Bursary Definition
A bursary is a grant, especially one awarded to someone to enable them to study at a university or college.
A bursary award, or simply a bursary, is a sum of money given to students based on financial need and/or academic performance.
A bursary award is provided to the student by the educational institution and is similar to scholarships awarded by American universities.
What is the difference between a loan, bursary and scholarship?
Loans
Loans are awarded to applicants based on their needs and family income. Loans are also always linked to interest rates.
If you receive a loan you would be required to repay the loan in full as well as the accumulated interest.
Bursaries
Bursaries vary in amounts and professions and are given to students in order to further their studies. In return for funding your studies, the company may require you to repay them by signing a work contract with them.
Another type of bursary is a donor bursary (a bursary awarded to a deserving candidate in a specific field of study or in recognition for his/her work in a specific field of study).
Scholarship
A scholarship is a financial award usually given to students based on their outstanding academic achievements. Recipients are not always expected to repay or work back the money they receive.
Do you pay back the bursary?
Bursaries vary in amounts and professions and are given to students in order to further their studies. In return for funding your studies, the company may require you to repay them by signing a work contract with them.
What Are The Requirements To Apply For A Bursary?
SUBJECT SELECTION
There are general bursaries and there are ‘career-specific’ bursaries available to students.
General bursaries are typically funded by the government and are awarded to individuals regardless of their subject or career choice.
Career-specific bursaries will only allow students who are pursuing higher education in a particular field or profession to qualify for funding.
If there is a requirement benefactor will provide a list of subject or field choices as a guide.
LOCATION
It is common practice for the benefactor to place requirements on the applicant’s nationality or current residential address.
In other words, students may be required to live in a certain area or possess citizenship in a certain country before they can apply for an opportunity.
AGE
The average age for eligible applicants is between 18 and 25, however, every bursary contract is different.
In unique cases, benefactors may even overlook the age limit if the academic achievement or financial need is great.
RACE/FINANCIAL NEED
While bursaries can be awarded for excellence, many bursaries aim to redress past injustices by providing financial aid to needy scholars.
For this reason, benefactors may limit access to a bursary opportunity by only accepting applicants from a specific race or economic background.
ACADEMIC ACHIEVEMENT
Applicants may be required to achieve a minimum percentage in a subject in order to be considered for funding.
This mark can be anything from 50 to 80 per cent depending on the subject or field of study.
In addition, selected applicants will be expected to maintain the percentage during the period of study.
Students who fail to do so could lose their financial aid or be asked to repay the bursary.
UNIVERSITY ACCEPTANCE
Some sponsors only accept applications from students who have received university admission.
Make sure that you meet the entrance requirements of your selected study course and that you apply early to avoid disappointment.
As explained above there are some requirements that may be out of your control like race or location but there are others, such as academic achievement, that are well within your sphere of influence.
EXPLORE AND APPLY FOR THE LATEST BURSARIES IN SOUTH AFRICA
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