Notably, 97% of the students at Southwest Minnesota State University get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $7,461,108. Notably, a total of 42% of the applicants to Southwest Minnesota State University receive the Federal Grant every year. In comparison, 94% of the students are awarded the Student Grant, 82% get the Institution Grant, and 42% of the applicants receive the Pell Grant. While the Federal Grant awardees receive an average aid of $4,641, the State Grant receivers and Institution Grant beneficiaries get $2,768 and $2,463, respectively. On the other hand, the average aid received by the Pell Grant awardees is $4,075. 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. Candidates are also required to repay these loans within a given period. At SMSU, an estimated number of 70% of the applicants choose to go for student loans.