Top Three types of financial aid Merit scholarships are based on skill in academics or sports. But the competition is fierce and few students qualify. The least selective programs may give scholarships to as few as one in ten students while the most selective programs may give scholarships to as few as one of every ten thousand applicants. Needs-based grants do not need to be repaid. However, they are determined from formulas that focus primarily on family income at the time application is made to college.
Loans are the most common type of financial aid.
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