A Journey through the Different Types of Scholarships

Defining All The Types of Scholarships

by Mic Tjahjadi

Sometimes universities and colleges may use some complicated language to describe things. Everyone knows there’s a lot of money out there for students to take advantage of coming into post-secondary, but do you know what all the words really mean? Here is a breakdown of all the terms you are going to want to know about.

Scholarships
Scholarships are based on merit, something that you do academically, athletically or even something that you are. It’s typically something that you do or have in which money is given to you as a result of that. You can think of it as a reward for doing something. You do not have to pay these back.

Renewable Scholarships
Scholarships that you are able to receive more than once for following years. For example: a scholarship that you receive as a first year student you may be eligible to receive again in the second year depending on the specific requirements.

Non-renewable Scholarships
Awarded only one time

Automatic Scholarships
Scholarships that you do not have to apply for. Typically these scholarships are based on something that is already a part of your post-secondary application. For example you may get a scholarship given to you right off the bat if you have an 85% average without doing anything else additional

Application Scholarships
These are scholarships that you need to apply to in order to be considered

Bursaries
Completely based on financial need. Based on your parent’s income, your income and what you expect to be spending in your time at university, you can receive money to help out. Like scholarships you do not have to pay these back

Grants
Grants similar to bursaries is money you do not have to pay back. Grants however often come from a single party typically the Government

Loans
Loans are sums of money that you can receive but you would have to eventually pay back.

For more frequently asked questions about scholarships check out:
http://www.scholarshipscanada.com/Section/16/Frequently-Asked-Questions(FAQ)