As many as 82% of the students at SMU get some sort of financial aid, and the total amount of assistance/loans provided is more than $8,964,267 in a year. More information regarding the financial assistance schemes can be accessed on SMU’s official financial aid page at http://www.smu.edu/Admission/FinancialAid. At SMU, the total percentage of applicants who receive the Federal Grant stands at 9%. On the other hand, 80% of the candidates get the Student Grant, 80% receive the Institution Grant, and 9% get the Pell Grant. While the Federal Grant awardees receive an average aid of $5,376, the State Grant receivers and Institution Grant beneficiaries get $3,805 and $33,204, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,501. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $49,286 per year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $44,166 and $43,431, respectively. Those with an annual income level of $75,001-$110,000 would receive $40,559, while candidates with more than $110,000 of family income receive an average federal aid of $27,077. In addition to financial grants and scholarship schemes, students can also avail of monetary benefits like student loans to pay for their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Candidates are also required to repay these loans within a given period. Every year, around 22% of the applicants to Southern Methodist University opt for student loans.