Such schemes include Academic Merit Award, Carnegie Dartlet $10,000 Scholarship, Community Service Scholarship for Multicultural Students, and Cory Pelfrey Memorial Scholarship. As many as 99% of the students at UMU get some sort of financial aid, and the total amount of assistance/loans provided is more than $11,645,994 in a year. At UMU, the total percentage of applicants who receive the Federal Grant stands at 36%. Meanwhile, 99% of the applicants receive the Student Grant and 99% are awarded the Institution Grant, while 36% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $4,460, while the same comes to $2,573 for State Grant receivers and $17,392 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $4,446. The annual family income of a candidate is one of the key factors in determining their total eligibility for financial aid. 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. Candidates are also required to repay these loans within a given period. Every year, around 93% of the applicants to University of Mount Union opt for student loans.