Notably, a number of students enrolled in Memphis College of Art opt for some kind of financial aid every year. Also, the total amount of assistance/loans provided adds up to around $668,764. On the other hand, the average aid received by the Pell Grant awardees is $4,970. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period.