OVERVIEW PROGRAMS AND TUITION ADMISSIONSFINANCIAL AID

Mount Mercy University Financial Aid and Scholarships 2022

Mount Mercy University which is a private, Roman Catholic university, is located in Cedar Rapids, Iowa. At Mount Mercy University, around 71% of the students are 24 and under. And, when it comes to gender distribution at the varsity, around 68% of the students are females and 32% are males. Finally, at MMU around 76% are white, 9% are Black or African American, and 6% belong to an unknown race or ethnicity. Alumni play a vital role in building the reputation of a university. MMU has produced sev

$4,410

Avg. Federal Grant

$9,517

Avg. Federal Loan

$25,619,815

Total Aid Awarded

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Mount Mercy University Financial Aid and Scholarships

Students Receiving Aid Percent of Students Receiving Financial Aid.

100%

Total Aid Amount Average Total Aid Awarded per year.

$25.620M

Financial Aid Official Website

www.mtmercy.edu/financial-aid-2

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.

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Financial Aid Breakdown

Student Receiving Aid

Federal Grant Aid

41%

State Grant Aid

50%

Institution Grant Aid

100%

Pell Grant

41%

Average Aid Awarded

Federal Grant Aid

$4,410

State Grant Aid

$5,178

Institution Grant Aid

$19,232

Pell Grant

$4,146

Mount Mercy University provides the students with financial aid according to their requirements. The breakdown of the financial aid into different categories is mentioned below. Also, 100% of students receive financial aid.

About 41% of students receive federal grants that sum up to $4,410.
Pell grant offers the amount of $4,146 which contributes to 41% of the students.
The institutional grant aid is offered to 100% students, with the amount equal to $19,232.
50% of students receive the state grant aid that makes the total amount to $5,178.

Federal Aid based on Family Income

Family Income

Average Federal Aid Per Year

Under $30,000

$26,550

$30,001 - $48,000

$28,050

$48,001 - $75,000

$23,330

$75,001 - $110,000

$22,173

Over $110,000

$20,005

Depending upon the family income of an individual, the financial aid varies from person to person. More aid is provided to the individual with less family income. The strategy for providing financial aid based on family income is as follows.

The families with income less than $30,000 are offered aid with amount up to $26,550.
With the income between $30,000 to $48,000, the amount is increased to value $28,050.
The amount of $23,330 is offered for the income ranging from $48,000 to $75,000.
There is further decrease in the amount to $22,173 as the family earning increases to range from $75,000 to $1,10,000.
The income above $1,10,000 is offered less amount which values to $20,005.

Student Loans for Mount Mercy University

Average Loan Amount Average Loan Amount received per year.

$11,176/Year

Students Taking Out Loans

80%

Loan Default Rate

3.5%

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Mount Mercy University Financial Aid and Scholarships

Financial Aid Breakdown

Federal Aid based on Family Income

Student Loans for Mount Mercy University

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