Such schemes include Academic Excellence Scholarship, Academic Scholarship, Band Stipend, and Centennial Scholarship. It is interesting to note that, every year, around 96% of students at ULL receive some kind of financial aid, while the total amount of assistance/loans provided is $43,385,747. At ULL, the total percentage of applicants who receive the Federal Grant stands at 38%. Meanwhile, 92% of the applicants receive the Student Grant and 57% are awarded the Institution Grant, while 38% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,129, while the same comes to $5,259 for State Grant receivers and $5,049 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,628. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. 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. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At ULL, an estimated number of 51% of the applicants choose to go for student loans.