Such schemes include Carnegie Dartlet $10,000 Scholarship, Community Service Scholarship for Multicultural Students, Elon College Fellows Scholarship, and Engineering Scholarship. Notably, 69% of the students at Elon University get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $10,793,525. More information regarding the financial assistance schemes can be accessed on EU’s official financial aid page at http://www.elon.edu/e-web/admissions/FinancialAid/. Notably, a total of 9% of the applicants to Elon University receive the Federal Grant every year. In comparison, 61% of the students are awarded the Student Grant, 61% get the Institution Grant, and 9% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,016, while the same comes to $5,351 for State Grant receivers and $12,877 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,525. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $28,843 per year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $26,536, while those falling in the $48,001-$75,000 income category get $19,039 a year. Meanwhile, the average federal aid for students in the $75,001-$110,000 income bracket is $16,006. And, for those with a family income of more than $110,000, the amount stands at $6,508. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. Candidates are also required to repay these loans within a given period. Every year, around 32% of the applicants to Elon University opt for student loans.