It is interesting to note that almost every student at MC receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $16,816,778. The total percentage of candidates applying to Monroe College who receive the Federal Grant is 78%. On the other hand, 96% of the candidates get the Student Grant, 87% receive the Institution Grant, and 78% get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,299, while the same comes to $3,905 for State Grant receivers and $5,581 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,485. 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. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. However, student loans attract a certain rate of interest at which the funds are borrowed. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At MC, an estimated number of 37% of the applicants choose to go for student loans.