DEFINITION of 'Bursary Award'
A type of financial award provided to certain students to assist with the costs associated with attending a college or university. A bursary award, or simply bursary, is a monetary award provided to students based on financial need and/or academic performance. A bursary award is provided to the student by the educational institution.
BREAKING DOWN 'Bursary Award'
Bursary awards are part of the Canadian and United Kingdom financial aid programs. Bursary awards are not repaid, and are used to provide certain students with money to cover gaps between the amount of financial aid a student needs to attend the school and any available government assistance that he or she is eligible for.