It is interesting to note that, every year, around 89% of students at MCT receive some kind of financial aid, while the total amount of assistance/loans provided is $2,939,481. At MCT, the total percentage of applicants who receive the Federal Grant stands at 64%. On the other hand, 72% of the candidates get the Student Grant, 15% receive the Institution Grant, and 64% get the Pell Grant. And, for the Pell Grant awardees, the average aid amount is $7,472. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. 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. At MIAT College of Technology, the percentage of candidates who opt to avail of student loans is around 78%.