Jargon made easy
- What is a grant?
- What is a bursary?
- What is a scholarship?
- What is an award?
- What is loan?
- What is a tax credit?
- What is a wage subsidy?
What is a grant?
A grant is an amount of money that you will not have to pay back. Generally you will have to meet certain eligibility criteria in order to receive a grant, for example live in a particular area or have a family income of less than a certain value. Grants are available from a number of sources such as the Government, charities and local authorities. Usually, you will have to complete an application form in order to receive a grant.
What is a bursary?
A bursary is an amount of money that is awarded based on your financial circumstances. You can generally receive a bursary if you can demonstrate that you are in financial need and would not be able to participate in the learning activity without support.
What is a scholarship?
A scholarship is an amount of money that is awarded based on your ability. You can receive a scholarship if you can demonstrate that you are particularly talented or able in a particular subject and are likely to do well on the course.
What is an award?
An award is an amount of money that you will have to compete against other learners to receive. You might have to be nominated by a tutor to receive an award and generally you will be asked to demonstrate that you are more deserving or have achieved something special.
What is a loan?
A loan is money that you will have to pay back. Generally loans are paid back in monthly instalments and sometimes you will pay interest on the loan. Most student loans do not have to be paid back until you have a job and are earning a certain wage; student loans are also usually interest free. It is always worth checking the conditions of your loan to make sure you know how much you have to pay back and when you will need to start your payments.
What is a tax credit?
A tax credit is an extra payment that you can claim from the Government. The amount of tax credit you can receive depends on your income and your circumstances – generally how many hours you work and whether you have children. If your circumstances change then the amount of tax credit you can receive may also change.
What is a wage subsidy?
A wage subsidy is extra money that you can receive from your employer if you are taking part in work-related training. Your employer can claim Government grants to help support your learning and you may be able to claim extra money through your wages.