What's a grant?

What is the exact meaning for a grant?

Answer #1

A grant is money that you receive to do something like college, for example, that does not have to be paid back. You have to meet the qualifications of a particular grant in order to have a chance at receiving it.

Answer #2

A grant is a gift of money to a person who qualifies for a specific program under certain conditions that does not have to be repaid, however if the recipient fails to meet the criteria under which the grant was given, then it may be converted into a loan at a predetermined interest rate, depending on the paperwork involved.

In college, I got “pell grants” which were because of my lower socio economic status that didn’t have to be repaid.

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