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Athletic, Academic, Merit....oh my!

So we toss around words like scholarship but what does that mean?  Does it 100% cover books and room and board? Or do we say 100% and that is tuition only?   I've heard of Athletic money, Academic Money, Merit money and percentages.  But what does it really cover?

Can anyone chime in for us younger people that are going through it now with a decoder ring and say what these percentages and type of money really mean to the bottom dollar?

i.e. so a D1 offers your kid 75%...what is that 75% of?

So a D2 offers your kids 40%....what is that 40% of?

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