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 or research, intended to cover course related costs such as books, equipment, travel and study aids. Examples include:

• A scholarship granted to a student.
• The prize for winning a competition, often in the arts.

According to the Good Schools Guide, a bursary is "Usually for helping out the impoverished but deserving and those fallen on hard times.

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