Federal Pell grants are offered to students that have financial need. Being awarded a Pell grant is based on your annual income. A Pell grant is forwarded directly to your college or school and applied towards tuition. You must be at least a part-time student to qualify.
Federal Supplemental Education Opportunity Grants are also given out according to financial need based on annual income. This grants is only offered for undergraduate students that have dire need for the extra grant money to attend school.
Most grants are dependent on the financial need of the student. However, there are some grants that are based strictly on merit. The Robert C. Byrd Honors Scholarship Program is for students that have attained academic honors only. There is also the National Science Scholars Program for students with honors in science.
The majority of business schools offer school grants based or financial criteria or merit. These might also be called scholarships. Often, these grants are small or are used up quickly depending on the size of the school and the time of year that you apply.
There are a number of other grants that are available to graduate students. Graduate grants are more specifically tailored to a particular field of study or expertise. They are also often geared towards groups of people, such as African-Americans or minorities.
There are really a number of various school grants available for both undergraduates and graduates. It is always best to check with your school for more information on college grants available, especially related to your particular field of study or college department.