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Sunday, 15 May 2011

On Scholarship and Sponsorship

Scholarships and sponsorships are similar in that they fund somebody's education. He may be deserving of it, or not, but the fact is that his education is being funded. Essentially, the person whose education is being funded should not be related to the one funding his education. If a person is paying for his own education, that is called "self-funded". If a person is funded by his or her parents, that is called "funded by parents".

A scholarship is normally offered by the institution that offers the academic programme, or by a third party but specifically for the academic programme of a certain institution. It is usually offered by an institution but may at times include private donors and trust funds. It is usually without strings attached, and the recipient does not usually need to pay back anything.

A sponsorship is akin to a bond, in that the academic programme is funded with the expectation that the recipient will work for the sponsor or return the favour in some manner. There is some consideration involved. The sponsor gives funding to the recipient's education, and ties down the recipient. The sponsor pays partially for future services in today's cash. The recipient will pay back the sponsor by working for the sponsor. It is difficult to source for good talent. Therefore by supporting such bright students sponsors secure for themselves good talents in a cost effective way (seeing that they will be recompensated for their costs)

How I wish that my masters could be funded by way of scholarship!