Financial Aid Policies
FINANCIAL AID
POLICIES
QUICK LINKS:
- Mercy College Catalog
- To view financial aid policies and Satisfactory Academic Progress (SAP) Standards, please click Financial Assistance under “Financial Information” in Part III of the Catalog.
- Institutional Code of Conduct for Educational Loans
- NASFAA Statement of Ethical Principles
STATEMENT OF ETHICAL PRINCIPLES
Mercy College of Health Sciences is a standing member of the National Association of Student Financial Aid Administrators (NASFAA). As such, we believe that the primary goal of the financial aid professional is to help students achieve their educational goals through financial support and resources. NASFAA members are required to exemplify the highest level of ethical behavior and demonstrate the highest level of professionalism. The guidelines were last updated by NASFAA’s Board of Directors in March 2014.
Below is a summary of the NASFAA Statement of Ethical Principles. The entire Statement can be found at this link.
Financial aid administrators shall:
- Advocate for students
- Manifest the highest level of integrity
- Support student access and success
- Comply with federal and state laws
- Strive for transparency and clarity
- Protect the privacy of financial aid applicants
FINANCIAL AID SATISFACTORY ACADEMIC PROGRESS
Students receiving federal and/or state funded aid are required to make satisfactory academic progress (SAP). This is a different policy than the College Academic Performance Policy. To view the requirements for maintaining satisfactory progress for financial aid standards, please click here to open the current Catalog and press CTRL + F to search “Financial Aid Satisfactory Academic Progress Standards.”
A student who is placed on Financial Aid SAP Suspension may file an appeal by filling out the form found here and submitting it to the Financial Aid Director.
VERIFICATION AND DOCUMENTATION DEADLINES
Approximately 30% of financial aid applicants are selected by the federal processing system for an additional quality control measure called verification. During this process, the student and family will be required to submit documentation to verify the information provided on the FAFSA. Failure to submit the documentation may result in a loss of eligibility for grants, loans, or institutional scholarships. Students are encouraged to submit all documentation as early as possible to avoid delays.
For Federal Stafford Loans, all documentation, including verification, a signed award letter, entrance counseling, and a valid Master Promissory Note, must be completed and processed by the Financial Aid Office before the student’s last date of enrollment in the academic year.
For Iowa Tuition Grant, an initial FAFSA must be received by the central processing center by July 1st. All documentation, including verification and a signed award letter, must be completed and processed by the Financial Aid Office before December 1st for fall semester, or April 1st for spring semester.
For Federal Pell Grants, all documentation, including verification and a signed award letter, must be completed and processed by the Financial Aid Office before the published federal deadline. This is generally in September after the academic year ends, or 120 days after enrollment, whichever is soonest.
Please note this may not list all documentation required for your specific circumstances. Please contact the Financial Aid Office at (515) 635-1133 for more information.
