Scholarships and bursaries are forms of financial aid. Both help to pay for the necessities associated with the student’s education such as tuition, room, board and textbooks.
Both scholarships and bursaries may be sponsored by institutions or any organization interested in giving financial support to a student’s ability. The two terms also show some differences in their guidelines, eligibility requirements and application.
Bursaries and some scholarships (like sports scholarships) have conditions. Sometimes, the students have to reach an agreement to serve some organization. If not, they will have to revoke the reward.
What is a Scholarship?
A scholarship is a financial aid granted to a student on the basis of the student’s academic or extracurricular achievements, for the purpose of schooling. In summary, scholarships are merit-based. There are requirements for maintaining a scholarship after you win. Students must maintain good standing in order to continue to be eligible for a scholarship. These requirements usually involve keeping a certain GPA, continuing to demonstrate a certain financial or participating in an extracurricular sport or organization.
What is a Bursary?
A bursary is a financial aid granted to a student on the basis of the student’s financial neediness for the purpose of schooling. Therefore, bursaries are need-based. A financial disclosure form is needed in other to get a bursary.
Though a bursary is non-repayable monetary support, the beneficiary students may have to repay a percentage of the money if he or she drops out of school during that academic year.
Differences between Scholarship and Bursary
- Scholarships are mainly merit-based ( except in some cases) while bursaries are need-based. Scholarships are given on the basis of the students ‘ skill/talent and sports excellence. Bursaries are based on the student’s financial strength.
- Unlike scholarship, a bursary requires evidence of the financial status of the student’s family.