Such schemes include Academic Merit Award, International Student Award, LC Grant, and Transfer Merit Award. It is interesting to note that almost every student at UL receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $9,648,967. The total percentage of candidates applying to University of Lynchburg who receive the Federal Grant is 33%. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 33% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $4,652, and the same stands at $3,162 for State Grant awardees and $24,014 for Institution Grant recipients. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,666. 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. 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 UL, an estimated number of 78% of the applicants choose to go for student loans.