The forms of assistance and their purposes shall be as follows:
(1) Need based grants, the purpose of which shall be to promote access and to support choice for financially needy students.
(2) Need based scholarships, the purpose of which shall be to encourage and to reward the demonstration of superior ability and to promote access and choice for outstanding students who have financial need.
(3) Need based work opportunities, the purpose of which shall be to promote work opportunities to financially needy students in order to fulfill those students’ self-help responsibilities by providing funds to agencies participating in the federal college work study program.