As many as 85% of the students at STCC get some sort of financial aid, and the total amount of assistance/loans provided is more than $1,641,554 in a year. More information regarding the financial assistance schemes can be accessed on STCC’s official financial aid page at http://www.stcc.edu/finaid. The total percentage of candidates applying to Springfield Technical Community College who receive the Federal Grant is 67%. In comparison, 78% of the students are awarded the Student Grant, 38% get the Institution Grant, and 67% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,720, while the same comes to $1,237 for State Grant receivers and $714 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $2,330. 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. Apart from financial grants and scholarships, candidates can also avail of monetary benefits like student loans to fund their education. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At STCC, an estimated number of 20% of the applicants choose to go for student loans.