The key difference between bursary study loan scholarship and SETA is their payment. Although all four of these monetary aids are related to education, a study loan is a type of loan and should be paid back. But other three forms of financial aid do not require repayment.
A bursary is a financial award given by an educational institution as an aid for educational purposes, whereas a study loan is a type of loan given for students to pay their educational expenses. On the other hand, a scholarship is a form of financial aid given for students to do their further education, whereas SETA is a grant given for students in relation to their education.
CONTENTS
1. Overview and Key Difference
2. What is a Bursary
3. What is a Study Loan
4. What is a Scholarship
5. What is SETA
6. Bursary vs Study Loan vs Scholarship vs SETA in Tabular Form
7. Summary – Bursary vs Study Loan vs Scholarship vs Seta
What is a Bursary?
A bursary is a financial award given by educational institutions or funding authorities. The bursary is given to individual students as well as a group of students. It gives students an opportunity to attend educational institutions such as schools, universities, and other higher education institutions when they might not be able to attend them due to financial difficulties. Moreover, there are some cases where the bursary is awarded in order to encourage specific groups to study.
What is a Study Loan?
Study loans are given to students to pay for expenses related to education. It is a type of loan that is given to help students pay their associated fees. Study loans are different from other types of loans. At the same time, study loans are different from one country to the other. In most countries, the interest is low in study loans when compared to other types of loans.
What is a Scholarship?
Scholarships are financial aids offered for students in order to continue their studies. Scholarships are awarded based on different criteria. Some of these criteria include academic merit, athletic skills, and financial needs. Scholarship recipients are not required to repay the scholarships.
The main focus is given to the goals of the scholarship donor. Sometimes, there are some requirements to be met by the scholarship recipient during the time of reception of the scholarship. Scholarships provide monetary aids such as educational expenses and course fees.
What is SETA?
SETA can be identified as a grant given for education. SETA refers to Sector Education and Training Authorities (SETA). SETA grant will be given to employees who meet the prescribed eligibility in order to fund education and training programs. This award is offered for both employed and unemployed personnel to continue their studies in terms of SETA grant regulations.
What is the Difference Between Bursary Study Loan Scholarship and SETA?
Although bursary, study loan, scholarship, and SETA are educational, financial aids, and assistance, there are slight differences between these approaches. The key difference between bursary study loan scholarship and SETA is that the bursary is given to motivate and encourage students to follow a certain academic program, but the study loans are not offered with the aim of motivating students to learn. Study loans should be paid back at the end of a certain time period. But, scholarships should not be repaid. However, there are prescribed requirements to be met by the recipients of scholarships, like maintaining a required GPA value. On the other hand, these types of requirements are not demanded when receiving a study loan.
Moreover, SETA offers monetary value for both education and training programs. Nevertheless, other monetary approaches like bursary, study loans, and scholarships do not grant monetary assistance for the training programs. Also, another difference between study loans and scholarships is that scholarships are based on different criteria, while study loans are not based on specific criteria like scholarships.
The below infographic presents the differences between bursary study loan scholarship and SETA in tabular form for side by side comparison.
Summary – Bursary vs Study Loan vs Scholarship vs SETA
The key difference between bursary study loan scholarship and SETA is that bursary is a financial award given by an educational institution as an aid for educational purposes, whereas a study loan is a type of loan given for students to pay their educational expenses. On the other hand, a scholarship is a form of financial aid given for students to do their further education, whereas SETA is a grant given for the students in relation to their education.
Reference:
1. “Scholarship.” Wikipedia, Wikimedia Foundation, 30 Mar. 2022.
2. “Student Loan.” Wikipedia, Wikimedia Foundation, 21 Mar. 2022.
3. “Seta Discretionary Grants: Maximise Your Financial Benefit.” Siyandisa Trust.
Image Courtesy:
1. “Student Loan” (CC BY-SA 3.0) By Nick Youngson via Alpha Stock Images
2. “Scholarship” (CC BY-SA 3.0) By Nick Youngson via Pix4free.org