It is interesting to note that, every year, around 91% of students at SAIC receive some kind of financial aid, while the total amount of assistance/loans provided is $8,140,539. Notably, a total of 18% of the applicants to School of the Art Institute of Chicago receive the Federal Grant every year. Meanwhile, 91% of the applicants receive the Student Grant and 91% are awarded the Institution Grant, while 18% of the students get the Pell Grant. While the Federal Grant awardees receive an average aid of $5,405, the State Grant receivers and Institution Grant beneficiaries get $4,780 and $15,749, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,950. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund 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 School of the Art Institute of Chicago, the percentage of candidates who opt to avail of student loans is around 41%.