Scholarships, Bursaries and Awards - Definitions

Award

May refer to either financial or non-monetary recognition of ability or accomplishment.  Applicants must be enrolled for credit in a minimum of 60% of a full post -secondary program of study (normally nine undergraduate credits) and have achieved a 2.00 GPA or equivalent in their most recent semester or graded period of full-time study. Financial need is not a factor.

Bursary

Non-repayable monetary award to applicants who demonstrate financial need and satisfactory academic achievement. Applicants must be enrolled for credit in a minimum of 60% of a full post -secondary program of study (normally nine undergraduate credits) and have achieved a 2.00 GPA or equivalent in their most recent semester or graded period of full-time study.

Scholarship

Monetary award to applicants who demonstrate excellence in their program of study (minimum of a 3.50 GPA). Financial need is not a factor. It is normally to be used for further study.  A student must normally be enrolled in a minimum 80% course load (12 undergraduate credits) to qualify for and maintain a scholarship.

Grant

Similar to a bursary but not normally issued by a government or foundation. Non-repayable.

Loan

Repayable funding awarded to applicants who demonstrate financial need and meet other criteria of the lender such as residence, program of study, course load, adequate performance in studies, etc. The main source of loans for BC students is the Student Aid BC suite of programs.

Prize

Awarded for excellent performance in the student’s program of study. Prizes may be in the form of a medal, a certificate or plaque, a cash prize, or a combination. Prizes are awarded upon the recommendation of faculties or departments and do not require an application.