Scholarship vs Bursary
Scholarships and bursaries are two types of financial aid provided to students, with some differences between them regarding their guidelines and applications. To obtain a bursary, a student has to submit a financial disclosure form, while scholarships are provided based on the expertise or proficiency demonstrated by the student in the relevant subject. Generally, scholarships come with no strings attached, whereas bursaries can have conditions. However, some scholarships may also have expectations in return. It is crucial for students to understand the various guidelines associated with scholarships and bursaries.
What is Scholarship?
A scholarship is awarded considering a student’s performance, either educational or otherwise. Scholarships often take into account the student’s grades from previous levels of education and sometimes consider extracurricular activities too. There are different types of scholarships based on factors such as the nature of the institution, its financial condition, the student’s merit, and certain sociological conditions. Each scholarship type must meet specific rules and regulations, and the student is required to fulfill them.
While scholarships typically recognize a student’s skills, some organizations offer scholarships with certain conditions. For instance, sports scholarships may require maintaining a specific grade point average and good performance on the field; if not met, the scholarship can be revoked. Some scholarships expect students to provide their services to the offering foundation once they become qualified professionals. If the student is unwilling to work for the organization during the agreed period, they must agree to return the scholarship money later.
What is Bursary?
A bursary is financial aid given to students facing financial difficulties. Bursaries are often offered by various organizations, including charity institutions. Applicants for bursaries must provide their parents’ financial details. A means-tested bursary is awarded to a student whose family earns the lowest annual income.
There is another type of bursary similar to a scholarship, awarded based on the student’s examination performance. In this case, a student with the least financial background is selected for the award. This is another significant difference between scholarships and bursaries, often leading to confusion between the two terms. Although such a bursary is given to the student with the best results, their financial status is also considered.
Bursaries usually come with conditions, and in some cases, the student must sign a bond agreeing to serve a specific organization, either during their education or after obtaining the qualification they are studying for. Bursaries are non-repayable grants. However, if a student takes a leave of absence or drops out, they may have to repay a percentage of the bursary amount received during that year.
Key Takeaways
- Purpose: Bursaries provide financial support to students struggling to pay fees, while scholarships recognize talented students in their field of expertise. In other words, scholarships are for skilled students, whereas bursaries are for those with financial difficulties.
- Financial Status: Bursaries consider the student’s family’s financial status, while scholarships mostly do not.
- Conditions: Bursaries typically have conditions such as agreeing to work for the providing organization for a specific time, while scholarships sometimes also have conditions like working for the organization for a specific time and maintaining good grades.
