Definitions

Help Pay Your Tuition with Scholarships Grants and Bursaries
 

Definitions

What's the difference between a loan and a grant or a scholarship and bursary? Here are some quick references to help you understand what each term means. Remember they all share one thing: they help you pay for your education.


Scholarship

A scholarship is money awarded by a college or university, an organization or a private individual, that is meant to help pay for your post-secondary education. Unlike a loan, this money does not need to be paid back.

To be eligible for most scholarships, you'll need to meet a set of qualifications. These often include having good grades, participating in athletics, or doing work in the community. Some scholarships require reference letters or school transcripts to prove that you meet the qualifications.


Grant

A student grant is money awarded by a government department, college or university, corporation, foundation or trust, that is meant to help pay for your post-secondary education. Unlike a loan, this money does not need to be paid back.

Grants are usually given to students based on financial need, medical, or family situation. Unlike scholarships, grants are not usually given because of a student’s grades or service to the community.  Some grants may be given to students who are low-income, have dependants, or who have some form of disability.


Bursary

A bursary is money awarded by a government department, college or university, corporation, foundation or trust that is meant to help pay for your post-secondary education. Unlike a loan, this money does not need to be paid back.

Bursaries are generally given to students based on financial need. Bursaries are usually meant to help students who don’t have the resources to pay for school on their own, although you may have to meet certain grade requirements. Applications will usually ask you to show why you need the bursary and how great your financial need is.


Loan

A loan is money that is borrowed from a government department, bank, or corporation that is expected to be paid back, most often with interest.

Canada and Manitoba Student Loans are provided to students based on financial need. There is no interest and payments are not required for students currently in full-time post-secondary studies. Repayment of student loans begins once the student is no longer in school.