As many as 70% of the students at UCSC get some sort of financial aid, and the total amount of assistance/loans provided is more than $40,165,687 in a year. At UCSC, the total percentage of applicants who receive the Federal Grant stands at 28%. On the other hand, 63% of the candidates get the Student Grant, 57% receive the Institution Grant, and 28% get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,746, while the same comes to $10,808 for State Grant receivers and $8,668 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,688. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. 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. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At UCSC, an estimated number of 37% of the applicants choose to go for student loans.