What's the difference between grants, scholarships, and fellowships?

There is very little difference in practice, and the terms are sometimes used interchangeably. There are a few minor technical distinctions. Grants are the most inclusive, representing any grant of money in exchange for a prescribed purpose. Scholarships usually refer to grants in support of undergraduate education, and fellowships usually refer to grants in support of post-baccalaureate projects, or to pre-baccalaureate projects pursued outside the normal curriculum. All scholarships and fellowships are grants. Grants, scholarships, and fellowships do not need to be repaid.