Although not the case in all circumstances: A bursary is a monetary award where eligibility is either wholly or partially dependent on financial need. A scholarship is a monetary award where eligibility is not dependent on financial need but based on other criteria such as academic excellence or country of domicile. A prize is awarded in recognition of a student’s academic achievements and/or other particular accomplishments; maybe in the form of a cash prize, a certificate, or a gift. Usually allocated upon recommendation and does not require an application.