Such schemes include Carl S. Micarelli Memorial Scholarship, Carnegie Scholarship, Joseph P. Gavenonis Scholarship, and Ohio College Opportunity Grant. Notably, 58% of the students at Carnegie Mellon University get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $14,912,372. More information regarding the financial assistance schemes can be accessed on CMU’s official financial aid page at http://admission.enrollment.cmu.edu/pages/financial-aid. Notably, a total of 16% of the applicants to Carnegie Mellon University receive the Federal Grant every year. Meanwhile, 47% of the applicants receive the Student Grant and 46% are awarded the Institution Grant, while 16% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $7,186, while the same comes to $2,700 for State Grant receivers and $39,224 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,836. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $55,057 per year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $50,372, while those falling in the $48,001-$75,000 income category get $49,866 a year. On the other hand, the average federal aid stands at $41,431 for those with an annual family income between $75,001 and $110,000, and at $21,431 for an income more than $110,000. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. Moreover, the funds received through these loans will have to be repaid within a given timeframe. Every year, around 41% of the applicants to Carnegie Mellon University opt for student loans.