Grant is a sum of money usually given by a governmental agency or community group for a specific purpose. Grant given for education is an educational grant.
Grants are given to many stakeholders in an educational institute, including students, teachers, and schools. Sometimes, a lot of pharma companies have educational grants.
Educational grants for students are given to students applying to college or graduate school to help them pay for tuition. Teachers are given educational grants to pursue research or extra activities to further their interests and studies. Schools get educational grants to plan and execute special programs.
A grant allows the recipient to pursue their educational goals without bearing the onus of paying the money back. Student grants differ from scholarships. Scholarships are usually given to people for a specific line of study. They also require the recipient to excel as a scholar or athlete. On the other hand, grants are need-based and awarded to pupils who need help for overcoming the barriers to education.
Other than the need-based grants, there are some prestigious grants as well. Prestigious grants look good on graduate applications. One of the highest-paid prestigious grants is the National Merit Scholarship. These grants can increase your chances of excelling in your chosen field.