Student or Learner
When people examine their feelings of regret about the past, they often find that many of them are simply not based in fact.
We say "based on" sth, why do we have here "based in fact"?
Your fears have in fact.(really) no basis
Based on the fact (something: that you have to state the factors) as:
I hope, you would continue to consider me eligible for your scholarship, based on the fact that I have X and Y to my credit. (hare X and Y are factors)