Financial Aid

Merrimack College is committed to assisting students in achieving their educational goals. Institutional, federal and state aid is available to full-time, undergraduate students demonstrating eligibility according to Merrimack’s application procedures and funding policies. Merrimack College believes the primary responsibility for a student’s education belongs to the individual and their parent(s). However, the College recognizes that meeting the cost of a private education is a financial challenge for many students and families. Therefore, we have established a substantial program for financial aid designed to provide assistance to deserving students who desire to study at Merrimack.

Application Information

All students who wish to apply for financial aid should file the Free Application for Federal Student Aid (“FAFSA”) online at studentaid.gov.

To apply for need-based aid-grants, loans, and work programs-applicants must file the FAFSA, using the Merrimack College federal school code of 002120. The FAFSA is available online at studentaid.gov. The recommended deadline should correspond with your application deadline.

Continuing students should file the FAFSA renewal prior to April 1st and must meet Merrimack’s standards for Satisfactory Academic Progress (“SAP”) for financial aid.

The Merrimack College Federal School Code is 002120 and must be included on your FAFSA.

Eligibility for Federal Financial Aid

To apply for federal financial aid at Merrimack a student must:

1. file the FAFSA;
2. be a citizen of the United States, a permanent resident, or eligible non-citizen;
3. enroll in a degree-granting program of study;
4. have received their high school diploma or GED;
5. not be in default from previous student loans;
6. make satisfactory academic progress (“SAP”) toward the completion of their course of study. The complete schedule of the College’s statement on SAP follows and is also available upon request from the Office of Financial Aid.

SAP Standards

In order to receive financial aid from federal, state, institutional or any private funding which require satisfactory academic progress, a student must comply with the standards listed in the College Catalog, Student Handbook, or other financial aid publications. In accordance with federal regulations, Merrimack College has adopted the following statement of SAP standards which students must meet in order to maintain eligibility for financial aid from the federal and state programs.

Qualitative Standards: Satisfactory academic progress requires a cumulative GPA of 1.6 or better by the end of the student’s first academic year and a 2.0 or better by the end of the student’s second academic year. 

Quantitative Standards:

Students must successfully earn 67 percent of their cumulative attempted credits. In addition, students will not be eligible to receive federal financial aid once the students have attempted more than 150 percent of the normal credits required for the student’s degree. This means full-time students must complete their degree within six years.

• All transfer, summer and winter credits are calculated toward the satisfactory academic progress standard, whether taken at Merrimack College or any other institution. 
• Grades of F, W (medical included), unofficial withdrawal or N or NC are considered attempted, but not earned credits.
• Students can repeat courses as many times as required to pass the course. However, if a student wishes to repeat a course to improve their grade, they can only receive aid for courses repeated one time.

Review of SAP

SAP for federal and state financial aid will be reviewed at the end of each Spring semester. If the cumulative grade point average falls below the minimum standard and/or the student falls behind in earned credits, the student will be notified by the Office of Financial Aid, and may appeal in writing by completing the required process below. Once the appeal is received, the Office of Financial Aid will notify the student of future eligibility.

The review of SAP for financial aid purposes is based on a student’s entire academic record, even if the student did not receive financial aid during previous semesters of enrollment.

Appeal

Students who do not meet the minimum SAP requirements for financial aid have the opportunity to appeal when special circumstances exist. Conditions when a student may appeal include death of a relative, injury or illness of the student, or other extenuating circumstances. In order to appeal, a student must submit a completed SAP appeal form, including personal statement and supporting documentation. In addition, the student must meet with their Academic Success Coach to develop an academic plan, outlining the steps required to meet SAP standards.

If a student’s appeal is approved, they will be placed on financial aid probation, and will continue to receive financial aid while on probation. At the end of this probation period, the student’s academic record will be reviewed to evaluate progress and determine continued eligibility.

Denied appeals will result in the student being ineligible for federal financial aid until minimum SAP standards are met.

Appeals will be granted only one time during your enrollment at Merrimack. Exceptions may be made in certain circumstances.

After an appeal is granted, if the student fails to meet the terms outlined in their academic plan, he or she will become ineligible for federal financial aid until the minimum standards for SAP are met. All courses, including summer, winter, and transfer courses, are calculated toward SAP whether they are taken at Merrimack College or any other institution.

Re-Establishing Financial Aid Eligibility

A student may regain financial aid eligibility by successfully meeting the College’s SAP policy requirements or successfully meeting the requirements of an established academic plan.

Types of Aid

Scholarships and Grants

Scholarships and grants are gift aid and do not need to be repaid. Please see our General Award Policies for renewal guidelines. See the charts below to learn more about the various types of scholarships and grants for the incoming class. 

Scholarship eligibility is determined through the admission process and a separate application is not necessary. Humanities applicants are eligible for need-based aid, state/federal grants as well as Merrimack scholarships. Scholarship amounts are at a reduced level due to the discount in overall cost of attendance.

Grants are dependent upon filing the FAFSA and demonstrating financial need. Amounts vary, but students are typically considered for these grants automatically when filing the FAFSA.

Loans

FEDERAL DIRECT LOAN PROGRAM
The William D. Ford Federal Direct Loan Program provides loan funds to students to help pay college costs. This is a student loan; therefore, the student is responsible for repayment. Repayment begins six months after the student graduates or stops attending half-time.

This loan is available to students who have filed the FAFSA and meet the eligibility requirements for federal aid. Students are eligible for either a need-based Subsidized Direct Loan (the government pays the interest while the student is in school) or a non-need based Unsubsidized Direct Loan (interest is the responsibility of the borrower) or a combination of both.

Interest accrues on the Unsubsidized Loan while the student is in school. The student may pay the interest while in school or capitalize it and pay it along with the principal upon leaving school. The 2025-2026 interest rate for the Subsidized and Unsubsidized Direct Loan is 6.39%.

The federal government deducts an origination fee from the gross loan amount before forwarding the proceeds to the school. This means the amount that is disbursed to your account will be less than the amount you were awarded in your financial aid award letter. For the 2025-2026 academic year, this fee is 1.057%.

New Direct Loan borrowers must complete both the Entrance Counseling and MPN at studentaid.gov. The College will not disburse the loan to the student’s account until both the electronic MPN and Entrance Counseling notifications have been received by the College.

The maximum yearly amount that a student may borrow depends on the number of earned credits. See below.

MASSACHUSETTS NO INTEREST LOAN: The Massachusetts No Interest Loan Program is a state funded, no interest, deferred loan offered to qualified Massachusetts residents. Repayment does not begin until six months after graduation. Loan amounts range from $1,000 to $4,000 per year. Students must file the FAFSA and have an SAI range of $0 to $15,000. Funding is limited, and is not guaranteed for renewal.

Supplemental Loan Options

There are some other opportunities for families to meet their tuition obligation.

FEDERAL DIRECT PARENT PLUS LOAN for Undergraduate Students
The PLUS loan is available to creditworthy parents of dependent undergraduate students. Parents may borrow up to the full cost of education less any financial aid. The first step in applying for a PLUS loan is to be sure that the student for whom a PLUS loan is being processed has filed the FAFSA. A completed FAFSA is required for all Parent PLUS applications.

The interest rate for 2025-2026 is 8.94%. An origination fee is deducted from the loan before the funds are sent to the College. For 2025-2026, this fee is 4.228%. Repayment begins 60 days after final disbursement and is based on a 10-year repayment. The borrower may also contact the loan servicer to make interest-only payments, or defer payments completely until the student is no longer enrolled in school at least half time.

Parents may apply for the PLUS loan and complete their MPN online at studentaid.gov. A completed MPN must be on file before funds will be disbursed to the College.

PRIVATE/ALTERNATIVE LOAN OPTIONS
Students may apply for a private/alternative loan with a credit-worthy co-borrower up to the annual cost of attendance less any financial aid received. Loans vary in interest rates, fees and repayment options. Repayment of interest usually begins immediately, with some lenders offering deferment options.

Please visit ELMSelect.com, which is a truly neutral lender and product comparison tool, and will only list lenders that Merrimack students commonly use.  Students are not obligated to borrow from this list of lenders, and may apply for a loan with any lender of their choice. Students are notified of loan approval directly from their lender. Once approved, the loan is sent to the College for certification and funds will be disbursed after the add/drop period has expired.

Payment Plans

Merrimack College is pleased to offer an interest-free monthly payment plan through Cashnet (powered by Transact). Instead of a semester payment, this plan enables you to pay on a monthly basis. You have the option of up to six payments per semester, depending upon when you enroll. This plan is available to you for an enrollment fee of $55 through your Student Account Center linked in MyMack.

Award Policies

1. All federal and state awards are subject to government funding.
2. If your FAFSA is selected for verification, you may be required to complete and submit additional documentation to the Office of Financial Aid, which may include, but are not limited to, federal tax return transcripts and W-2 forms.
3. Students who withdraw from any course or courses after the add/drop period, or otherwise decrease their course load, withdraw from the college or change housing status, may have their award package adjusted.
4. As noted on the financial aid offer letter, one half of the institution and government aid is credited to your account each semester. Please be advised that Federal Work-Study is not deducted from your tuition.
5. Students who are enrolled in a Merrimack sponsored Study Abroad program are considered enrolled full-time for the purpose of Title IV federal, state, and institutional aid. Merit scholarships and institutional grants are not applicable to study abroad programs. A nominal Global Studies Scholarship may be applied, depending on program availability and funding levels. In most cases, only federal aid, state aid, and private loan options are available.
6. In order to receive federal and state aid, students must maintain satisfactory academic progress as defined above and in our online SAP policy. Please note that some private loan options also require that a student be making SAP.
7. Should students wish to change their housing status at any point during the academic year, this change may impact institutional aid you have been awarded.
8. Institutional aid is any type of aid provided by Merrimack College to help students finance their education. This includes any scholarships or institutional grants.
9. Merrimack scholarships and grants are awarded, upon admission, for full-time undergraduate enrollment in the day program. Awards may be renewed for up to four years or eight semesters, providing the recipient is enrolled full-time (defined as 12 credits) at Merrimack and maintains good academic standing as defined above. Students who change their residency status at any point may be subject to an adjustment to merit and need-based institutional aid.  In addition, students who are in their final semester of their program and do not require full-time enrollment may be exempt from this requirement, or may have their scholarship prorated. Changes to overall Cost of Attendance at any time during an academic year may result in a change in amount of scholarship/grant.
10. Merrimack grants are awarded to students who file the FAFSA annually and demonstrate financial need, as determined by FAFSA guidelines. This grant is not guaranteed in subsequent years and award amounts can change. Eligibility for this grant will be determined annually upon review of FAFSA data.
11. Receipt of outside scholarships may affect the aid package. Outside awards are first used to meet financial need not already met by the aid package. If a student’s financial need is met, the outside scholarship may affect his/her eligibility for need-based funding, including a subsidized loan. Students are required to report outside scholarships to the Office of Financial Aid, even if funding is not disbursed to the College.
12. Students must enroll at least half-time to retain eligibility for federal loans. Undergraduate half-time status is classified as eight credit hours. Graduate half-time status is classified as four credit hours.
13. Federal, institutional, and alternative loan funds will be disbursed directly to the student’s account after the add/drop date of each semester as long as all eligibility criteria has been met. Federal loan disbursement notifications will be sent via email to students (and to parents who borrowed a Federal PLUS Loan) after disbursement. Students/Parents have a right to cancel all or a portion of their loan(s) if we are notified via email (students must use their Merrimack email account) within the specified time frame listed on the notification.
14. Merrimack College reserves the right to correct any errors in notification of awards, and make any changes to financial aid awards during the academic year due to: changes in financial need or eligibility, enrollment, availability of funding, corrections of errors or omissions, false or misleading information provided as part of the FAFSA, receipt of outside scholarships, conflicting information, completion of the verification process, or failure to maintain Satisfactory Academic Progress.