Financial aid for postsecondary education comes in many forms: scholarships, bursaries, awards, etc. And sometimes these terms are used interchangeably. Here is a list of financial aid terms and their definitions that students and parents may find helpful: Academic award: An academic award may be granted in monetary or gift form. Bursary: A bursary is free money based on individual financial need. It may also include a minimum expectation of academic achievement or other criteria such as community involvement. Students are generally required to apply for bursaries outlining their need for financial resources in detail. Parents will also need to provide financial information. Oftentimes, bursary applications require that students apply for a government student loan before a bursary is granted. Bursaries are offered by postsecondary institutions, community organizations, and businesses. Scholarship: A scholarship is free money based on various criteria such as academic achievement, leadership, school and community involvement, athletics, or a combination of these elements. Many scholarships require an essay or essay responses. Financial need may be a consideration as well. Scholarships are offered by postsecondary institutions, community organizations, businesses, and high schools. Student loan: A Canada Student Loan is money that must be repaid when you finish school. (Note: Canada Student Loans and Grants are not available in Nunavut, the Northwest Territories, or Quebec — they operate their own student loan programs.). Interest is charged on the loan amount. When you apply and qualify for student financial assistance through your province or territory of residence, you are automatically assessed for both Canada Student Loans and Canada Student Grants (except for the Grant for Services and Equipment for Students with Permanent Disabilities which requires a separate application). Note: If you do qualify for a student loan, you can opt out of the loan, and receive the grant only. Student grant: A Canada Student Grant is free money from the government based on financial need. To assess your grant eligibility, check out: Income Thresholds for Canada Student Grant Eligibility for Full-Time Students. You may be eligible to receive more than one grant; see other options here. Student line of credit: A student line of credit helps students pay for school expenses. You only have to pay back the money you borrow. You must pay interest on the amount you use every month. With a government student loan, you only start paying interest once you finish your program or leave school. See more info from the Financial Consumer Agency of Canada here . As I mentioned previously, these terms can be used interchangeably. Be sure to check eligibility requirements carefully.
Please note: NOW is the time to search for scholarships. Most deadlines are in the months of February-June. And be sure to keep reading this blog for the most current information out there on financial assistance for students pursuing postsecondary education!
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