Interestingly, almost all of the students at MHIB receive some sort of financial aid. The total percentage of candidates applying to Modern Hairstyling Institute-Bayamon who receive the Federal Grant is 100%. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 100% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $6,595, and the same stands at $200 for State Grant awardees and $167 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $6,095. 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. 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. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period.