What you should know About Educational Bursaries

Facts about bursaries that you may not know

Many students don’t realize that educational bursaries are free to obtain, and they don’t have to be paid back. The funds are offered by various colleges, universities and government programs work hand in hand with them in providing the funds.  The amounts that are offered by various colleges and universities varies, but many of them make very generous contributions.

If you get bursary funds, it won’t affect your ability to qualify for state funds such a grants, loans, or tuition assistance. It also doesn’t affect the ability to quality for grants or scholarships to assist with paying for various fees or living expenses while involved in an accredited college education program.

Many people assume that they can only get bursary funds once. However, they can be renewed each year that you remain in college. There are stipulations though that apply. For example, maintaining good academic standing and no disciplinary actions against the individual. The amount of money that someone will receive depends on the guidelines of the college or university as well as the financial need of the student.

Inflation is a factor that can influence how much money you receive. The amount that is given can increase annually based on this factor. Sometimes, inflation makes the amount take a huge leap but other times it is just a small difference that occurs.

How to apply for educational bursaries

Check with your school regarding how to apply for bursaries, most of the time though you won’t need to fill out a separate application. Instead, you do have to agree for the personal and financial information you submitted to the college to be looked at for bursaries that you may qualify for. Should you qualify, you will get a letter in the mail and funds can be dispersed directly into a bank account that you already have set up.

There are colleges and universities that do require students to complete a separate application for bursaries. It is always a good idea to find out if that is the case. If so, make sure you complete the information before the required deadline. You also need to make sure you have all of the required information filled out. If you need help, ask for assistance from your school so that you can get any such funds you may qualify for. Make sure you find out if you would quality for any bursaries to help you pay for your college education.

Find out the bursary stipulations!

There can be some stipulations that do apply with any bursary program, so you need to find out about them. For example, some of them have a cap such as you must be in school full time. Most of them say you can only get them renewed for up to four years. Should it take you five years to complete your degree, you won’t be able to get those funds for the final year. It is important to understand that so that you can plan accordingly.

Higher priced schools may offer more bursary money!

Keep in mind that since every college or university can set their amount, you want to look closely at educational bursaries before you apply. What the overall cost of attendance may be can vary with this in mind. For example, a higher priced school may offer you more through the bursary, so when all is said and done, it is less expensive to attend than you thought. Take the time to crunch the numbers before you finalize your decision.

Income will decide bursary amounts in most cases!

A great deal of how much you can recieve every year is dependent on your income or the income of your parents. The less money that you make or that your parents, make the more you will be able to qualify for through bursaries. This means that two students attending the same school may get different amounts based on household income factors. There are people to help you at the schools to look at your individual circumstances so schedule a time to talk to them if you have questions about bursaries and what you are eligible for. You do this in the FinAids office.