Understanding Financial Aid Types(5-14)

Which of the following is a type of financial aid that does NOT need to be repaid?

• Loan

• Grant

• Work-study

• Scholarship

What is the main difference between a scholarship and a grant?

• Scholarships are based on financial need, grants are based on merit.

• Grants are based on merit, scholarships are based on financial need.

• Scholarships are usually merit-based, grants are usually need-based.

• Both are always based on athletic ability.

Which type of financial aid requires students to work part-time while attending school?

• Grant

• Loan

• Work-study

• Scholarship

Which of the following is a characteristic of federal student loans?

• They must be repaid with interest.

• They are only given to students with the highest grades.

• They do not require any repayment.

• They are only available to graduate students.

A student receives a Pell Grant. What does this mean?

• The student must repay the money after graduation.

• The student has received a need-based grant from the federal government.

• The student has received a merit-based scholarship.

• The student must work on campus to earn the money.

Which of the following is NOT a type of financial aid?

• Scholarship

• Grant

• Tuition

• Loan

Which type of financial aid is typically awarded for academic, athletic, or artistic achievement?

• Grant

• Scholarship

• Loan

• Work-study

What is the main purpose of work-study programs?

• To provide students with free tuition.

• To allow students to earn money to help pay for education expenses.

• To give students loans with low interest rates.

• To award students for high grades.

Which of the following financial aid types must be repaid, usually with interest?

• Grant

• Scholarship

• Loan

• Work-study

A student receives a scholarship for excellent performance in sports. What type of scholarship is this?

• Need-based scholarship

• Athletic scholarship

• Academic scholarship

• Work-study scholarship