Types of Financial Aid
There are many forms of assistance. Those most commonly encountered are grants and loans.
A grant is money given to a student for educational expenses, which does not need to be repaid.
Scholarships are funds awarded in recognition of superior scholastic achievement.
A bursary is funds awarded on the basis of need and satisfactory academic achievement.
An award is recognition for a noteworthy cultural, academic, or athletic contribution made by a student to the University or community. In most cases, awards are presented as prizes, medals, certificates, or trophies; however, some are monetary.
A loan is money awarded to a student for educational expenses, and it must be repaid.
An interest-free loan is a loan which must be repaid but without any interest being charged, for example: parents, special organizations, i.e., Canadian Forces.
A low-interest loan is a loan where the student is charged a relatively small interest in addition to repayment of the principal, for example: StudentAid BC program.
A moderate interest loan or Line of Credit are acquired from a bank, e.g. Bank of Montreal, Bank of Nova Scotia, Envision Financial.