The key difference between bursary, study loan, scholarship, and SETA is their payment. While all four of these financial aids are connected to education, a study loan is a type of loan and must be paid back, whereas the other three forms of financial aid do not require repayment. A bursary is a financial award provided by an educational institution for educational purposes, while a study loan is a type of loan given to students to cover their educational expenses. On the other hand, a scholarship is a form of financial aid given to students for further education, while SETA is a grant given to students in relation to their education.
Key Takeaways
- A bursary is a financial award given by an educational institution to help students with educational expenses.
- A study loan is a type of loan given to students to cover their educational costs and must be paid back.
- A scholarship is a form of financial aid given to students for further education based on various criteria, while SETA is a grant given for both education and training programs.
What is a Bursary?
A bursary is a financial award provided by educational institutions or funding authorities to individual students or groups of students. It allows students to attend educational institutions such as schools, universities, and other higher education institutions when they might not be able to do so due to financial difficulties. In some cases, bursaries are awarded to encourage specific groups to study.
What is a Study Loan?
Study loans are given to students to pay for education-related expenses. They are a type of loan designed to help students cover associated fees. Study loans differ from other types of loans and vary from one country to another. In most countries, the interest on study loans is lower than on other types of loans.
What is a Scholarship?
Scholarships are financial aids offered to students to continue their studies. They are awarded based on different criteria, such as academic merit, athletic skills, and financial needs. Scholarship recipients are not required to repay the scholarships. The main focus is on the goals of the scholarship donor. Sometimes, there are requirements to be met by the scholarship recipient during the time of reception of the scholarship. Scholarships provide monetary aids such as educational expenses and course fees.
What is SETA?
SETA is a grant given for education and refers to Sector Education and Training Authorities (SETA). SETA grants are given to employees who meet the prescribed eligibility to fund education and training programs. This award is offered for both employed and unemployed personnel to continue their studies according to SETA grant regulations.
What is the Difference Between Bursary Study Loan Scholarship and SETA?
Bursary, study loan, scholarship, and SETA are all educational financial aids and assistance, but there are slight differences between them. The key difference between them is that bursaries are given to motivate and encourage students to follow certain academic programs, while study loans are not offered with this aim. Study loans must be paid back at the end of a certain time period, while scholarships do not need to be repaid. However, there are prescribed requirements to be met by scholarship recipients, such as maintaining a required GPA value, which are not demanded when receiving a study loan.
Furthermore, SETA offers monetary value for both education and training programs, while other financial approaches like bursaries, study loans, and scholarships do not grant monetary assistance for training programs. Another difference between study loans and scholarships is that scholarships are based on different criteria, while study loans are not based on specific criteria like scholarships.
Summary – Bursary vs Study Loan vs Scholarship vs SETA
The key difference between bursary, study loan, scholarship, and SETA is that a bursary is a financial award given by an educational institution as an aid for educational purposes, whereas a study loan is a type of loan given to students to pay their educational expenses. On the other hand, a scholarship is a form of financial aid given to students for further education, while SETA is a grant given to students in relation to their education.
