Student Dictionary for Funding

 
Award: This is a general word for recognizing ability through a bursary, grant, loan, prize or scholarship.

Bursary: An award given to students that have shown financial need. It does not need to be paid back. Sometimes, these are given based on financial need and a reasonable academic standing. All the rules for different bursaries are dependent by the donor.

Designation: To be eligible for StudentAid BC, you must attend a post-secondary school designated for StudentAid BC funding. 

Grant: Similar to a Bursary and also does not have to be paid back.

Prize: can be a monetary or non-monetary award in recognition of outstanding achievement or contribution.

Scholarship: an award of money that is provided to a student that has demonstrated academic achievement. A scholarship does not need to be paid back.

Student Loan: financial assistance (money) given to students that have financial need. However, a loan has to be paid back. Usually, a student loan is offered at lower interest rates in order to assist the student in paying back the loan. As the loans are usually provided by the government to encourage post-secondary study, students apply for student loans through the province where they live.

Transfer: Transfer is when one institution recognizes education completed at another. By transferring, you can start studying at one institution and then finish your program at another.


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