Which of the following is a common type of scholarship?

A need-based scholarship is a common type of scholarship that is awarded to students based on their financial situation. This type of scholarship evaluates the financial need of the applicant and provides funding to help cover tuition and other educational expenses for those who demonstrate a significant economic disadvantage. The importance of need-based scholarships lies in their aim to make higher education accessible to students who may not have the financial resources to afford it otherwise.

In contrast, high-interest scholarships and rate-based scholarships are not standard classifications in scholarship offerings. These terms do not reflect the established criteria used by educational institutions or organizations to award funding. Similarly, while eligibility-based scholarships may refer to a general category of scholarships based on specific criteria, they lack the widespread acknowledgment and structure typical of need-based scholarships. Thus, need-based scholarships remain the most common and widely recognized form of financial aid available to students.