"This term can have one of two possible meanings. In The Condition of Education, grants most commonly refer to funds awarded to an individual by a college, an agency, or another institution to attend postsecondary education. Grants, which do not have to be repaid, include need-based grants, merit-based scholarships, fellowships, and tuition waivers. ..." Source: National Center for Education Statistics
"Grants are funds disbursed by one party (Grant Makers), often a Government Department, Corporation, Foundation or Trust, to a recipient, often (but not always) a nonprofit entity, educational institution, business or an individual. In order to receive a grant, some form of "Grant Writing" often referred to as either a proposal or an application is usually required. For more information regarding successful grant submissions see Grant Writing. Most grants are made to fund a specific project and require some level of compliance and reporting. The Grant Writing process involves an applicant submitting a proposal (or submission) to a potential funder, either on the applicant's own initiative or in response to a Request for Proposal from the funder. Other grants can be given to individuals, such as victims of natural disasters or individuals such as people who seek to open a small business. Sometimes Grant Makers require Grant Seekers to have some form of tax-exempt status, be a registered nonprofit organization or a local government' Source: Wikipedia