What is the term for the amount of money given to students based on specific financial need criteria?

The term that refers to money given to students based on specific financial need criteria is student grants. Grants are a form of financial aid that do not need to be repaid, making them particularly valuable for students who demonstrate financial limitations. These funds are often provided by government entities, educational institutions, or private organizations and are intended to assist students in covering educational expenses, such as tuition, books, and living costs.

In contrast, loans require repayment, which can create a financial burden for students. Scholarships may be awarded based on merit, such as academic performance or athletic ability, and are not necessarily tied to financial need. Federal aid encompasses various forms of financial assistance, including grants and loans, but the key aspect of the question is its focus on need-based funding specifically, which aligns with the definition of student grants.