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From The Collaborative International Dictionary of English v.0.48:
Bursar \Bur"sar\, n. [LL. bursarius, fr. bursa purse. See
Burse, and cf. Purser.]
1. A treasurer, or cash keeper; a purser; as, the bursar of a
college, or of a monastery.
2. A student to whom a stipend or bursary is paid for his
complete or partial support.