Which of the following types of financial aid requires repayment?

Loans are a type of financial aid that requires repayment. When a student takes out a loan, they are borrowing money with the understanding that they will return the borrowed amount along with any interest accrued over time. This obligation to pay back the funds is a fundamental characteristic that distinguishes loans from other forms of financial aid, such as grants and scholarships, which do not require repayment.

Grants and scholarships are typically awarded based on financial need or academic achievements and are considered "gift aid," meaning they do not have to be paid back. Work-study programs, on the other hand, provide students with part-time employment opportunities to help cover educational expenses, but again, this does not involve borrowing funds or repayment. Hence, the nature of loans as a financial aid option lies in the requirement for repayment, making them the correct choice in this context.