Notably, 76% of the students at New Mexico Junior College get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $311,384. The total percentage of candidates applying to New Mexico Junior College who receive the Federal Grant is 71%. In comparison, 74% of the students are awarded the Student Grant, 49% get the Institution Grant, and 70% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $2,524, and the same stands at $800 for State Grant awardees and $1,382 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $2,309. 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. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At NMJC, an estimated number of 11% of the applicants choose to go for student loans.