Notably, around 90% of the students at Nova College de Puerto Rico receive some kind of financial aid every year, official data shows. The total percentage of candidates applying to Nova College de Puerto Rico who receive the Federal Grant is 87%. On the other hand, 90% of the candidates get the Student Grant, while 87% receive the Pell Grant. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $5,252. 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. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. Candidates are also required to repay these loans within a given period.