College Affordability
Mount Mercy is committed to making your education affordable. Check out these resources:
FAFSA (use Mount Mercy's code: 001880)
Filing your 2025-26 FAFSA
The 2025–26 Free Application for Federal Student Aid (FAFSA®) form is delayed and will be available to the public in December 2024. It's best to get prepared now so you can complete the 2025–26 FAFSA form as soon as it’s available. Here are some ways you can get ready:
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Create a StudentAid.gov account (if you don’t already have one).
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Learn about the documents you may need to fill out the FAFSA form.
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Determine your dependency status and whether your parent(s) or spouse will be required to contribute information on your FAFSA form.
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If you’re a dependent student, use the Who’s My FAFSA Parent? wizard to identify which parent(s) will be a required contributor on your form.
If you have any questions, please contact our Office of Financial Aid at 319-368-6467 or finaid@mtmercy.edu.
The U.S. Department of Education has made many changes and simplifications to the FAFSA. Here are some of the main updates:
- The form was simplified, reducing the number of questions you'll have to answer
- The student, their spouse, and all parents/guardians with tax data being reported must have their own FSA ID/StudentAid.gov account
- Access was expanded for Federal Pell Grants
- Larger Income Protection Allowances (IPA) will result in lower expectations for student or family income to be able to pay for college
- Families are now required to report the value of their farms or businesses, which will impact how federal aid is calculated
- There is no longer a benefit for siblings in college—the FAFSA will no longer consider the number of individuals in a household attending college when determining the amount of aid
The first step is to make sure everyone has their own StudentAid.gov account/FSA ID. The student and all contributors will need their own accounts, so setting these up in advance will streamline your ability to fill out the FAFSA.
- If you didn't submit a 2024-25 FAFSA form, make sure to create your StudentAid.gov account. Remember your username and password so you can fill out the 2025-26 FAFSA when it opens!
- Find out if your parents/guardians or spouse will need to be contributors based on your dependency status.
- If your parents/guardians or spouse will need to contribute to your form, make sure each contributor creates their own StudentAid.gov account.
If the student is a dependent and their parents/guardians filed taxes jointly, only one parent is required as a contributor and needs an FSA ID. If the student's parents/guardians did not file taxes jointly, both are considered contributors and must have their own FSA IDs.
You'll fill out the 2025-26 FAFSA using tax information from 2023.
The FAFSA usually operates with the previous year's tax information. Even though the FAFSA is opening later than usual this year, make sure you use your 2023 tax information.
While the FAFSA seems very daunting, it really isn’t as scary as you might think! I was able to get an amazing academic scholarship based off my high school grades, a music scholarship, and a work-study job on campus my first year here.
Financial aid options
We're committed to affordability.
With generous financial aid options and a focus on clear pathways to graduation, Mount Mercy is committed to making your education an affordable investment. Please reach out to our financial aid counselors to talk about all the available financial aid options—we're here to help!
Contact Financial Aid
112 Warde Hall
finaid@mtmercy.edu
319-368-6467 or 1-800-248-4504 ext.6467
Office Hours
Monday-Thursday: 8:00 AM-4:30 PM
Friday: 8:00 AM-4:00 PM
Summer Hours
Monday-Thursday: 8:00 AM-4:00 PM
Friday: 8:00 AM-Noon
Financial aid process
FAFSA
The first step in applying for financial aid is to complete the FAFSA (Free Application for Federal Student Aid). Mount Mercy's federal school code is 001880.
Award Letter
Mount Mercy’s financial aid award letter will serve as official notification of your financial aid eligibility. While not a commitment of funds, the letter is an initial indication of state, federal, institutional, and outside agency funds available. The letter will include the amounts of federal, state, and institutional aid for which the student is awarded, and the award period. Students can accept financial aid by following the instructions on their award letter.
Deadlines
The priority deadline for new incoming traditional students (fall semester) to file the FAFSA is March 1. Iowa students (all undergraduate students) should file the FAFSA no later than July 1 to be eligible for the Iowa Tuition Grant. To be eligible to receive financial aid, Mount Mercy’s Financial Aid Office must receive all necessary documents for processing aid by October 1 for the fall semester and March 1 for the spring semester.
To receive aid from the major federal student aid programs and to determine eligibility for institutional aid, a student must:
- Be enrolled as a regular student in an eligible program
- A regular student is someone who is enrolled for the purpose of obtaining a degree
- Have a high school diploma (or its recognized equivalent) or pass a U.S. Department of Education-approved test
- Home-school students are also eligible under certain circumstances
- Be making satisfactory academic progress
- Be a U.S. citizen or eligible non-citizen
- Certify that he/she is not in default on any Federal Student Aid (FSA) loan or owe an overpayment on any FSA grant or loan
- Provide a correct social security number
- File the FAFSA (Free Application for Federal Student Aid)
- The result yielded from this form is an Expected Family Contribution (EFC), and Mount Mercy's FAFSA code is 001880
- Provide federal tax returns, verification worksheets, and any other information if requested
- Attend class on a regular basis
All federally funded programs are subject to change as a result of legislative action.
To be eligible for state financial aid programs, a student must be:
- An Iowa resident (as defined by the State Board of Regents) and a United States citizen, or residing in the United States on a permanent visa, or a refugee (as defined by the U.S. Citizenship and Immigration Services)
- Currently enrolled or planning to enroll at least part-time (3 hours minimum) in an undergraduate degree program
All students who register to take class(es) at Mount Mercy University are required to electronically sign (e-sign) a Financial Responsibility Agreement (FRA).
The Financial Responsibility Agreement is a disclosure agreement between you and Mount Mercy University that states that you agree to pay all charges that result from your registration and services you receive from the university. You will be asked to acknowledge that you understand that you are responsible for paying all charges associated with your attendance and where applicable, residence costs at the university. The agreement also explains how your financial aid is used to pay your bill, the consequences of not paying your bill in a timely fashion, how the university will notify you about any outstanding balance you owe the university, social security number or taxpayer identification number requirement for 1098-T forms, and electronic distribution of 1098-T forms.
You (the student) will receive an email inviting you to read and sign the agreement. If you decline to sign the form, your enrollment will be subject to cancellation since you are not agreeing to pay the university. You will only need to sign the agreement once as long as you maintain continuous enrollment with the university.
Mount Mercy University accepts tuition reimbursement from employers who offer that benefit. We allow students that receive tuition reimbursement up to 45 days after the completion of the course to pay the course tuition.