After four years of higher education, Julio just graduated with a Bachelor's degree in English literature from University of Michigan where the annual cost of tuition was $18,000. He paid for college by earning $12,000 annually through the work study program and receiving an annual scholarship. He covered the remainder of the costs by taking out $14,000 in student loans. If he didn't fund his education with savings or grant money, what was the amount of Julio's annual academic scholarship?