Notably, almost all of the college students get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $6,255,183. Notably, a total of 32% of the applicants to Belmont Abbey College receive the Federal Grant every year. Meanwhile, 99% of the applicants receive the Student Grant and 98% are awarded the Institution Grant, while 32% of the students get the Pell Grant. While the Federal Grant awardees receive an average aid of $4,727, the State Grant receivers and Institution Grant beneficiaries get $4,976 and $7,295, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,422. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At BAC, an estimated number of 61% of the applicants choose to go for student loans.