It is interesting to note that, every year, around 93% of students at MLC receive some kind of financial aid, while the total amount of assistance/loans provided is $2,546,768. Notably, a total of 34% of the applicants to Martin Luther College receive the Federal Grant every year. Meanwhile, 82% of the applicants receive the Student Grant and 79% are awarded the Institution Grant, while 34% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,165, while the same comes to $5,151 for State Grant receivers and $4,273 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $3,992. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. Moreover, the funds received through these loans will have to be repaid within a given timeframe. Every year, around 49% of the applicants to Martin Luther College opt for student loans.