Which two forms of financial aid do not have to be repaid?

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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

Which two forms of financial aid do not have to be repaid?

Explanation:
Free money that doesn’t have to be repaid comes from scholarships and grants. Scholarships are funds awarded for achievements or specific criteria and don’t require repayment. Grants are awarded based on need or program goals and also don’t have to be paid back. Loans must be repaid with interest, which is why they aren’t the right pairing. Work-Study involves earning money through a job and isn’t repaid as a loan, but it’s not considered gift aid like scholarships and grants. So, the two forms that don’t have to be repaid are scholarships and grants.

Free money that doesn’t have to be repaid comes from scholarships and grants. Scholarships are funds awarded for achievements or specific criteria and don’t require repayment. Grants are awarded based on need or program goals and also don’t have to be paid back. Loans must be repaid with interest, which is why they aren’t the right pairing. Work-Study involves earning money through a job and isn’t repaid as a loan, but it’s not considered gift aid like scholarships and grants. So, the two forms that don’t have to be repaid are scholarships and grants.

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