It is interesting to note that, every year, around 91% of students at MCC receive some kind of financial aid, while the total amount of assistance/loans provided is $751,838. At MCC, the total percentage of applicants who receive the Federal Grant stands at 79%. In comparison, 79% of the students get the Student Grant, and 79% of the applicants receive the Pell Grant. On the other hand, the average aid received by the Pell Grant awardees is $3,024. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. 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. Every year, around 71% of the applicants to Magnolia College of Cosmetology opt for student loans.