Bursary vs Scholarship
Bursary is distributed on the basis of financial needs of the students. In order to apply for a bursary you have to provide a financial disclosure form. The applicants have to meet certain requirements of geography or demography to get bursaries. Extracurricular activities such as athletics and community work are also considered to receive a bursary. You don’t need to pay back the money you received as a bursary; it is a non repayable grant. But you may have to repay a certain percentage of bursaries received by you in that academic year in case you discontinue the course or take a leave of absence from that course.
Most of the independent schools offer bursaries. Bursaries are also provided by organizations like churches, charities etc.Â To obtain a bursary you have to provide evidence of earnings like family pay slips. Two types of bursary are awarded by institutions. First one is mean-tested bursary available for students whose parents earn money per annum below a particular amount. People who earns lowest amount will get a full bursary and the amount of bursary decreases when the parental earnings increases. Second type of bursary is based on performance of the student which is a scholarship.
Scholarship is provided on the basis of excellence in academics. Financial need is also considered between candidates of equal achievement. The grades from the last year school are also counted while applying for scholarships. Sometimes volunteer and extracurricular activities are also taken into account for obtaining a scholarship. Most important things required to obtain a scholarship is to provide grades and resumes. Students can find out the institutions that offer scholarships for students who are good in academics. Sometimes the students are automatically eligible for scholarships when they apply for admission. Some of the institutions ask the students to fill out an application for a scholarship separately.
Before applying for a scholarship, it is better to know about the scholarship policies of that institution. There are different types of scholarship such as merit based, need based, institutional based, general and sociological. Each scholarship has to meet certain prerequisites and standards of eligibility. It is difficult and a stressful process to apply and obtain a scholarship. Bonds are required to get some scholarships as the recipients have to work for a particular employer for a certain period of time or else you have to repay the amount received as scholarship.