Difference Between Grant, Scholarship, Loans and Bursaries Explained

What Are Scholarships?

Scholarships are financial awards granted to students based on academic excellence, extracurricular achievements, leadership qualities, or financial need. Some scholarships are also field-specific or destination-specific, especially for Indian students.

Key Features

• No Repayment Required – Scholarships are free financial aid
  

• Types of Scholarships
  

• Merit-Based – Academic or extracurricular excellence
  

• Need-Based – Based on financial background
  

• Field-Specific – Engineering, management, arts, etc.
  

• Country-Specific – For students studying in the USA, UK, Australia, Germany, etc.
  

Coverage

• Fully Funded – Tuition + living expenses
  

• Partially Funded – Tuition or specific costs
  

How to Get Scholarships

• Research Thoroughly: Check university websites and government portals
  

• Popular options include Chevening (UK), Fulbright (USA), and DAAD (Germany)
  

Prepare Strong Applications:

• Personal Statement / SOP
• Letters of Recommendation
• Academic Transcripts
  

Standardized Tests:

• Some scholarships require GRE, GMAT, IELTS, or TOEFL

Scholarships are one of the best ways to reduce study abroad costs while adding prestige to your academic profile.

What Are Grants?

Grants are primarily need-based financial aid provided by governments, universities, and international organizations to students facing financial constraints.

Key Features

• Need-Based Assistance – Focus on financial hardship
  
• No Repayment Required
  
• Types of Grants
  
  • • Government Grants – e.g., Erasmus+ (Europe)
    • Institutional Grants – Offered directly by universities
      

How to Get Grants

• Eligibility Proof:
  
  • Income certificates
    
  • Family financial statements
    
• Application Process:
  
  • Apply through university financial aid offices or official grant portals
    

What Are Student Loans?

Student loans allow students to borrow money to fund their education and repay it later with interest, usually after graduation or during a grace period.

Key Features

• Repayment Required – Includes interest
  
• Flexible Coverage:
  
  • • Tuition fees
    • Living expenses
    • Travel and books

• Government Support:
  • •  Indian Government’s Education Loan Interest Subsidy Scheme for eligible students

How to Get Student Loans

• Eligibility:
  • • Confirmed admission to a recognized foreign university
• Lender Options:
  • • Indian Banks: SBI, HDFC, Axis Bank
    • International Lenders: Prodigy Finance, MPOWER
      

• Required Documents:
  
  • • Admission letter
    • Cost of attendance
    • Income proof
    • Co-applicant details
      

What Are Graduate Assistantships?

Graduate assistantships are part-time roles offered to postgraduate students in teaching, research, or administration. In return, students receive stipends, tuition waivers, or both.

Key Features

• Work Commitment: 10–20 hours per week
• Financial Benefits:
  • Partial or full tuition waiver
  • Monthly stipend

• Career Advantage:
  
  • Practical experience
  • Strong faculty connections

How to Get Assistantships

• Apply Early: Contact department advisors or faculty before or after admission
• Build a Strong Profile:
  
  • • Academic achievements
    • Research experience
    • Relevant skills

• Network:
  

Engage with professors and attend departmental events

What Is a Bursary?

A bursary is a financial discount or allowance provided by universities, governments, or institutions to help students reduce their education costs. Unlike scholarships, bursaries are usually not based on academic merit but focus on financial need, personal circumstances, or specific student categories.

Bursaries directly reduce tuition fees or living expenses, making them a popular cost-saving option for international students, including Indians.

Key Features

• No Repayment Required – Bursaries are a form of financial relief, not a loan
• Need-Based Support – Awarded based on financial background or personal circumstances
• Discount-Oriented – Often applied as:
  • Tuition fee reductions
  • Living cost allowances
  • One-time financial support

Limited Coverage – Usually partial and not fully funded

• University Bursaries – Offered by institutions to support international students
• Government Bursaries – Provided by national or regional authorities
• Special Category Bursaries – For students based on:
  
  • Income level
  • Nationality
  • Gender
  • Disability
  • Field of study

• Check University Websites:
  • Most bursaries are listed under “Fees & Funding” or “Financial Aid” sections
• Demonstrate Financial Need: Submit income certificates or financial statements

• Apply Early: Some bursaries are automatically considered with admission, while others require a separate application

Scholarships

• Repayment: Not required
• Eligibility: Based on merit, achievements, or sometimes financial need
• Financial Burden: None
• Work Requirement: No work obligation

Best for: Students with strong academic records or exceptional achievements.

Grants

• Repayment: Not required
• Eligibility: Primarily need-based
• Financial Burden: None
• Work Requirement: No work obligation

Best for: Students from financially weaker backgrounds who need support.

Student Loans

• Repayment: Required, along with interest
• Eligibility: Based on confirmed admission to a recognized university
• Financial Burden: High, due to interest and long-term repayment
• Work Requirement: No work obligation

Best for: Students who do not qualify for scholarships or grants and need full financial coverage.

Graduate Assistantships

• Repayment: Not required
• Eligibility: Based on academic merit, skills, or relevant experience
• Financial Burden: Minimal
• Work Requirement: Yes, part-time work (10–20 hours per week)

Best for: Postgraduate students seeking financial aid along with hands-on academic experience.

Bursaries

• Repayment: Not required
• Eligibility: Need-based or specific personal circumstances
• Financial Impact: Acts as a fee discount or allowance, usually partial
• Work Requirement: No

Best suited for: Students looking for tuition fee reductions rather than full funding.

Quick Summary

• If you don’t want repayment, focus on scholarships or grants
• If you need complete funding, student loans can help—but plan repayments carefully
• If you want financial support plus work experience, graduate assistantships are ideal

• Start Early – Begin research at least 12 months in advance
• Apply Widely – Combine scholarships, grants, and assistantships
• Stay Proactive – Reach out to university financial aid offices and faculty
• Build a Strong Profile – Academics, skills, SOP, and recommendations matter
• Keep Documents Ready – Income proof, transcripts, test scores, LORs
  

With the right planning and expert guidance, Indian students can significantly reduce the financial burden of studying abroad.

As one of the best study abroad consultants, My Study Offers is here to support you at every step—helping you identify the best financial aid options, prepare applications, and transition smoothly to your international education journey.

👉 Talk to our experts NOW and make your dream of studying abroad a reality!