Bursaries are grants, they are especially awarded to those who want to study at a university or college. Bursaries are awarded to individuals or groups of people who cannot afford to pay full fees. When they have been awarded the bursary the individual or individuals are usually then obligated to be employed at the institution for the duration as the bursary. There is a difference between Loans, Bursaries, and scholarships. These are not the same, they all are different and are awarded differently as well.
A loan is awarded to an applicant based on their need and family income. Loans must be paid back and are usually linked to interest rates meaning they accumulate interest and therefore when paying them you pay more then what was given to you. Loans have to be paid back using the money.
A scholarship is awarded to a student who has performed exceptionally well in their academics. Scholarships can also differ, there are sports scholarships and others, these sometimes don’t require the student to pay back or work back the money awarded to them to be able to study.
Usually, the term ‘bursary’ and ‘scholarship’ tend to be used interchangeably, whereas the two are completely different. Bursaries are awarded to students based on their personal circumstances and backgrounds. Unlike scholarships, bursaries are non-competitive, they are usually awarded by universities to students who meet the requirements, and the students are not always required to apply for them.
There are different types of bursaries, such as university offered bursaries and company offered bursaries.
When a student is applying at a university, they will often also use the application as a bursary application, when they get the bursary the fees are then automatically deducted from their fees when they register at the university. These bursaries are granted if the student has financial need and academic merit.
Bursaries offered at companies that are outside the university will require for one to apply for them. The application forms are normally found on the company website or bursary and scholarship websites. The companies offering the bursaries usually have requirements that the student has to meet in order to qualify, they also require that the student does ample research to avoid being caught out by any terms and conditions.
Bursaries also come with terms and conditions, these need to be considered before applying for the bursary. Often the bursary will stipulate how the student is supposed to spend the funds that have been given to them. The amount of coverage given to the students is not often enough, it may only be enough to cover part of the tuition money.
Sponsors may sometimes require that students work for them in return for the funding they have been provided within their bursary. If they sponsor you for 3 years, they may then require that you work for them for 3 years in return.
Applying for a bursary
When you apply for a bursary one would normally need to have proof of registration, proof of residence, proof of income if you are working, students who are still under their parents or guardians would need to provide their parents proof of income, applicants also need to provide necessary identity documents and a surety.
Bursaries normally take longer to process because they have to evaluate academic or sporting achievements if the bursary is a sports bursary. While they are also processing the application they also consider the financial need of the students. If the student achievements meet the requirements, they are then more likely to be awarded the bursary.