It is interesting to note that, every year, around 93% of students at MCO receive some kind of financial aid, while the total amount of assistance/loans provided is $6,960,448. Notably, a total of 30% of the applicants to Mercy College of Ohio receive the Federal Grant every year. In comparison, 77% of the students are awarded the Student Grant, 58% get the Institution Grant, and 30% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,627, while the same comes to $2,979 for State Grant receivers and $2,778 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $3,405. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. Candidates are also required to repay these loans within a given period. At MCO, an estimated number of 77% of the applicants choose to go for student loans.