Notably, almost all of the students at college get some kind of financial aid every year. In comparison, 100% of the students are awarded the Student Grant, while 100% of the applicants receive the Institution Grant. On the other hand, the average aid received by the Pell Grant awardees is $5,729. 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 $15,000 in a year. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund 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.