State financial aid grant programs are commonly categorized as either need-based, merit-based, or both, but their initial eligibility requirements include many more factors than just financial need and academic merit. A categorization of programs that accounts for all requirements would facilitate a more nuanced and precise understanding of state grant programs. We used latent class analysis to organize 354 grant programs into a five-category typology to better understand the variations and patterns in programs. Need and merit proved important in the typology, but two of the new categories of programs were defined by other eligibility requirements. Implications for future research and policymaking are discussed.