Financial Aid Definitions
Award: an award may be based on financial need (eg. a bursary, loan or work-study program) or on academic merit or excellence in an area (eg. a scholarship).
Bursary: a non-repayable monetary award based on financial need and seasonable academic standing, as determined by the donor
Loan: a repayable monetary award based on financial need
Scholarship: a monetary award based on academic merit or excellence in an area to which the award pertains.
Entrance Scholarship: a scholarship available to students who are proceeding from Grade 12 to studies in a particular post-secondary institution.
Admission Scholarship: a scholarship which is automatically awarded based on the student's application for admission to the institution.
Designated Post-Secondary Institution: a post-secondary institution approved for Canada Student Loans. Refer to the Designated Schools Search at the StudentAid BC website.