As many as 95% of the students at MICA get some sort of financial aid, and the total amount of assistance/loans provided is more than $5,106,753 in a year. At MICA, the total percentage of applicants who receive the Federal Grant stands at 21%. In comparison, 95% of the students are awarded the Student Grant, 95% get the Institution Grant, and 21% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,323, and the same stands at $8,650 for State Grant awardees and $19,977 for Institution Grant recipients. And, for the Pell Grant awardees, the average aid amount is $4,905. 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 44% of the applicants to Maryland Institute College of Art opt for student loans.