Such schemes include Alan and Janette Blackburn Scholarship, Arenac County Scholarship, Art and Helen Nickless Scholarship, and Auburn Jaycees Education Scholarship. It is interesting to note that, every year, around 96% of students at UMD receive some kind of financial aid, while the total amount of assistance/loans provided is $31,398,447. The total percentage of candidates applying to University of Michigan-Dearborn who receive the Federal Grant is 40%. Meanwhile, 85% of the applicants receive the Student Grant and 81% are awarded the Institution Grant, while 40% of the students get the Pell Grant. While the Federal Grant awardees receive an average aid of $5,327, the State Grant receivers and Institution Grant beneficiaries get $994 and $7,873, respectively. On the other hand, the average aid received by the Pell Grant awardees is $4,945. 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. Candidates are also required to repay these loans within a given period. At UMD, an estimated number of 87% of the applicants choose to go for student loans.