SCHOLARSHIPS: A scholarship is a prize or reward for top students, regardless of how financially needy they are. One student may win several scholarships.
BURSARIES: A bursary does not have to be repaid.
It is a free gift to financially needy students. Because there are far more students wanting free gifts than there is money available, bursaries are normally given to needy students with excellent academic results who are seen to be capable of obtaining their degree in the minimum amount of time. If you are offered several bursaries you will usually be permitted to accept only one (or two small bursaries) so that other needy students may benefit. One student cannot be over-funded whilst thousands of other needy students receive little or nothing.
CONTRACT BURSARIES: A Contract bursary is usually offered by a Company or organisation as part of their Human Resource initiative and entails working for the Donor for at least one year for every year sponsored (at the normal salary applicable to the job).
LOANS: A Loan has to be repaid.
Usually interest is added on and every five to ten years the loan will double in size so a loan of R10 000 in 2013, if repaid after 2023, may have increased to R20 000.
A few loans are interest free.
Some loans can be repaid not in money but by service to the organisation lending you the money.
Some loans may be partially converted to bursaries if your academic results are good and are referred to as Loan-Bursaries.