Need-based scholarships are primarily intended to provide financial assistance to students who demonstrate a financial need in order to pursue higher education.

While extracurricular activities may be considered in some scholarship applications, they are generally not a primary factor in determining eligibility for need-based scholarships.

Federal Pell Grants are the most common type of need-based scholarship, providing financial assistance to low-income undergraduate students.

While need-based scholarships can help reduce the amount of student loans a student needs to take out, they do not directly increase the borrowing capacity for student loans.

The application process for need-based scholarships typically involves submitting a scholarship application form, writing a personal statement, and providing financial information.

Financial need is the most important factor considered when awarding need-based scholarships.

While private organizations may offer scholarships, they are not a source of need-based scholarships.

The maximum amount of a Federal Pell Grant for the 2023-2024 academic year is $6,895.

Federal Perkins Loans are not a type of need-based scholarship offered by the federal government.

The typical repayment period for a Federal Perkins Loan is 10 years.

Federal Pell Grants do not directly increase the borrowing capacity for student loans.

The maximum amount of a Federal Supplemental Educational Opportunity Grant (FSEOG) for the 2023-2024 academic year is $4,000.

State Loans are not a type of need-based scholarship offered by state governments.

The typical repayment period for a state loan is 10 years.

State scholarships do not directly increase the borrowing capacity for student loans.