Money given or lent to students at college to pay for their education is called ...

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Study for the 6th Grade Financial Literacy Test. Explore interactive quizzes and multiple-choice questions with insightful explanations. Prepare effectively today!

Multiple Choice

Money given or lent to students at college to pay for their education is called ...

Explanation:
Money given or lent to students to pay for college is called financial aid. This umbrella term covers all kinds of help for education costs, whether it’s free money that doesn’t have to be paid back (like scholarships and grants) or borrowed money that does have to be repaid (like loans). A scholarship is a reward for achievement or other criteria and doesn’t require repayment. A grant is often need-based and also doesn’t require repayment. A loan is money you borrow and must pay back with interest. So financial aid is the most accurate overall term because it includes scholarships, grants, loans, and other forms of help like work-study.

Money given or lent to students to pay for college is called financial aid. This umbrella term covers all kinds of help for education costs, whether it’s free money that doesn’t have to be paid back (like scholarships and grants) or borrowed money that does have to be repaid (like loans). A scholarship is a reward for achievement or other criteria and doesn’t require repayment. A grant is often need-based and also doesn’t require repayment. A loan is money you borrow and must pay back with interest. So financial aid is the most accurate overall term because it includes scholarships, grants, loans, and other forms of help like work-study.

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