What is a common characteristic of an institutional scholarship awarded by a college or university?

The correct answer to the question "What is a common characteristic of an institutional scholarship awarded by a college or university?" is Option B: They are typically renewable each year, provided the student meets specific criteria..

The other options — A) They are always based solely on financial need, never merit., C) They are primarily funded by the federal government., D) Students must repay them after graduation, often with interest. — are incorrect for this College Advising question. As explained above: Institutional scholarships are often renewable, requiring students to maintain a certain GPA or enrollment status to continue receiving the award in subsequent years.