It is interesting to note that, every year, around 69% of students at RU receive some kind of financial aid, while the total amount of assistance/loans provided is $2,685,114. More information regarding the financial assistance schemes can be accessed on RU’s official financial aid page at http://financialaid.rice.edu/. At RU, the total percentage of applicants who receive the Federal Grant stands at 17%. In comparison, 58% of the students are awarded the Student Grant, 58% get the Institution Grant, and 17% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,358, and the same stands at $3,845 for State Grant awardees and $42,560 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,533. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Students whose family income per annum is less than $30,000 will receive a federal aid of $53,312 on average in a year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $53,529 and $50,923, respectively. On the other hand, the average federal aid stands at $37,501 for those with an annual family income between $75,001 and $110,000, and at $21,578 for an income more than $110,000. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Moreover, the funds received through these loans will have to be repaid within a given timeframe. Every year, around 12% of the applicants to Rice University opt for student loans.