Understanding Bursaries: A Guide to Financial Aid for Students

 

What is a Bursary? A bursary is a type of financial aid provided to students to help them cover the costs of their studies. Unlike loans, bursaries do not need to be repaid back. They are typically awarded based on financial need, although some may also consider academic achievement or other criteria

A bursary is simple a study program that is financially aided for by someone else or a company. This means that funds are made available by a company for a student who wants to study further and who qualifies can apply for one. The company then pays the fees for such learner to complete their studies and gain a higher qualification.

Some bursary programs do however require the candidate to ‘work back’ the bursary amount after they have completed their studies, but not all bursaries have this requirement. Most undergraduate bursary programs mainly aim to add to a student’s funding but some also supply complete funding’s to deserving candidates.

How bursaries generally work

Acceptability: Students must meet certain requirement to qualify for a bursary. This often includes demonstrating financial need, but other factors such as academic performance, course of study, or personal circumstances can also be considered.

Application: To apply for a bursary, students usually need to provide documentation such as proof of income, academic records, and a personal statement/letter explaining their\ need for financial assistance.

Awarding: Once approved, the bursary funds are commonly paid out directly to the student or the educational institution. These funds can be used to cover tuition fees, textbooks, accommodation, and other educational expenses

Conditions: Some bursaries come with conditions, such as maintaining a certain grade point average or participating in specific activities. Failure to meet these conditions can result in the bursary being cancelled. Bursaries are a great way to support the students who might otherwise struggle to afford their educational fees. If you have any specific questions about applying for a bursary or need help with the process, feel free to search for more information online. In South Africa, there are several types of bursaries available to help students fund their education

Here are some of the main types:

Field-Specific Bursaries: These bursaries are targeted at students pursuing specific fields of study, such as engineering, medicine, accounting, or law. They are often sponsored by companies looking to develop talented youth in their industry.

Government Bursaries: The South African government, through the National Student Financial Aid Scheme (NSFAS) or Funza Lushaka, provides bursaries to students in financial need. These bursaries cover tuition fees, accommodation, and other study-related expenses.

University Bursaries: Many universities offer their own bursaries by faculty bursary to attract and retain top students. These can be based on academic merit, financial need, or a combination of both.

Corporate Bursaries: Private companies often offer bursaries as part of their corporate social responsibility lead. These bursaries can be broad or targeted towards specific fields relevant to the company’s operations.

Non-Profit Bursaries: Various non-profit organizations provide bursaries to students from disadvantaged backgrounds or those pursuing specific interests, such as environmental conservation or social justice.

Provincial Bursaries: Some provincial governments in South Africa offer bursaries to students from their region to support local talent and development. Such as municipality bursary or………

Sports Bursaries: These are awarded to students who excel in sports and wish to continue their education while pursuing their athletic careers.

Disability Bursaries: These bursaries are specifically for students with disabilities to help them access higher education and cover additional costs related to their needs.

Each type of bursary has its own acceptability requirement and application process, so it’s important to research and apply for those that best match your situation and goals. If you need more detailed information on any specific type of bursary, feel free to ask and ask for advices on our social media pages.

How Does a Bursary Work in South Africa

To do a specific work according to set standards one need a great education and if this is not possible due to financial strain a bursary is the answer. Bursaries and scholarships are not the same and this should be understood. A scholarship only covers the study fees and is based solely on merit whereas a bursary mostly includes study fees as well as book fees, living allowances, pocket money and in some cases a guarantee of work after the student successful complete their studies. Bursaries are also mostly awarded on merit and the need for financial aid even though they are sponsored by companies or government

If there is a working arraignment tied to a bursary and after completion of studies a student decides that they want to work for a different company this can be done by paying back the fees of the bursary in most cases. A student should however discuss this with the company involved.

Who qualifies to apply for a bursary

In most cases bursaries are made available for students who are in need of financial assistant and shows that they are dedicated to study further. It is advised that a student only apply for a bursary that they will qualify for. Bursaries are made available to all students in need, so if one wishes to apply they should ensure that all the requirements are met and all information is forwarded in time 

Each bursary has different terms and conditions and candidates should carefully weigh the terms and condition before deciding to apply or accept. It is recommended to do a thorough search before applying and compare different bursaries and what they offer so that one applies to a suitable bursary, moreover ask for advice. A candidate must ensure that all requirements are met.

How to get access to a bursary

Firstly, you would need to decide upon the career or course that you would like to pursue and then have a look at bursaries in that line. Most bursary programs have specific requirements that needs to be met so have a look at the companies that offers bursaries in your chosen career path and see if you are a fit for their needs. There are a wide range of bursaries available and if you cannot find a suitable one on this site, do not give up. Do a search on the internet, talk to family and friends and find out which companies might be able to offer you a bursary that suits your needs

Make sure you also do the following:

Complete the application completely, do not leave any open spaces, so ensuring you provide sufficient information about yourself, your future plans and how you can benefit the company. Important, never submit late as this will automatically disqualify you from the bursary. If you are not in financial distress it will be picked up as all financials have to be submitted and bursaries are mainly for aid of the financially strained.

Keep it real when asked for a yearly spending budget do not try and get more than really required as it may end in you not qualifying for the bursary. Be honest and open up about the available resources you do have as it will improve your chances of gaining a bursary