What are the types of money are out there?
A grant is a type of gift aid, money that does not need to be repaid. Grants are usually awarded based on demonstrated financial need..
Merit-based aid is financial aid awarded to students based on their personal achievements. Most scholarships are considered merit aid, as they are generally awarded for success in school, the arts, athletics or another area.
Need-based aid is awarded to students based on demonstrated financial need, to help them pay for the cost of college. Need-based aid usually comes in the form of grants, student employment opportunities and student loans. Most need-based aid comes from the federal and state governments and from the colleges and universities.
A scholarship is a form of gift aid, money that does not need to be repaid. Scholarships are usually awarded by private organizations (e.g., foundations, corporations, associations, individual philanthropists and nonprofit organizations) based on some form of merit, such as academic, artistic or athletic talent, or activities, such as community service.
A renewable scholarship is available for all four years of the student’s undergraduate education, instead of for just one year. Scholarship recipients may have to maintain satisfactory academic progress, write annual reports to the sponsor and/or participate in particular activities to retain the renewable scholarship.