Notably, 99% of the students at Stevens Institute of Technology get some kind of financial aid every year, and the total amount of assistance/loans provided adds up to around $12,347,675. One can visit SIT's financial aid page at http://www.stevens.edu/finaid/ for more information. At SIT, the total percentage of applicants who receive the Federal Grant stands at 18%. On the other hand, 99% of the candidates get the Student Grant, 98% receive the Institution Grant, and 18% get the Pell Grant. While the Federal Grant awardees receive an average aid of $6,076, the State Grant receivers and Institution Grant beneficiaries get $9,084 and $25,453, respectively. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,455. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $39,153 per year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $36,589, while those falling in the $48,001-$75,000 income category get $34,403 a year. On the other hand, the average federal aid stands at $29,896 for those with an annual family income between $75,001 and $110,000, and at $22,894 for an income more than $110,000. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. But, they should understand that student loans are borrowed at a certain rate of interest, unlike grants and scholarships. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At SIT, an estimated number of 62% of the applicants choose to go for student loans.