Bursaries and scholarships refer to financial help in addition to student loans and grants – the money does not have to be paid back. The terms ‘bursary’ and ‘scholarship’ are used interchangeably and each university has its own terminology. Bursaries and scholarships are much-needed financial avenues for thousands of students around the country. The market also has numerous scholarships, grants and bursaries available. There are however certain pros and cons of bursaries that students need to take into consideration….
Check out the 3 prons and cons of bursaries:
- You do not need to take out a loan, and you will not have to pay interest.
- You benefit from financial support through a bursary or scholarship scheme during your time as a student.
- Someone else pays for your studies on your behalf (either partially or in full), and you will not required to pay the money
- Many scholarship and bursary programmes have a series of interviews and tests which need to be completed before the start of the term. Scholarship and bursary interviews can be quite daunting for many people.To reduce this pressure, its recommended to think of some likely questions and how they would be answered.
- You might be required to work for the institution that is granting the bursary for a certain period after completing your studies.
- You could lose the bursary if you do not pass the course that you are studying.