Financial Planning FAQs

Process can be found on the MUSM Financial Planning website under Application Process.

Complete the “Next Steps Checklist” (located in your MyMercer Financial Aid Overview) and check your Mercer email frequently. We send reminder emails throughout the school year to students with missing documents.

The most that students can receive in financial aid funds from all sources (scholarships and loans, federal and private) is called the “Cost of Attendance.” You can view your Cost of Attendance in your MyMercer Financial Aid Overview or on the “Tuition, Fees and Other Estimated Costs” section of the MUSM Financial Planning website.

The amount students borrow varies widely. Some students borrow to cover only tuition, and others borrow to cover tuition and living expenses. Approximately 35% of students borrow up to full Cost of Attendance.

It is wiser to develop a spending plan and only borrow the minimum amount that you think you’ll need. If you underestimate your expenses, you can increase your loans during the school year. Interest will be accruing on all of your loans from the date of disbursement, so only borrow as you need the funds.

Federal financial aid policy prohibits us from including allowances for credit card payments and car payments in the Cost of Attendance.

Yes. Beginning with the 2026-27 school year, a Schedule of Reduction (SOR) is required to adjust federal loans for enrollment below full time. Federal loans impacted include Direct Unsubsidized and Graduate PLUS loans even if the student qualifies for legacy loan provisions.

You’ll receive your refund around the beginning of each semester. See the “Disbursement Calendar” on the MUSM Financial Planning website for an estimated date. You’ll need to budget very carefully since this is similar to being paid twice a year, or three times a year based on your program of study. We recommend that MD Year 1 & 2 students plan to pay their February rent out of their August refund.

Note: if using outside/private student loans disbursement timelines can vary. Contact musmfinancialaid@mercer.edu for specific details.

If you enroll in direct deposit, your refund will be deposited directly into your bank account. If you do not enroll in direct deposit, the Bursar’s Office will mail a check to your personal address. Direct deposit is the quickest and preferred method. Direct deposit enrollment instructions are included on the “Next Steps Checklist.”

Federal student loans have processing fees, often referred to as loan fees or bank fees. These fees are deducted from your loan proceeds by the lender before the funds are sent to Mercer. The gross loan amount includes processing fees. Currently approximately 1% of an Unsubsidized loan’s gross amount and 4% of a Graduate PLUS loan’s gross amount is deducted for processing fees.

Yes, contact the Financial Planning Office for assistance with reducing or returning any loan funds that you do not need.

Yes, go to  https://bursar.mercer.edu/macon/payment/ to review the various payment plans and payment options. Contact the Bursar’s Office if you have any questions at bursar@mercer.edu.