Among them are scholarship programs such as Chapter 105 - Memphis - Les Segar Memorial Scholarship, Dr. Richard Forrest & Ella Dudney Kelsey Memorial Scholarship, Tennessee HOPE Scholarship, and Tennessee Student Assistance Award. As many as 74% of the students at WC get some sort of financial aid, and the total amount of assistance/loans provided is more than $901,320 in a year. Notably, a total of 38% of the applicants to Welch College receive the Federal Grant every year. On the other hand, 74% of the candidates get the Student Grant, 70% receive the Institution Grant, and 38% get the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $4,582, and the same stands at $5,063 for State Grant awardees and $8,040 for Institution Grant recipients. And, for the Pell Grant awardees, the average aid amount is $4,263. 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. However, student loans attract a certain rate of interest at which the funds are borrowed. While grants and scholarship schemes do not require repayment, student loans should be repaid by the applicants within a given period. At Welch College, the percentage of candidates who opt to avail of student loans is around 45%.