It is interesting to note that, every year, around 75% of students at BU receive some kind of financial aid, while the total amount of assistance/loans provided is $40,325,240. For additional information about financial assistance schemes, one can head over to BU’s financial aid page at http://www.binghamton.edu/financial-aid. Notably, a total of 28% of the applicants to Binghamton University receive the Federal Grant every year. In comparison, 58% of the students are awarded the Student Grant, 51% get the Institution Grant, and 28% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $5,266, the State Grant receivers and Institution Grant beneficiaries get $4,655 and $3,271, respectively. On the other hand, the average aid received by the Pell Grant awardees is $5,081. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. 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 BU, an estimated number of 50% of the applicants choose to go for student loans.