It is interesting to note that, every year, around 63% of students at BCM receive some kind of financial aid, while the total amount of assistance/loans provided is $16,896,988. Notably, a total of 13% of the applicants to Berklee College of Music receive the Federal Grant every year. In comparison, 53% of the students are awarded the Student Grant, 45% get the Institution Grant, and 13% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,802, while the same comes to $1,579 for State Grant receivers and $22,681 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,097. 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. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. Every year, around 40% of the applicants to Berklee College of Music opt for student loans.