Students can avail of scholarships provided by the college, such as Chapter 105 - Memphis - Les Segar Memorial Scholarship, Dr. Richard Forrest & Ella Dudney Kelsey Memorial Scholarship, Tennessee HOPE Scholarship, and Tennessee Student Assistance Award, if they find educational expenses to be on the higher side. Notably, 97% of the students at Lane College get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $9,811,749. The total percentage of candidates applying to Lane College who receive the Federal Grant is 91%. Meanwhile, 94% of the applicants receive the Student Grant and 26% are awarded the Institution Grant, while 90% of the students get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,727, and the same stands at $4,316 for State Grant awardees and $6,836 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $5,739. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. 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. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. Every year, around 88% of the applicants to Lane College opt for student loans.