Such schemes include Academic Scholarship, Christian Gregor Scholarship, Dunford Music Scholarship, and Fletcher Foundation Scholarship. Notably, 98% of the students at Salem College get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $3,658,648. At SC, the total percentage of applicants who receive the Federal Grant stands at 47%. In comparison, 98% of the students are awarded the Student Grant, 98% get the Institution Grant, and 47% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,651, and the same stands at $4,782 for State Grant awardees and $21,551 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,443. 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. 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. Every year, around 68% of the applicants to Salem College opt for student loans.