$4,478

Avg. Federal Grant

$5,535

Avg. Federal Loan

$60,784,624

Total Aid Awarded

Mercyhurst University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

99%

Total Aid Amount Average Total Aid Awarded per year.

$60.785M

Financial Aid Official Website

www.mercyhurst.edu/admissions-aid/undergraduate-admissions/costs-financial-aid/

Such schemes include Joseph P. Gavenonis Scholarship, Ohio College Opportunity Grant, and Technology Scholarship. It is interesting to note that almost every student at MU receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $10,872,405. More information regarding the financial assistance schemes can be accessed on MU’s official financial aid page at http://www.mercyhurst.edu/admissions-aid/undergraduate-admissions/costs-financial-aid/. At MU, the total percentage of applicants who receive the Federal Grant stands at 31%. On the other hand, 98% of the candidates get the Student Grant, 98% receive the Institution Grant, and 30% get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,603, and the same stands at $3,890 for State Grant awardees and $26,327 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,485. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Students whose family income per annum is less than $30,000 will receive a federal aid of $33,996 on average in a year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $33,334, while those falling in the $48,001-$75,000 income category get $31,439 a year. Meanwhile, the average federal aid for students in the $75,001-$110,000 income bracket is $27,435. And, for those with a family income of more than $110,000, the amount stands at $24,359. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At MU, an estimated number of 75% of the applicants choose to go for student loans.

Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

30%

State Grant Aid

25%

Institution Grant Aid

99%

Pell Grant

30%

Average Aid Awarded

Federal Grant Aid

$4,478

State Grant Aid

$3,528

Institution Grant Aid

$24,126

Pell Grant

$4,385

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$30,905

$30,001 - $48,000

$29,780

$48,001 - $75,000

$26,781

$75,001 - $110,000

$22,904

Over $110,000

$22,080

Student Loans for Mercyhurst University

Average Loan Amount Average Loan Amount received per year.

$8,824/Year

Students Taking Out Loans

71%

Loan Default Rate

8.7%

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