Scholarships And Bursaries: Yay or Nay?

Scholarships and bursaries are another way for financially disadvantaged people to access higher education. There are different types of scholarships, but they all operate under the same basic premise: you need money to go to school, and someone else has money you don’t, so why not share?

If you’re like most people, the first time you heard about scholarships and bursaries, you probably had the same reaction many others have had – a combination of skepticism and confusion. So, is there any point in even looking for them? Or should you forego college on the whole? 

Let’s delve deeper into all there is to know.

What Is A Scholarship?

A scholarship is an award of financial support for students to further their education. Scholarships are awarded based on various criteria, which include financial need, academic merit, or a specific talent or interest. Scholarships can come from schools, businesses, foundations, organizations, or private individuals. You never know where you might get the most suitable sponsorship, so you must not give up and keep searching and applying.

While scholarships pay for tuition and other educational expenses, some may cover room and board, books, and accommodation costs. You can take help from scholarships at any level, from early childhood education to graduate school.

If you are interested in finding out more about scholarships, lots of resources are available. You can start by looking into scholarship programs offered by your school or search for scholarships online. You can also ask your parents, teachers, or guidance counselors for help.

What Is A Bursary?

The word “bursary” is derived from the Latin word “bursaries,” which means one who receives aid.

A bursary is usually awarded to students as part of their tertiary education funding by their institution or scholarship provider, or by a government department.

Bursaries can help with tuition fees, books, and other costs associated with studying at university. Bursaries are often awarded based on factors including academic merit and financial need.

In some cases, a bursary will cover all tuition fees for one year; however, most bursaries will only cover part of the tuition fees (and other costs). The amount covered by the bursary will be dependent on many factors; these include:

• Level of study undertaken by the student;
• Type of qualification (e.g., undergraduate degree);
• Citizenship; and
• Whether or not they live away from their home country.

Why Are Scholarships and Bursaries Important?

Bursaries and scholarships are for students who are financially unable to afford school. These awards can cover tuition, books, and other costs. Scholarships are mainly merit-based and look for commendable academic performance. They range from a few hundred dollars to free lessons for a year.

Scholarships and bursaries provide an opportunity for students to earn an education. They help scholars focus better on studies. Bursaries also give people who might not otherwise be able to afford postsecondary education access to educational opportunities they wouldn’t otherwise have been able to afford.

Do Scholarships And Bursaries Help With Loans?

Scholarships are one of the best cost-effective ways to pay for tuition. But how do you know if a scholarship is worth it?

The first thing to consider is whether or not the scholarship is worth it for you. If you have a poor academic record, then scholarships may not be worth the while. However, if you have a commendable academic record, but don’t think that will help you get into a good college, then scholarships may still be worth it.

The second thing should look at is how much money they offer in total and what type of award they offer. Some scholarships only give partial tuition reimbursement, while others will cover all tuition expenses up to a certain amount depending on what type of student you are (e.g., an undergraduate student or graduate student).

The third thing to regard is whether they require essays or other applications. Some scholarships require essays, while others don’t. They may also want more compositions if you apply for programs like Ph.D. or medical school programs where writing skill matters.

Types Of Scholarships

There are several scholarships you can consider according to your needs. It depends on whether you need a fully funded fellowship or a partially-paid one.

Fully Funded Scholarships

The highest types of scholarships available for students are fully-funded ones. They cover all the expenses incurred by the student during the academic year, including tuition fees. These fellowships are also known as grant scholarships because they are awarded by a government or an organization and funded by them. You can apply for them only after completing your application form and attending an interview with the selection committee. Usually, these fellowships are awarded based on merit, but sometimes a specific department or institute prefers candidates who have previously studied those subjects in their home country. You might want to apply for Chevening or Fulbright, two of the most renowned scholarships for international students.

Partially Funded Scholarships

These scholarship programs offer partial funding to students admitted into their institutions. In other words, they make up for part of the financial burden of studying at universities by providing partial funding for tuition fees and other course-related expenses such as books and supplies. These awards are offered by various organizations worldwide and vary in terms of the amounts paid yearly. However, most of them do not give complete funding, which means students have to take on the rest of the finances themselves.

Conclusion

Scholarships and bursaries are essentially financial awards for students based on their financial needs and the merit of their application. These awards can come from schools, businesses, foundations, and private individuals. There are different types of awards, but generally, they consist of funds paid directly to the individual or provided by an institution.

Depending on how you use these awards, they can be very beneficial to you in the long run. They can help pay for your higher studies and give you time to focus on your education.

So, is it yay or nay to scholarships and bursaries? Comment below and let us know your thoughts. Feel free to check out our blog to help you find the best scholarships. Happy studying!