Grants are need-based; don't have to pay back.

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Study for the General Financial Literacy State Test. Prepare with flashcards and multiple-choice questions, each with hints and explanations. Enhance your financial expertise for success!

Multiple Choice

Grants are need-based; don't have to pay back.

Explanation:
Grants are a form of financial aid that does not have to be repaid and are usually awarded based on financial need. That combination—need-based and non-repayable—is what the statement is describing. This sets grants apart from loans, which must be repaid with interest, and from work-study, which provides income through a campus job. While scholarships can also be nonrepayable and may be need-based or merit-based, the defining feature highlighted here is the non-repayment aspect paired with need-based eligibility, which identifies grants.

Grants are a form of financial aid that does not have to be repaid and are usually awarded based on financial need. That combination—need-based and non-repayable—is what the statement is describing. This sets grants apart from loans, which must be repaid with interest, and from work-study, which provides income through a campus job. While scholarships can also be nonrepayable and may be need-based or merit-based, the defining feature highlighted here is the non-repayment aspect paired with need-based eligibility, which identifies grants.

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