What is the difference between the following financial options?
Bursary
Study loan
Scholarship
A bursary is a financial award given to a student to cover the cost of tuition fees, accommodation, and other related expenses. Bursaries are usually awarded based on financial need, academic merit, or a combination of both. Unlike a loan, a bursary does not have to be repaid.
A study loan is a type of financial aid that is borrowed by a student to cover the cost of tuition fees, accommodation, and other related expenses. The loan must be repaid with interest after the student completes their studies. Study loans are usually offered by banks or other financial institutions.
A scholarship is a financial award given to a student to cover the cost of tuition fees, accommodation, and other related expenses. Scholarships are usually awarded based on academic merit, talent, or other criteria. Unlike a loan, a scholarship does not have to be repaid.