A bursary is strictly an office for a bursar and his or her staff in a school or college. In modern English usage, the term has become synonymous with "bursary award", a monetary award made by an institution to an individual or a group to assist the development of their education. Bursaries According to The Hobsons UK Boarding Schools Guide, many independent schools have bursaries, which are grants from the school to help you pay the fees.