Types of Financial Aid

There are many forms of assistance. Those most commonly encountered are grants and loans.

Grants

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.

Loans

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.

Apply online for your
Canada-B.C. Student Loan
6 to 8 weeks before start
of term.

Apply for Interest-free status and
continue your full-time studies
without renewing your student loan.

Apply for UFV Bursaries
online through myUFV.
Applications accepted
every semester.

Find out about UFV Scholarships.
Applications accepted from
March 15 to May 10.

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