Are you a Mercy College student who’s burdened with loans? You’re not alone. Over 46 million Americans have student loan debt, which averages at $38,792 per borrower. But don’t worry, there are some loan repayment and forgiveness options available to you.
The first step is to understand your loans; then, you can choose the best repayment strategy for your situation.
This article will guide you through the different options available to Mercy College students.
About Mercy College (New York)
Mercy College is a private nonprofit college in Dobbs Ferry, New York. It was founded in 1950 by the Sisters of Mercy of the Americas. The college is divided into five schools: Business, Education, Health and Natural Sciences, Liberal Arts, and Social and Behavioral Sciences.
Mercy College is also a member of the National Collegiate Athletic Association (NCAA) and the East Coast Conference (ECC).
The school has over 11,000 students and offers associate’s, bachelor’s, and master’s degrees.
Loan Forgiveness and Repayment Programs
There are several loan forgiveness programs available to Mercy College students. Let’s take a closer look at each one.
Public Service Loan Forgiveness (PSLF)
The PSLF is a federal program that forgives the remaining balance on your Direct Loans after making 120 qualifying monthly payments. To qualify, you must work full-time for a government organization or a nonprofit.
In response to the COVID-19 pandemic in 2021, the U.S. Department of Education introduced a supposedly new waiver for the PSLF.
It was announced that it would temporarily ease some requirements to allow more people to qualify for the program. E.g., instead of the 120 monthly payment requirement, the new waiver will enable borrowers to receive forgiveness based on their qualifying public service employment regardless of their loan type or repayment plan.
The program is set to expire on October 31, 2022.
To know more about this, please click here.
For more information, visit the PSLF website.
Borrower Defense to Repayment
The Borrower Defense to Repayment program forgives federal student loans if you can prove that your school misled you, engaged in fraud, or otherwise violated state law.
To apply, you’ll need to fill out and submit a claim form. You can also file a complaint against your school if you believe they’ve done something wrong.
Still, under this option, the Biden administration, on March 2021, announced that it would be canceling over $1 billion in federal student loans for 72,000 borrowers. However, this only applies to borrowers who have successfully proven their claims.
To know more about this, please click here.
For more information, visit the Borrower Defense to Repayment website.
Income-Driven Repayment Plans
If you can’t afford your monthly loan payments, you may want to consider an income-driven repayment plan. This program cap your monthly payments at a percentage of your income.
There are four plans to choose from:
- Income-Based Repayment (IBR)
- Pay As You Earn (PAYE)
- Revised Pay As You Earn (REPAYE)
- Income-Contingent Repayment (ICR)
To qualify for IBR, PAYE, or REPAYE, you must have a partial financial hardship. This means that your monthly loan payments must be less than 10% of your discretionary income.
For ICR, there is no partial financial hardship requirement.
To apply for an income-driven repayment plan, you’ll need to fill out and submit the Income-Driven Repayment Plan Request form.
For more information, visit the Student Loan website.
Student Loan Consolidation
Student loan consolidation combines multiple federal student loans into one loan. This can make your monthly payments more manageable and also extend your repayment term.
To consolidate your loans, you’ll need to fill out and submit a Direct Consolidation Loan Application and Promissory Note.
For more information, visit the Student Loan website.
Total and Permanent Disability Discharge
If you’re totally and permanently disabled, you can have your federal student loans discharged through the TPD. This program is available to borrowers with Direct Loans, FFEL Program Loans, and Perkins Loans.
To apply, you’ll need to submit proof of your disability(such as a letter from your doctor. ) to the U.S. Department of Education.
Mercy College Tuition and Fees
The cost of attendance (COA) at Mercy College for the 2019-2020 academic year is $29,358 for undergraduate students. This includes tuition, fees, books and supplies, room and board, and other expenses.
For more information, visit the Mercy College website.
Mercy College Acceptance Rate.
The acceptance rate at Mercy College is 82%. This means that for every 100 students who apply, 82 are admitted.
For more information, visit the Mercy College website.
Mercy College Graduation Rate
The graduation rate at Mercy College is 45%. This means that 45 out of every 100 students who start the program finish it.
Mercy College Reviews
Mercy College has a 3.9-star rating on Google and a 2-star rating on Yelp.
The majority of the students left a positive remark about their experience at Mercy College. They said that the college offers excellent education and the professors are helpful. The location is also convenient, and the campus is beautiful.
However, few students think otherwise. They said that the college is expensive and the financial aid office is unhelpful. They also noted that the college is not very diverse.
Overall, students are happy with their experience at Mercy College and would recommend it to others.
How to contact Mercy College?
If you want to contact the college, you can reach them through their website or by phone at (718) 817-1000.
You can also schedule a conferencing call with a representative through their website.
For more information, visit the Mercy College website.
Mercy College Main Campus
Mercy college’s main campus is located at 555 Broadway, Dobbs Ferry, New York 10522.
Need Help with student loans?
If you’re having difficulty keeping up with your student loan payments, or want to learn more about your alternatives, do not hesitate to contact us. You can call or fill out a form and speak to one of our student loan advisors.
We have a number of resources that can help you make the best decision for your financial future.
