A scholarship is 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 studentís 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
BursaryIs 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 LoanA 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.
|Benefits||Studies are paid for & with no need to pay back||Studies are paid for & you stand a good chance of being employed by the company that sponsored your studies upon completion of studies||Studies are paid for & loan payment required after completion of studies (depends on loan)|
|Repayment||No payment required||You pay back your sponsor in the form of service equivalent to the length of time they paid for your studies||The payment options of various loans may vary but you are expected to pay back the money with interest once you are working, some loans require that the interest of the loan be paid on a monthly basis|
|What is covered||A scholarship may cover the full costs of your academics and nothing else or a portion of other expenses, if it is a full scholarship it covers all expenses associated with your studies||It covers the full expenses associated with your studies||In most instances it only covers the tuition fee|
|Sponsor Expectations||You may be expected to partake in certain activities that may be cultural or extra mural as part of the scholarship agreement, you may also be expected to maintain a certain average in terms of your marks||You may be expected to pass all your modules and/or maintain a certain average||You are expected to finish your studies so you can pay back the loan|
|What happens if you do not maintain the expected standards||The scholarship is revoked but you are not expected to pay back the money||The bursary is revoked and you are expected to pay back the money||You are expected to pay back the money with interest|
This is a guide to the available bursaries, it is not a substitute for the information provided by the respective bursary offices. It should be read in conjunction with the company bursary websites and any information provided by bursary institutions to obtain current and relevant information that may change as part of different company policies.For the updated Financial Aid Pack click here.
Latest Bursaries for the Year 2014
Visit the following links for more information regarding Bursaries:
- Bursary guide by gAL
- Bursary guide by PACE
- Bursary guide by VUMA!
- Bursary guide by Bursary.co.za
- Bursary guide by Brand South Africa
- Bursary guide by Funza Lushaka bursaries
- Bursary guide by The Bursary Institute of SA
- Bursary guide by The Careers Portal
- Bursary guide by Career Planet
Search for Busaries at the SETAs
In the event of an individual wanting to further his/her education and cannot do so due to a lack of finances, that student is able to receive Financial Aid in the form of a Bursary, Scholarship or Student Loan in order to meet their own and South Africa`s development needs.
A few organizations offering Scholarships:
- WSAS - Sports Scholarships
- Higher Education South Africa Scholarships
- Monash South Africa Scholarships
- Fulbright Scholarships
- Scholarships in Africa
- Africa Scholarships
- University of Western Cape Law Scholarships
- The Rhodes Scholarship
- Africa South of the Sahara Scholarships
If you have a mobile device with Internet access, you can access this website at: www.gostudy.mobi
REAP - The Rural Education Access Programme
The Rural Education Access Programme assists students from poor rural communities to access tertiary education. REAP provides rural students with a support and development programme to enable success with their studies. It aims to develop confident young South Africans, with capacity and sound values. Visit the following link for more information.
If you are looking to finance your studies, you could raise part of the money through a bursary and part through a loan. You would still most likely need to work part-time as well. Most people have to work their way through their studies! These links may help you to find some of the possible sources of funds. If you come across more sources of funds you think will help others, please let us know. You can comment on this page and on our Facebook Page.