When used as a noun, a grant means a sum of money given for a specific purpose, usually by a governmental agency or community group. So an educational grant is money given for educational purposes.
Students applying to colleges and graduate school may apply for grants to help them pay for tuition.
Teachers may receive educational grants to pursue extra activities with their students and/or to further their own studies and interests.
Schools may receive educational grants to implement special programs.
A grant allows the recipient to pursue his educational goals without having to pay the money back in any way.
A lot of pharmaceutical companies have educational grants.