Whats the difference between a bursary and scholarship?

#1

Could someone please explain to me the difference between the two, I hear you don’t have to pay one of them back.

#2

Although usually used as the same thing there is a slight difference. A bursary is received because of need, usually financial need, whereas a scholarship is earned competitively through merit. Basic scholarship usually entail that you work for the company after graduation or they expect you to do something similar for someone else (pay for their education). You rarely have to pay a scholarship back in full, sometimes you don’t even have to pay a cent. Bursaries on the other hand are given with the expectation that you can’t afford to pay for your education now but will repay the money once you can. In a perfect world they don’t have any interest charged on them, but if they do its very small.
You may hear people mix the two up but just remember, in simple terms a bursary you receive because of circumstances and a scholarship you earn through merit.