As many as 57% of the students at UC get some sort of financial aid, and the total amount of assistance/loans provided is more than $3,305,867 in a year. The total percentage of candidates applying to University of Chicago who receive the Federal Grant is 11%. Meanwhile, 51% of the applicants receive the Student Grant and 51% are awarded the Institution Grant, while 11% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $6,996, while the same comes to $4,827 for State Grant receivers and $42,074 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,567. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. 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. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At University of Chicago, the percentage of candidates who opt to avail of student loans is around 10%.