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 $348,984. The total percentage of candidates applying to Magdalen College who receive the Federal Grant is 54%. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 54% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $4,234, the State Grant receivers and Institution Grant beneficiaries get $1,000 and $20,101, respectively. On the other hand, the average aid received by the Pell Grant awardees is $4,549. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. 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 MC, an estimated number of 63% of the applicants choose to go for student loans.