by our College Data Analytics TeamThe majority of college students don’t pay the full price for their education, as financial aid packages, including scholarships, grants, loans, and work-study opportunities, help to offset the costs.
The amount of financial assistance and scholarships or grants you can get varies based on your circumstances. Keep reading to learn more to help you to know just how much aid and scholarships to expect from Mercy.
$14,062.00 is the typical Mercy College’s first year financial aid package. 96% of first-year students are awarded financial aid, primarily comprising grants and scholarships.
Loans are a part of financial aid plans, but the only true college discount is a scholarship or grant that you don’t have to repay.
Concerned about the loans that may be included in your financial aid package? See the average amount of debt per student at Mercy College.
Institutional scholarships and grants are financial aid awards given by colleges and universities to help students manage tuition costs and other education-related expenses. These awards, which do not need to be repaid, can be classified as merit-based or need-based. Students who excel academically, possess unique talents, or have specific skills can be eligible for merit-based institutional scholarships. Factors such as high school performance, standardized test scores, or participation in extracurricular activities often contribute to eligibility for these scholarships. Need-based institutional grants, on the other hand, are awarded to students who demonstrate financial need. The amount given is generally based on the student’s family’s financial situation, aiming to cover the gap between the cost of attendance and the family’s capacity to pay. To assess a student’s eligibility for need-based grants, colleges and universities may rely on information from the Free Application for Federal Student Aid (FAFSA) or other financial aid forms. Institutional scholarships and grants are essential for students, as they can substantially lower college expenses and make higher education more affordable.
The numbers below apply to scholarships and grants primarily provided by Mercy College.
95% of new students (918 total) were offered scholarships at Mercy College, averaging $7,209.00 per person. This puts it in the top 50th percentile among colleges and universities nationwide.
In addition to scholarships, 73% of first years (711 total) were awarded federal grant aid, averaging $5,278.00 each.
The table following demonstrates grant and scholarship distributions by income level for freshmen getting any sort of federally-funded Title IV aid, which includes Federal PLUS loans.
| Income Level | Percent of Freshman | Average Assistance |
|---|---|---|
| Income 0-30k | 44.64% | $17,380.00 |
| Income 30k-48k | 17.42% | $15,922.00 |
| Income 48k-75k | 12.37% | $12,473.00 |
| Income 75k-110k | 6.91% | $7,102.00 |
| Income 110k + | 6.39% | $6,022.00 |
The table above shows students who are obtaining Title IV aid, which is federal assistance from the government in the form of grants, loans, and work-study. Learn more here.
928 Mercy undergrads obtain grant aid (this is about 96% of the entire undergraduate student population). The average amount these students receive is $14,062.00.
Check out the Tuition and Fees page or the Cost Per Credit Hour page to find out more.
References
More about our data sources and methodologies.