It is interesting to note that almost every student at EC receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $10,964,133. At EC, the total percentage of applicants who receive the Federal Grant stands at 45%. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 45% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $4,802, the State Grant receivers and Institution Grant beneficiaries get $4,531 and $20,527, respectively. And, for the Pell Grant awardees, the average aid amount is $4,342. 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. 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. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At Elmhurst College, the percentage of candidates who opt to avail of student loans is around 70%.