Complex sentence: Student grants are awarded to Icelanders and Americans for graduate and post-graduate studies, while scholar grants are awarded to Icelandic scholars to undertake research in the United States and for American scholars to teach and do research in Iceland.
Split into simpler sentences: Student grants are awarded to Icelanders and Americans for graduate and post-graduate studies. Scholar grants are awarded to Icelandic scholars to undertake research in the United States and for American scholars to teach and do research in Iceland.