Notably, 77% of the students at Lake Superior College get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $8,391,604. At LSC, the total percentage of applicants who receive the Federal Grant stands at 43%. Meanwhile, 52% of the applicants receive the Student Grant, while 43% of the students get the Pell Grant. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $3,366. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. 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 Superior College, the percentage of candidates who opt to avail of student loans is around 39%.