The difference between a bursary and a student loan is little. People would always argue about these two words (bursary and student loan). We will provide clarity about these words.
The definition of Bursary.
A bursary is support given to someone in the form of a grant to allow them to continue with their education.
I know that when we disclosed the name grant, someone was interested to know what is the grant.
The grant is money that is given to support a person without having to pay back the money.
We have different types of bursaries in South Africa for example NSFAS, Mathew Goniwe bursary, Funza Lushaka bursary and a lot more. The aim of these bursaries is one which is to allow someone to study further. They are all good and someone who cannot study further because of lacking money should apply.
Student loan
What is a student loan?
A student loan is a support given to the student in the form of money to allow the student to continue with their studies. The student will have to pay back the money that was given to further their studies.
Even if you passed with distinctions as a student, you will have to pay back the money that was given to you as a student.
Now that the definition is provident for the two. Let us explain the difference.
How Does a Bursary Differ From a Student Loan?
The difference between a student loan and a bursary is that a student loan is expected to be returned back by the student and a bursary is a support that the student gets to pay for their studies without paying back the money.