It is interesting to note that, every year, around 97% of students at IU receive some kind of financial aid, while the total amount of assistance/loans provided is $75,241,185. One can visit IU's financial aid page at http://www.independence.edu for more information. At IU, the total percentage of applicants who receive the Federal Grant stands at 87%. Meanwhile, 87% of the applicants receive the Student Grant and 14% are awarded the Institution Grant, while 83% of the students get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,504, and the same stands at $4,915 for State Grant awardees and $4,965 for Institution Grant recipients. And, for the Pell Grant awardees, the average aid amount is $5,758. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Those with a family income below $30,000 per annum, would get an average federal aid of $5,014 in a year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $3,338, while those falling in the $48,001-$75,000 income category get $2,282 a year. 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 IU, an estimated number of 97% of the applicants choose to go for student loans.