What term refers to monetary support awarded to students regardless of financial need?

The term that refers to monetary support awarded to students regardless of financial need is merit-based scholarships. These scholarships are granted based on the achievements or talents of the students, such as academic performance, athletic skills, or artistic ability, rather than their financial circumstances. This distinction makes merit-based scholarships an important resource for students who excel in various areas, allowing them to receive funding for their education without being required to demonstrate a need for financial assistance.

In the context of financial aid, loans require repayment and are generally based on the borrower's ability to pay back the money, while need-based grants are specifically designed to assist those with financial struggles. Federal work-study programs involve students working part-time to earn money for college expenses, rather than providing outright funding based solely on merit.