Such schemes include Joseph P. Gavenonis Scholarship, Ohio College Opportunity Grant, and Technology Scholarship. It is interesting to note that almost every student at MCAD receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $2,095,177. At MCAD, the total percentage of applicants who receive the Federal Grant stands at 42%. Meanwhile, 100% of the applicants receive the Student Grant and 100% are awarded the Institution Grant, while 41% of the students get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,114, and the same stands at $3,629 for State Grant awardees and $18,655 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,743. 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 MCAD, an estimated number of 96% of the applicants choose to go for student loans.