In the context of the question, the money given to students for college expenses that does not need to be paid back is called a scholarship. Scholarships are financial aid awards designed to help students pay for education expenses. They are typically awarded based on various criteria such as academic achievements, talents, or financial need.
Scholarships can come from various sources including schools, organizations, or companies. They differ from loans, which need to be repaid, and work-study programs, which involve students working to earn money for expenses. A 529 plan, mentioned in option A, is a tax-advantaged savings plan designed to encourage saving for future education costs, but it is not money given to students for college expenses that does not need to be paid back.
