Students can avail of scholarships provided by the college, such as Bonner Program, Ferrum College Merit Grant, Ferrum College Scholarship, and Praise and Worship Team Scholarships, if they find educational expenses to be on the higher side. As many as 98% of the students at FC get some sort of financial aid, and the total amount of assistance/loans provided is more than $6,645,531 in a year. Notably, a total of 61% of the applicants to Ferrum College receive the Federal Grant every year. In comparison, 98% of the students are awarded the Student Grant, 96% get the Institution Grant, and 61% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,014, while the same comes to $2,893 for State Grant receivers and $20,249 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,714. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. However, student loans attract a certain rate of interest at which the funds are borrowed. Candidates are also required to repay these loans within a given period. At FC, an estimated number of 87% of the applicants choose to go for student loans.