Scholarship Vs. Bursary: Which One is Best for Aiding Students Education?

For students who hope to pursue their tertiary education but don’t exactly have the funds to do so, securing financial aid can be the only way to make it happen.

However, deciding between a scholarship and a bursary is not always easy. So, which one is truly the best option for your educational journey?

This article will go into details about the two, outlining their differences and advantages to help you choose the perfect financial fit.

What are Scholarships?

Scholarships are merit-based awards offered to intelligent students who demonstrate academic excellence, athletic prowess, artistic talent, or leadership potential.

They are essentially a reward for your achievements and a recognition of your future potential.

Scholarships can cover various expenses, including tuition fees, accommodation, textbooks, and even living costs.

Here are some examples of scholarships:

1. The Mandela Rhodes Scholarship for Leadership Development
2. The Gates Cambridge Scholarship for postgraduate study
3. The Allan Gray Orbis Foundation Bursary for undergraduate study in the humanities

What is a Bursary?

Bursaries, on the other hand, are primarily need-based financial aid awarded to students facing financial hardship.

They prioritize your circumstances and aim to provide you with financial resources to cover your educational costs.

Bursaries can also cover various expenses, but they typically focus on tuition fees and may offer limited support for living costs.

Examples of bursaries include:

1. The National Student Financial Aid Scheme (NSFAS)
2. The Funza Lushaka Bursary Scheme for healthcare students
3. The Standard Bank Bursary for Engineering students

What is the difference between bursary and scholarship?

The main difference between a bursary and a scholarship is in their selection criteria. Scholarships reward merit, while bursaries prioritize financial need.

However, it’s important to note that some scholarships consider financial need alongside academic achievements, and some bursaries may require a minimum academic performance standard.

What are the advantages of financial aid?

Both scholarships and bursaries offer numerous advantages for students. Below are some of them:

1. Reduced financial burden: By covering a portion or all of your educational expenses, financial aid lifts the pressure of student debt and allows you to focus on your studies.
2. Increased access to education: Financial aid removes financial barriers and opens doors for talented individuals from all backgrounds to pursue their educational aspirations.
3. Enhanced academic performance: With reduced financial stress, students can devote more time and energy to their studies, potentially leading to improved academic performance.
4. Career opportunities: Certain scholarships may provide valuable internships, research opportunities, or connections to potential employers, giving you a head start in your chosen career path.