Scholarships are merit-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

Scholarships are merit-based; don't have to pay back.

Explanation:
Scholarships are awards given for merit or achievement that do not need to be repaid. They’re typically based on academic performance, talents, or other qualifying criteria, and once awarded, you don’t owe the money back as long as you meet any required conditions (like maintaining a certain GPA or staying enrolled). This distinguishes them from loans, which must be repaid with interest. For context, work-study provides part-time on-campus work to help pay education expenses, and grants are funds that don’t have to be repaid but are often awarded based on need or specific programs.

Scholarships are awards given for merit or achievement that do not need to be repaid. They’re typically based on academic performance, talents, or other qualifying criteria, and once awarded, you don’t owe the money back as long as you meet any required conditions (like maintaining a certain GPA or staying enrolled). This distinguishes them from loans, which must be repaid with interest.

For context, work-study provides part-time on-campus work to help pay education expenses, and grants are funds that don’t have to be repaid but are often awarded based on need or specific programs.

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