What is the difference between a scholarship, grant, and bursary? These are all forms of financial assistance provided to students and appreciated because they have been helping students with schools, especially those from financially struggling families.
Many students have always been confused about these three terms. Most times these terms are often misused for the other. As a student, knowing the difference between these terms is important for easy understanding of the financial assistance you are offered.
The information in this article explains the notable difference between scholarship, grant, and bursary. We will also list some of the scholarships, fellowships, and grants in the recommendation of this article.
Difference between Scholarship, Grant, and Bursary
The Difference Between a scholarship, grant, and bursary is not always considered by many, because they are similar since they are all forms of financial assistance. But, let’s look at the key difference between these three terms.
Below is a very quick overview of the difference between scholarship, grant, and bursary and how they work.
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A typical example of the difference between bursary, scholarship, and grant is that bursaries are considered to be a set-aside lump of cash offered to students based on the financial state of the parents. Or based on what the parents can offer financially. This kind of financial aid operates on a sliding scale matrix. This means that what a student gets is inversely proportional to what the parents earn.
A student whose parents earn more receives less in a bursary, while a student whose parents earn less receives more in a bursary. And of course, any students whose parents are considered to be very rich would not receive anything in the bursary, because the parents are financially capable of supporting them through school.
Scholarship vs Bursary
A scholarship is a non-refundable, generally financial means of support that is granted based on the individual assessment of predetermined criteria. A scholarship focuses on recognizing and rewarding your academic achievements.
What is Bursary?
A bursary is a non-repayable form of financial support designed to support students who meet certain eligibility criteria. The word “bursary” is interchangeable with the word “grant”.
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How are Bursaries received?
The difference between scholarship, grant, and bursary cannot be fully talked about without stating how they are received. Bursaries can be applied for through a university’s website. And it is important that before you apply for any bursary, you should make sure that you the eligibility requirements.
Universities around the world have different eligibility requirements when it comes to bursary applications. These requirements would be disclosed to students during the application process.
Other organizations, individuals, and firms also offer bursary
What is a Scholarship?
Scholarships are offered based on academic excellence, and some sort of being talented in a particular thing. Some scholarships are offered based on the student’s commitment to social services and related activities. It is always directed towards tuition fees, rooms and board, and other academic-related expenses.
Universities have values they place on their scholarships. Some universities prefer offering scholarships to students who are sportsmen than students with straight A’s. Universities may focus on extracurricular activities more than academic excellence. This reason for the definition of scholarship is the fact that the difference between scholarship, grant, and bursary cannot be fully understood without the express understanding of the three concepts individually.
How Do I Get a Scholarship?
Scholarships are offered based on varying eligibility criteria and requirements, which are decided by the platform offering the scholarship. There are somewhat practical scholarships in which applicants will be required to do some test, exams, or some sort of competition where the winner will be offered a scholarship.
More often, students who are dominant in academics are not required to get involved in some of these tests and exams, their straight A’s would land them the scholarship.
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What is Grant?
A grant is a form of financial aid offered to undertake a particular task. More often it is offered to undertake research or to pay off a particular academic due. It is more specific than other forms of financial aid. Most times it is the University where the student studies offers this kind of financial award.
A student carrying out very profitable research or academic projects that will benefit the university and the community at large is likely to attract this kind of financial aid.
Grants basically would likely go to any student who is researching a solution to a problem, then a student who wants to study abroad. Because the providers of the grant would want their grant to be won by someone likely to solve a lingering problem in the academic world
Is Grant a Scholarship?
Most students are always confusing these two terms, and it goes as long as affecting them in their scholarship application. Trying to explain the difference between scholarship, grant, and bursary connotes that there is also a difference between grant and scholarship, that a grant is not typically a scholarship.
A scholarship is a financial support granted to a student to continue his studies. The scholarships are awarded according to various criteria, which generally reflect the values and goals of the donor or founder of the scholarships. Grants are funds paid by a party (grantmaker), often a government department, company, foundation, or trust, to a beneficiary, often (but not always) a nonprofit, financial institution, education, company, or individual.
Scholarship vs Grant
Scholarships and grants are not the same, and the two terms are usually confused. Scholarships are based on merit. This means that they are issued to potential beneficiaries based on the desired qualities such as sporting skills, academic achievements, athletic ability, or participation in a specific extra-curricular activity. Scholarships can also be based on certain characteristics such as belonging to a group or ancestral background
Grants are usually based on needs and are available to students according to criteria such as family income. The main sources of funding are the federal and state governments. State-funded grants are usually awarded to students studying in that particular state.
Read Also: Difference between fellowship and scholarship
How do I get a grant?
If you’re carrying out a dissertation just like a piece of research. You need to submit the overview which would include the processes and the problem you wish to solve after research to the award provider. The provider of the Grant may want to have a chat with the person carrying out the research, just so he can know what the person is up to and how confident the person is in solving the problem.
Getting the Grant won’t be a problem so long as the solution the researcher wants to bring after the research is needed.
Grant vs Bursary
Bursaries tend to be given more often for financial purposes and offered by organizations that want to support students who are from low-income households or underrepresented groups.
Grants are mostly offered by charitable organizations and can be given for a variety of reasons. In general, the charity or trust has been founded to support people from certain groups, e.g. People from a specific region, social or religious background, people with disabilities, or people with difficulties.
Conclusion
Talking about the difference between scholarship, grant, and bursary does not mean that they are similar on the basis that they are a form of financial aid. They can be used to support students to achieve their academic dreams in any field of study. Just so you know, they are also differentiated by so many distinctive differences which have been discussed above.
Hope this content was helpful. do well to leave us a comment in the comment section.
Frequently Asked Questions about the Difference between Scholarship Grant and Bursary
What is a Scholarship?
Scholarships are offered based on academic excellence, and some sort of being talented in a particular thing. Some scholarships are offered based on the student’s commitment to social services and related activities.
What is a Grant?
A grant is a form of financial aid offered to undertake a particular task. More often it is offered to undertake research or to pay off a particular academic due. It is more specific than other forms of financial aid.
What is a Bursary?
A bursary is a non-repayable form of financial support designed to support students who meet certain eligibility criteria. The word “bursary” is interchangeable with the word “grant”.
How are Scholarships, Grants, and Bursaries Similar?
Bursaries, grants, and scholarships are forms of financial aid for students –while eligibility criteria will differ, qualified candidates stand a chance to benefit financially without repaying a dime after graduation.
Are Scholarships, Grants, and Bursaries Taxable?
Generally, scholarships and buries are often tax-exempt depending on the country where they are offered. However, grant taxability depends on the type of grant and purpose.
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Thanks, it was clearly explained.
Olamilekan, we are glad you found the article helpful. You get more tips for students through the link https://reedeep.com/category/tips-for-students/