As many as 80% of the students at MSM get some sort of financial aid, and the total amount of assistance/loans provided is more than $1,059,044 in a year. One can visit MSM's financial aid page at http://www.msmnyc.edu/admissions/scholarships-financial-aid/ for more information. The total percentage of candidates applying to Manhattan School of Music who receive the Federal Grant is 17%. Meanwhile, 77% of the applicants receive the Student Grant and 75% are awarded the Institution Grant, while 17% of the students get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $6,849, and the same stands at $1,423 for State Grant awardees and $25,814 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,858. 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. Students whose family income per annum is less than $30,000 will receive a federal aid of $24,293 on average in a year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $24,736, while those falling in the $48,001-$75,000 income category get $20,664 a year. On the other hand, the average federal aid stands at $21,908 for those with an annual family income between $75,001 and $110,000, and at $14,504 for an income more than $110,000. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. However, student loans attract a certain rate of interest at which the funds are borrowed. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At MSM, an estimated number of 75% of the applicants choose to go for student loans.