Such schemes include Carnegie Dartlet $10,000 Scholarship, Chapter 105 - Memphis - Les Segar Memorial Scholarship, Community Service Scholarship for Multicultural Students, and Dean's Research Grant. As many as 97% of the students at LU get some sort of financial aid, and the total amount of assistance/loans provided is more than $12,798,859 in a year. At LU, the total percentage of applicants who receive the Federal Grant stands at 22%. Meanwhile, 97% of the applicants receive the Student Grant and 97% are awarded the Institution Grant, while 22% of the students get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,131, and the same stands at $3,954 for State Grant awardees and $18,264 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,150. 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. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Candidates are also required to repay these loans within a given period. At Lipscomb University, the percentage of candidates who opt to avail of student loans is around 41%.