Friday, September 9, 2011

Bursary and Financial Aid Options for Students

Financing your studies can be such a mission and finding a bursary or scholarship can drive you up the wall. Before you start looking for bursaries, do you know what a bursary is? A bursary is a monetary contribution by an institution to further the applicant's education. There are two types of bursaries in South Africa: a student bursary and a company bursary.

Student bursaries are provided to students who either have high academic marks or are considered to be in need of financial assistance. In the case of company bursaries, most companies expect the student to accept a position within the company once the student has qualified. In a sense, the student would be working off the bursary. This relieves a lot of pressure from the student, as there is a guarantee of a job after graduation. Now doesn't that sound great, walking out of varsity straight into a career in your field of study?

Receiving a scholarship on the other hand is like hitting the jackpot. A scholarship is different to a bursary in that there is no repayment or work involved with the acceptance of the financial aid. Both, bursaries and scholarships are based on academic or extramural prestige and accomplishment and are provided by all major institutions.

How to apply for a bursary? Applying for a bursary is similar to applying for a student loan or bank loan at a financial institution. You need to have proof of registration, residence, income, bank statements, identity and a surety.

The only difference between processing a bursary and processing a loan is that the bursary will take longer because the academic or sporting achievements of the applicant need to be evaluated and/or the financial needs of the student. Loans look solely at the credit worthiness of the applicant.

Bursary applications can take up to three months to process. The outcome will in most cases, be posted to the applicant to inform them of the outcome of the application. Here's a hint on making the application count in your favour, attach a motivational letter stating your current financial circumstances and your motivation for studying further.

How to search for a bursary? If you have applied at an institution in South Africa and you are accepted then why not make use of their bursary and loans department. They should be able to provide you with information on the institutions that provide student and company bursaries. Talk to them and see if anything matches your criteria.

Another option is to search the internet for bursary and financial aid available in South Africa. Do remember to read and understand the terms and conditions clause for all the options you are interested in, to avoid this being a determining factor later down the line. Banking institutions and other corporate bodies always have brochures that will give you some sort of idea of what to expect and what they offer. If you are unsure about anything, or wish to find out more do not hesitate to give them a call.

SAstudy.co.za is the most comprehensive online database of South Africa's undergraduate courses. It offers Grade 10 - 12's and students all the life skills, financial advice, institution information, course and career opportunities they need to make wise career decisions.


http://EzineArticles.com/6472354

No comments:

Post a Comment