In the world of academia, one of the biggest challenges is the fees. Formerly, this deprived a number of individuals from getting quality education.
Currently, there are several financial supports for education and there are various terms used to describe this funding opportunities that assist students, researchers, and individuals pursuing their educational and career goals.
Among these terms, scholarships, fellowships, bursaries, awards, and grants are commonly used, but they are not interchangeable. Each of these forms of financial assistance serves a distinct purpose and comes with its own set of criteria and requirements.
Are you sourcing for financial support and don’t know the particular funding opportunity to apply for. After reading this article, you will understand the key differences between scholarships, fellowships, bursaries, awards, and grants, to help you better understand their unique characteristics and how to navigate these opportunities effectively.
Differences between scholarships, fellowships, bursaries, awards, and grants
| Factors | Scholarship | Fellowship | Bursary | Awards | Grants |
| Eligibility | Merit, financial need or both | Typically merit based on focus on advanced study, or research | Need-based | Achievements | Merit or Financial need |
| Purpose | To help students pay for educational expenses | To support students pursuing advanced degrees or research | To help student, who can’t afford educational expenses to pay | To recognize students for their achievements | To fund specific educational research activities and initiatives. |
| Recipient | Students with an excellent academic record | Individual pursuing an advanced degree or research to improve the educational system | Students who can’t afford educational expenses | Students deserving for their outstanding performance | Individuals, institution or organizations with specific projects |
| Example | Merit Scholarship, Gates Millennium Scholars Program,Fulbright Foreign Student Program | National Institutes of Health (NIH), National Science Foundation Graduate Research Fellowship Program (GRFP) |
Football Writers Association Bursary (FWA Bursary) | National Honor Society | Federal Supplemental Educational Opportunity Grant (FSEOG)Teacher Education Assistance for College and Higher (TEACH) |
Scholarships
Scholarships are one of the most familiar forms of financial assistance for students. They are typically awarded based on academic achievement, merit, diversity and inclusion, athletic skill or other specific criteria. Scholarships can be offered by educational institutions, private organizations, government agencies and other independent third parties.[1]
They may cover full tuition fees or partial tuition, living expenses, or both. Scholarships often require applicants to meet certain academic standards or demonstrate specific talents, skills, or achievements.
They can be renewable, meaning that they continue to be available for the duration of a student’s program as long as the requirements are met during the period of support.[1]
There are different types of scholarship, some of the most common scholarships include:
- Country based scholarship: This are offered to students in a particular country, especially developing countries.
- Subject specific This are offered to student s who wants to study a specific course or degree.
- School specific scholarship: This is offered to student based on affiliation to a particular school they are attending or are planning to attend. They are also based on academic excellence and accomplishments.
- Student specific scholarship: This is offered based on specific factors a student possesses such as race, religion and background.
- Program specific scholarship: These are given to students who plan to participate in a particular program.
- Location based scholarship: This is offered to students who desire to study in a specific country or city
- Athletic scholarship: This is offered to students who are highly skilled in a particular sport.
How to get a scholarship
- Determine the type of scholarship you are eligible for.
- Research the university that offers the scholarship of your choice
- Ensure you meet the university criteria
- Apply
If you want to win a particular scholarship amidst the tremendous number of individuals vying for it, there are few factors to consider:
- Organize your application materials before time
- Apply early
- Your scholarship essay should be intriguing, clear and concise
- Ask quality questions and make serious research.
- Meet all deadlines
- Follow instructions carefully
You can find scholarships, by researching valid scholarship websites, your chosen university website and checking for any openings in your current or former school.[2]
Top Scholarships to Study Abroad[4]
- Erasmus Mundus Scholarship
- Gates Millennium Scholars Program,
- QS Scholarship For Academic Excellence
- Merit Scholarship,
- FINCAD Women in Finance Scholarship
- CCSE Graduate Scholarship
- Ritchie Jennings Memorial Scholarship
- Fulbright Foreign Student Program
- Innovation in Education Scholarship
- Go Clean Scholarship
- National Overseas Scholarship
- Hinrich Foundation Scholarship
- Generation Google Scholarship
- Skoll Scholarship
- Chicago Booth MBA Scholarships
- Stuart Hall Scholarship
- Brokerfish International Student Scholarship
Fellowships
Fellowships are short-term, exceptional professional or work opportunities and are often associated with more advanced academic or research pursuits.
These are typically awarded to graduate students, postdoctoral researchers, or professionals in specific fields.
Unlike scholarships, fellowships are more research-oriented and provide financial support to individuals pursuing advanced studies or conducting research projects.
Fellowships often provide more funding than scholarships, and they may also include additional benefits, such as travel stipends or access to research facilities. it may cover tuition, living expenses, research expenses, or a combination of these. They are often highly competitive and may come with specific requirements, such as publishing research findings or presenting at conferences.
This can last for a number of years, depending on the research pursuits. It is offered by organizations such as non-profit, government agencies, corporation and universities to help students to complete their studies, make specific research and to enhance community outreach.[3]
Types of Fellowship [4]
- Doctoral and post-doctoral fellowships: Provision of financial support and opportunities for research scholars to pursue advanced degrees and contribute to the education system. A doctoral or post-doctoral fellowship can also lead to career opportunities and recognition within an academic institution.
- Medical fellowships: These are third party funded opportunities for physicians to specialize in a specific field of medicine, after completing their medical degree. These programs help doctors to become experts in their chosen field and make important contributions to medical research and development. Medical fellowships often take place in hospitals or medical schools, where fellows can gain practical experience and collaborate with other experts in their field.
Bursaries
Bursaries are a type of financial assistance that is need-based, because it is offered to a prospective student after considering his/her financial situation by the bursary.
They are designed to help prospective students, who may not have the financial means to pursue education or a particular opportunity.[5]
Bursaries consider a person’s financial circumstances and are typically awarded to those who demonstrate financial need.
Unlike scholarships, which focus on merit, bursaries are all about providing financial support to those who require it most. But they have a criterion you must meet and are not repaid just like scholarship.
Bursaries can be offered by institutions, organizations, or government agencies, and they may cover a range of expenses, from tuition fees to textbooks and living costs.
A bursary is offered based on your financial capacity. The higher your financial capacity the lower the bursary.
How to get a student bursary
Here are the tips for getting a student bursary[6]:
- Find a university or college that offers a student bursary. You can check the website of your chosen university or college to know if they offer a bursary.
- Ensure you meet up to their eligibility requirements
- Mark the deadline to avoid late submission
- Prepare your application material, take note of all documents required.
- Submit a meticulously composed application
- Wait for results
Tips to getting a bursary:[6]
- Apply early
- Apply to multiple bursary programs
- Showcase all the relevant ways you meet up to their requirement in your application
- Prepare your application material before time
Awards
According to lawinsider, an academic award is a certification conferred by an institution of tertiary education to an exceptional student in fulfilment or achievement in a course or degree conducted by the institution.[7]
Awards are non-repayable like scholarship and grants. It is often given to individuals or students in recognition of their accomplishments or contributions in a particular field. They can be related to a wide range of areas, including academic, degree, music, sports, arts, community service, or other areas.
Awards may come with monetary prizes, certificates, or other forms of recognition. Unlike scholarships, which are generally focused on future potential, awards acknowledge past achievements or contributions. They are often competitive and celebrate excellence in various aspects of life.
Grants
A grant is a non-repaid funding awarded to an applicant for completion of specific projects or unique idea presentation. It is mostly awarded by government agencies and some other private foundations when you meet the requirement.
In academia, grants are a form of financial assistance provided to students. While scholarships, fellowships, bursaries, and awards primarily benefit individuals, grants can also support research, nonprofit organizations, businesses, and various initiatives.
Grants may also be awarded by private foundations, or other institutions. They are often designed to fund specific projects, research endeavors, or community programs. Unlike scholarships and fellowships, grants are not limited to academic pursuits and may focus on a wide range of objectives.[8]
Similarities between scholarships, fellowships, bursaries, awards, and grants
- They are all non-repaid.
- They are all designed for financial assistance.
It is important to note that the specific criteria for each type of aid may vary depending on the organization that is offering it. For example, some scholarships may only be available to students who are studying a particular subject, while others may only be available to students who are from a certain ethnic background or geographic region.
If you are interested in applying for scholarships, fellowships, bursaries, awards, or grants, it is important to do your research and identify opportunities that you are eligible for. You can find information about these types of aid on website myschool.org.
Conclusion
scholarships, fellowships, bursaries, awards, and grants all serve different purposes within the realm of financial support. Scholarships and fellowships are primarily focused on academic merit and research, with scholarships often provided to undergraduate students and fellowships to graduate students and researchers. Bursaries are need-based, designed to help those with financial limitations. Awards celebrate past achievements in various fields, while grants can fund a wide array of projects and initiatives. Understanding the distinctions between these terms is essential for individuals seeking financial support or recognition in their academic and professional journeys. By knowing which category applies to your situation, you can better navigate the opportunities available to you and make informed decisions about your education and career path.