When it comes to financial aid in college, it's important to understand what you need to pay back and what you don't. Here's a breakdown of the options provided:
a. Scholarship: Scholarships are typically funds awarded to students based on academic achievement, talent, or other criteria. Scholarships are considered a type of gift aid, meaning they do not need to be repaid. Therefore, you do not need to pay back a scholarship.
b. Student Loan: Student loans are funds borrowed by students to help cover education expenses. Unlike scholarships, student loans need to be repaid with interest after you graduate or if you drop below a certain enrollment status. So, you must pay back a student loan.
c. College Grant Money: College grants are similar to scholarships in that they are considered gift aid, meaning they do not need to be repaid. Grants are typically awarded based on financial need or other specific criteria. Therefore, you do not need to pay back college grant money.
d. Work study money: Work-study programs provide students with part-time employment opportunities to earn money to help pay for educational expenses. Money earned through work-study is not a loan, so it does not need to be paid back like a student loan. Students receive work-study funds as wages for the work they perform.
In summary, out of the options provided, you must pay back a student loan, while scholarships, college grant money, and work-study money do not need to be repaid.
