Such schemes include University of the Southwest - National Merit Scholarship and University of the Southwest - Tuition Waiver Exchange Program. It is interesting to note that, every year, around 98% of students at US receive some kind of financial aid, while the total amount of assistance/loans provided is $1,323,197. One can visit US's financial aid page at http://www.usw.edu/admissions/financial_aid for more information. At US, the total percentage of applicants who receive the Federal Grant stands at 56%. Meanwhile, 92% of the applicants receive the Student Grant and 89% are awarded the Institution Grant, while 56% of the students get the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $2,621, while the same comes to $1,250 for State Grant receivers and $3,954 for Institution Grant awardees. As far as the Pell Grant beneficiaries are concerned, the average aid received stands at $2,542. 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 $9,975 in a year. 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 US, an estimated number of 88% of the applicants choose to go for student loans.