As many as 74% of the students at UM get some sort of financial aid, and the total amount of assistance/loans provided is more than $15,437,131 in a year. For additional information about financial assistance schemes, one can head over to UM’s financial aid page at http://admissions.miami.edu/undergraduate/financial-aid/index.html. Notably, a total of 13% of the applicants to University of Miami receive the Federal Grant every year. In comparison, 70% of the students are awarded the Student Grant, 67% get the Institution Grant, and 13% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $7,174, while the same comes to $9,939 for State Grant receivers and $30,763 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,771. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. Those with a family income below $30,000 per annum, would get an average federal aid of $40,169 in a year. Candidates who come under the $30,001-$48,000 family income bracket receive an average aid of $47,214, while those falling in the $48,001-$75,000 income category get $43,031 a year. Meanwhile, the average federal aid for students in the $75,001-$110,000 income bracket is $37,259. And, for those with a family income of more than $110,000, the amount stands at $22,995. 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. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At UM, an estimated number of 29% of the applicants choose to go for student loans.