Definition
The term grant is used to describe funds paid to an individual, business, educational institution, or not-for-profit organization. The grantor of these funds is frequently a government agency, trust, or foundation.
Explanation
The term grant is often used to describe a type of student financial aid that does not have to be repaid. Grants are almost exclusively available to undergraduate students, and the amount of the grant is based on three factors:
Demonstrated financial need
Expenses associated with attending school
Full or part time enrollment status
The two most common grants awarded to undergraduate students are the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant. This is one of the three types of federal financial aid available to students. The other forms of aid include work study and student loans.
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