As many as 80% of the students at SMC get some sort of financial aid, and the total amount of assistance/loans provided is more than $5,014,136 in a year. Notably, a total of 22% of the applicants to SUNY Maritime College receive the Federal Grant every year. In comparison, 53% of the students are awarded the Student Grant, 46% get the Institution Grant, and 22% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $4,878, and the same stands at $4,199 for State Grant awardees and $2,662 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $5,051. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. 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. Candidates are also required to repay these loans within a given period. At SMC, an estimated number of 61% of the applicants choose to go for student loans.