Notably, almost all of the university students get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $23,761,344. One can visit SHU's financial aid page at http://www.sacredheart.edu/admissions/financialassistance for more information. At SHU, the total percentage of applicants who receive the Federal Grant stands at 16%. Meanwhile, 99% of the applicants receive the Student Grant and 98% are awarded the Institution Grant, while 15% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $6,000, while the same comes to $2,647 for State Grant receivers and $17,104 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,209. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. Those with a family income below $30,000 per annum, would get an average federal aid of $21,600 in a year. The average aid amount stands at $18,735 for an annual family income between $30,001 and $48,000. This amount comes to $16,699 for those who fall under the $48,001-$75,000 family income bracket. Those with an annual income level of $75,001-$110,000 would receive $14,671, while candidates with more than $110,000 of family income receive an average federal aid of $14,175. 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 SHU, an estimated number of 68% of the applicants choose to go for student loans.