It is interesting to note that, every year, around 85% of students at SC receive some kind of financial aid, while the total amount of assistance/loans provided is $4,067,191. Notably, a total of 77% of the applicants to Summit College receive the Federal Grant every year. Meanwhile, 78% of the applicants receive the Student Grant, while 69% of the students get the Pell Grant. And, for the Pell Grant awardees, the average aid amount is $3,657. 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. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. 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. At SC, an estimated number of 82% of the applicants choose to go for student loans.