Such schemes include Huebner Foundation Fellowship in Insurance, Economics, and Risk Management, Joseph P. Gavenonis Scholarship, LPS Scholarships, and Levy Scholars Program Scholarship. It is interesting to note that, every year, around 59% of students at UP receive some kind of financial aid, while the total amount of assistance/loans provided is $10,651,660. Notably, a total of 13% of the applicants to University of Pennsylvania receive the Federal Grant every year. Meanwhile, 49% of the applicants receive the Student Grant and 49% are awarded the Institution Grant, while 13% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $7,842, while the same comes to $3,000 for State Grant receivers and $48,201 for Institution Grant awardees. And, for the Pell Grant awardees, the average aid amount is $4,823. 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. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At UP, an estimated number of 13% of the applicants choose to go for student loans.