Such schemes include Development Fund for Black Students in Science and Technology Scholarship, Hampton Scholar, Merit Achievement, and Presidential Scholarship. As many as 96% of the students at HU get some sort of financial aid, and the total amount of assistance/loans provided is more than $17,426,769 in a year. At HU, the total percentage of applicants who receive the Federal Grant stands at 38%. In comparison, 87% of the students are awarded the Student Grant, 70% get the Institution Grant, and 38% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,473, and the same stands at $3,168 for State Grant awardees and $14,701 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,747. 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. 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. At Hampton University, the percentage of candidates who opt to avail of student loans is around 77%.