Notably, 96% of the students at Mercy College get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $25,376,063. More information regarding the financial assistance schemes can be accessed on MC’s official financial aid page at https://www.mercy.edu/admissions/financial-aid. At MC, the total percentage of applicants who receive the Federal Grant stands at 70%. On the other hand, 95% of the candidates get the Student Grant, 95% receive the Institution Grant, and 70% get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,354, while the same comes to $4,211 for State Grant receivers and $7,368 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,821. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Students whose family income per annum is less than $30,000 will receive a federal aid of $16,352 on average in a year. The average aid amount stands at $14,416 for an annual family income between $30,001 and $48,000. This amount comes to $9,376 for those who fall under the $48,001-$75,000 family income bracket. Those with an annual income level of $75,001-$110,000 would receive $5,580, while candidates with more than $110,000 of family income receive an average federal aid of $3,195. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Candidates are also required to repay these loans within a given period. At Mercy College, the percentage of candidates who opt to avail of student loans is around 50%.