-week Course Withdraw submitted
By Monday at 4:30 pm of the 2nd week - 100% return
By Monday at 4:30 pm of the 3rd week – 80% return
By Monday at 4:30 pm of the 5th week – 50% return
By Monday at 4:30 pm of the 9th week – 25% return 60% of course completed at 9 weeks
By Monday at 4:30 pm of the 10th week – 0% return
16-week Course Withdraw submitted, the 60% of course completed at 9.6 weeks
For more information regarding Veteran Benefits, please visit https://mercycollege.edu/admissions/financial-aid/veterans-benefits or https://www.va.gov/education/how-to-apply/.
GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at https://www.benefits.va.gov/gibill.
Financial Aid Packaging
Upon receipt of a student aid report from accepted students, the Office of Financial Aid combines aid from available sources to form a financial aid package. Some students will be offered a combination of aid from different sources. Acceptance of the package, or any source of aid, constitutes a student’s commitment to maintaining satisfactory academic progress and notifying the Office of Financial Aid and/or lender of any changes in housing, finances, status at the institution, etc.
Financial Aid - Transfer Students
If students have financial aid at another institution for the current academic year, the aid may transfer to Mercy College. Please contact the Office of Financial Aid at financialaid@mercycollege.edu for assistance.