Ted: My daughter is going to college.
Keith: That’s great, but it must be expensive.
Ted: Yes, but she has a grant.
Keith: A grant? What’s a grant?
Ted: The government is giving her money.
Keith: To pay for her education?
Ted: That’s right.
Keith: Does it pay for everything?
Ted: No, she has a loan, too.
Keith: What’s the difference between a loan and a grant?
Ted: You have to pay back a loan; a grant is a gift.