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A bursary [1] is a monetary award made by any educational institution or funding authority to individuals or groups. It is usually awarded to enable a student to attend school, university or college when they might not be able to, otherwise. Some awards are aimed at encouraging specific groups or individuals into study.
In the U.S., a grant is given on the basis of economic need, determined by the amount to which the college's Cost of Attendance (COA) [6] [7] exceeds the Expected Family Contribution (EFC), [8] calculated by the U.S. Department of Education from information submitted on the Free Application for Federal Student Aid following formulas set by the United States Congress.
The application process is set by the agency providing the funds and often relies on data submitted via the FAFSA. While the terms grant and scholarship are frequently used interchangeably, there is a difference. Scholarships may have a financial need component but rely on other criteria as well.
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A young man (in bowtie) receives a scholarship at a ceremony. A scholarship is a form of financial aid awarded to students for further education.Generally, scholarships are awarded based on a set of criteria such as academic merit, diversity and inclusion, athletic skill, and financial need, research experience or specific professional experience.
The National Merit Scholarship Program is a United States academic scholarship competition for recognition and university scholarships. The program is managed by the National Merit Scholarship Corporation (NMSC), a privately funded not-for-profit organization based in Evanston, Illinois. [1] The program began in 1955.
This brought the scholarship to its final value of $6,000 over four years. [1] To pay for the over 27,000 scholars supported by the program, appropriations for the program were nearly $40,000,000 annually. [2] Funding for the scholarship was eliminated for the 2011–2012 school year.
In 1998, then Dean John Sexton announced a precedent-setting gift of $5 million from an alumnus of the Root-Tilden Scholarship, Jerome H. Kern (class of 1960), that began a major capital campaign to raise $30 million for the program. To honor Kern's generous contribution, the Law School renamed the program as the Root-Tilden-Kern Scholarship ...