It is interesting to note that, every year, around 78% of students at LMC receive some kind of financial aid, while the total amount of assistance/loans provided is $3,433,088. More information regarding the financial assistance schemes can be accessed on LMC’s official financial aid page at https://www.lakemichigancollege.edu/home/become-a-student/financial-aid. At LMC, the total percentage of applicants who receive the Federal Grant stands at 44%. On the other hand, 77% of the candidates get the Student Grant, 40% receive the Institution Grant, and 44% get the Pell Grant. While the Federal Grant awardees receive an average aid of $5,306, the State Grant receivers and Institution Grant beneficiaries get $2,887 and $2,075, respectively. On the other hand, the average aid received by the Pell Grant awardees is $4,090. 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. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At Lake Michigan College, the percentage of candidates who opt to avail of student loans is around 41%.