What is A Bursary? A question pondered upon by the multitude, either in total unfamiliarity or sometimes in confusion.
The confusion spoken of here is by plenty who have an idea of what it is, but unknowingly mix it up with some other related words like loan or scholarship.
According to Wikipedia, A bursary is defined as a monetary award to university students that allows them to continue their studies.
The definition, concise and seemingly simple enough does not clarify its difference from other words usually considered as its synonyms.
The distinction you will find is in the intent behind the giving out of the said monetary award, or sometimes the terms and conditions attached to giving out the monetary award.
Let us now dive into the intricacies of the matter, and in so doing eliminate any sort of confusion on the matter.
Bursary Versus Loan
The answer to the question “What is a bursary?” can sometimes be answered by some persons as a loan. But this view on it is way outside of the real idea mainly by the mere addition of the word payable. A loan is to be paid back, whether with interest or without interest. When it is paid without interest, the donors are usually non-profit organizations or sometimes the universities concerned.
A bursary however is non-payable and thus easily distinguished from a loan.
A bursary however can come with some kind of payment, as made clear by Nelson Mandela University. Bursaries vary in amounts and professions and are given to students 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. I know this is a contradictory statement from the word non-payable, and yes if you look at it thoroughly, there was no return of funding in any form of currency.
The payment talked about here is some kind of contract to be signed with the donor organization for perhaps working with them after the completion of your studies.
Another type of bursary is a donor bursary (a bursary awarded to a deserving candidate in a specific field of study or in recognition of his/her work in a specific field of study). It is this donor bursary that is most times mixed up with the term, scholarship.
Bursary Versus Scholarship
Many students often wonder about the difference between a bursary and a scholarship and constantly bring up the question “What is a bursary?”.
A scholarship is typically awarded based on merit such as academic achievement, athletic prowess, and other talents like the ability to play musical instruments and so on. They often require maintaining a minimum performance requirement to retain the award. According to Nelson Mandela University, the recipients of the scholarship award are not always expected to repay or work back the money they receive.
A bursary however is generally awarded based on financial need and unlike scholarships does not typically require the recipient to meet specific academic or performance criteria beyond showing financial necessity.
Eligibility For a Bursary and How Does it Work
After getting past the “What is a bursary?” The next question that comes to mind for curious students is whether or not they are eligible. Eligibility for a bursary in most cases is usually associated with the school a potential recipient currently attends or wishes to attend. The bursaries are majorly given to those attending or wishing to attend a publicly funded school or college.
Another criterion usually employed is whether the recipient meets residency requirements. That said, the criteria vary widely from country to country and may or may not include a residency requirement check.
Benefits Of Bursaries
It is almost always immediately evident that the benefits of bursaries are very similar to those of scholarships, in alleviating the number of students in debt after school.
According to a Forbes report, in 2024, more than half of students leave school in debt. This alone is alarming and would most times result in a lifetime payment by installment. Here are some of the benefits of bursaries:
- Reduced debt: This should not be underemphasized. By providing funds that do not need to be repaid, bursaries help minimize student debt.
- Focus on studies: With the alleviation of the recipient’s financial concern, there will most likely be an increase in the concentration of the students, on their academic performances.
- Career opportunities: graduates with less debt have more freedom to pursue career opportunities without the immediate pressure of paying back their loans.
- Motivation: They might motivate students to pursue higher education who might otherwise feel it’s financially out of reach.
Challenges And Considerations
There are some challenges applicants may encounter when applying for bursary awards, such as;
- Complexity of requirements: The applicants often need to gather and submit extensive documentation, such as proof of income, academic records, and personal statements. This can be overwhelming, especially for first-time applicants.
- Deadlines and Timing: Sometimes the application deadlines may be missed, which disqualifies a lot of students from receiving a bursary. Many students juggle multiple applications and deadlines, which can lead to errors or missed opportunities. The time required to process applications can also vary, leading to uncertainty and anxiety for applicants waiting to hear back.
- Competition: Bursaries are often highly competitive, with many students applying for limited funds. This can make it challenging for individual applicants to stand out.
- Renewability: Because bursaries are awarded as a one-time grant and do not provide ongoing support, this can create financial uncertainty for students who need long-term assistance.
- Transparency and Fairness: The process for distributing bursary funds can sometimes lack transparency, leading to concerns about fairness and whether funds are distributed equitably. The selection process may be influenced by subjective factors, potentially disadvantageous to some applicants despite their financial needs.
Conclusion
Understanding what a bursary is is crucial for students seeking financial assistance. Unlike loans, which require repayment, bursaries are grants designed to support students financially without the obligation of repayment. While bursaries are often confused with scholarships, the key distinction lies in their basis for awarding–bursaries focus on financial need rather than merit.
Despite their benefits in reducing student debt and enhancing focus on studies, bursaries come with challenges such as complex application processes and high competition. The answer to “What is a bursary?” can provide clarity to students and help them navigate their options more effectively.
