Question

this is a general term referring to any type of financial aid that is awarded to a person based on academic or athletic merit

Answer 1

Scholarship!

Step-by-step explanation:

I figured it out by going through all the possible solutions. Scholarships are the only ones you get based on academic or athletic merit! Grants can be offered from academic merit, but not athletic merit?

Answer 2

The term grant refers to a sm5y type of financial aid awared to students that displays an academic or athletic merit. Unlike other types of financial aid, a grant does not have to be paid back.