Such schemes include Heriberto Flores Scholarship, MASSGrant Program, and New England Regional Student Program. It is interesting to note that, every year, around 79% of students at NECC receive some kind of financial aid, while the total amount of assistance/loans provided is $4,884,305. More information regarding the financial assistance schemes can be accessed on NECC’s official financial aid page at http://www.necc.mass.edu/getting-started/financial-aid/. At NECC, the total percentage of applicants who receive the Federal Grant stands at 52%. Meanwhile, 62% of the applicants receive the Student Grant and 8% are awarded the Institution Grant, while 52% of the students get the Pell Grant. While the Federal Grant awardees receive an average aid of $5,504, the State Grant receivers and Institution Grant beneficiaries get $1,169 and $618, respectively. And, for the Pell Grant awardees, the average aid amount is $4,838. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. 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 Northern Essex Community College, the percentage of candidates who opt to avail of student loans is around 20%.