Such schemes include Belmont University - National Merit Scholarship, Carnegie Dartlet $10,000 Scholarship, Chapter 105 - Memphis - Les Segar Memorial Scholarship, and Community Service Scholarship for Multicultural Students. Notably, 92% of the students at Belmont University get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $17,817,133. At BU, the total percentage of applicants who receive the Federal Grant stands at 17%. Meanwhile, 90% of the applicants receive the Student Grant and 88% are awarded the Institution Grant, while 17% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,090, while the same comes to $4,743 for State Grant receivers and $13,812 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,801. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. However, student loans attract a certain rate of interest at which the funds are borrowed. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At Belmont University, the percentage of candidates who opt to avail of student loans is around 43%.