Notably, almost all of the university students get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $10,109,325. The total percentage of candidates applying to Mount Mercy University who receive the Federal Grant is 38%. Meanwhile, 100% of the applicants receive the Student Grant and 100% are awarded the Institution Grant, while 38% of the students get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,139, and the same stands at $5,728 for State Grant awardees and $19,788 for Institution Grant recipients. And, for the Pell Grant awardees, the average aid amount is $3,691. 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. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At MMU, an estimated number of 76% of the applicants choose to go for student loans.