Such schemes include Academic Achievement Scholarship, Academic Council Scholarship, Bank of America Scholarship Fund, and Chancellor's Merit Scholarship. As many as 90% of the students at UML get some sort of financial aid, and the total amount of assistance/loans provided is more than $52,227,020 in a year. For additional information about financial assistance schemes, one can head over to UML’s financial aid page at http://www.uml.edu/thesolutioncenter/financial-aid. The total percentage of candidates applying to University of Massachusetts-Lowell who receive the Federal Grant is 33%. Meanwhile, 78% of the applicants receive the Student Grant and 77% are awarded the Institution Grant, while 33% of the students get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $5,264, and the same stands at $1,987 for State Grant awardees and $8,460 for Institution Grant recipients. On the other hand, the average aid received by the Pell Grant awardees is $4,389. 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. Every year, around 70% of the applicants to University of Massachusetts-Lowell opt for student loans.