There are different forms of financial aid. In this article, four key financial aid will be explained briefly: Scholarship, Grant, Fellowship and Bursary.
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. Scholarships are typically designed for academic-related expenses.Scholarships are awarded to students.
What is a Grant?
A grant is a financial assistance or fund given by a government,non-profit organization, corporation, individual, foundation or trust for the use of another party (often a nonprofit entity, educational institution, business or an individual) to finance a particular activity, venture, charity or facility.
What is a Fellowship ?
A fellowship is a monetary award given to an experienced researcher to pay for his or her academic pursuit in a specific field of study. Fellowships are mostly awarded for advanced studies (graduate and postgraduate studies). Also, most fellowships will include an internship or other service commitment that will last for one or more years.
Definition of 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, bursary are need based. A financial disclosure form is need in other to get a bursary.