Types of funding
There are 3 different types of funding opportunities a student may look for, namely:
- Scholarship
- Bursary
- Study Loans
Scholarship
A scholarship is an academic financial sponsorship awarded to an academically deserving student which consists of conditions and criteria the candidate must meet. The sponsorship awarded covers at the least a portion of the student's tuition, if the payment made does not fully cover the fees the student or their parents have to make up the rest. The good thing about a scholarship is that the student does not have to pay any of the money back. In most cases the beneficiary of the scholarship has to maintain a certain average in terms of their marks and stick to conditions set by the sponsor. For example an athletic scholarship may require that you maintain a 60 % average and do very well in athletics.
Bursary
A bursary is an academic sponsorship that covers the full costs of study including study material, tuition, accommodation and sometimes pocket money for living expenses. It is granted on the basis of financial need and/ or good academic results. A bursary is paid back in service to the company or entity that sponsored the candidate, they will have to work for the sponsor for the same amount of years they sponsored them or paid for their fees. Although a bursary covers your fees, if there is a module the student fails they will be expected to pay for it themselves.
Study Loan
A study loan refers to money borrowed to pay for academic tuition (in some instances accommodation too) that has to be paid back with interest. Different loans charge interest differently, it is important to know how the loan you intend to take charges interest. A loan should only be given out by a registered financial institution.
