Interestingly, almost all of the students at LC receive some sort of financial aid, and the total amount of assistance/loans provided totals more than $8,401,473 in a year. The total percentage of candidates applying to Luther College who receive the Federal Grant is 20%. Meanwhile, 100% of the applicants receive the Student Grant and 100% are awarded the Institution Grant, while 20% of the students get the Pell Grant. While the Federal Grant awardees receive an average aid of $6,280, the State Grant receivers and Institution Grant beneficiaries get $5,862 and $30,061, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,368. 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. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. However, student loans attract a certain rate of interest at which the funds are borrowed. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At Luther College, the percentage of candidates who opt to avail of student loans is around 66%.