As many as 98% of the students at WC get some sort of financial aid, and the total amount of assistance/loans provided is more than $4,430,811 in a year. At WC, the total percentage of applicants who receive the Federal Grant stands at 18%. In comparison, 98% of the students are awarded the Student Grant, 95% get the Institution Grant, and 18% of the applicants receive the Pell Grant. Moreover, the average aid amount for Federal Grant awardees stands at $5,274, while the same comes to $7,642 for State Grant receivers and $27,406 for Institution Grant awardees. On the other hand, the average aid received by the Pell Grant awardees is $4,609. Among other things, the annual family income of the applicant plays a major role in determining the total financial aid they are actually eligible to receive. 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. Moreover, the funds received through these loans will have to be repaid within a given timeframe. At Wofford College, the percentage of candidates who opt to avail of student loans is around 43%.