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Student grants and bursaries are financial subventions awarded by governments to students pursuing education at institutions of higher learning, training and development, such as sales training or any other training. It is common in many countries for governments to such assistance. Tuition at many universities is extremely expensive and students, who are extremely intelligent and capable of benefiting greatly from higher education, may otherwise be unable to afford either the tuition fees or the living costs involved. Governments recognize that there is a public benefit in having a well-educated populace, that it allows high-technology companies to thrive in a way that would be impossible otherwise, for example.
Some grants and bursaries are awarded automatically to all students at the same level. Others may have to be applied for. In some cases, the financial circumstances of the student or the student’s family may be taken into account in determining the amount of the award. Student grants and bursaries are normally paid to students at the beginning of each academic year or in a staggered fashion throughout the academic year.
In some countries, a system of student loans may exist alongside the system of grants and bursaries or may even replace it altogether. Under the loan system, students borrow money to finance their education and repay it in later life.
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