St Peter'S Elementary School

A scholarship is financial support awarded to an eligible student to help pay for education.

Unlike a student loan, a scholarship generally does not have to be repaid, provided the recipient satisfies its conditions.

Scholarships commonly recognize academic achievement, leadership, athletic ability, artistic talent, community involvement, or other accomplishments.

Some scholarships also consider a student’s financial circumstances.

Each scholarship has its own eligibility rules, award conditions and application procedures.

A scholarship is not a loan.

With a loan, you borrow money and are generally required to repay it. With a scholarship, you receive an award that normally does not need to be repaid, provided you meet its conditions.

Although the terms are sometimes used interchangeably, there is an important general distinction.

Scholarships are commonly merit-based.

They often recognize academic achievement, outstanding performance, leadership, community involvement or other accomplishments.

Bursaries are commonly need-based.

They generally provide financial assistance to students who demonstrate financial need.

For example, a student with excellent academic results may qualify for a merit-based scholarship.

Another student who meets the financial eligibility requirements may qualify for a bursary because of their financial circumstances.

Some awards consider both merit and financial need.

Both scholarships and bursaries generally do not require repayment, provided their conditions are met.

Students should understand that scholarships do not all come from the same source.

There are three important categories.

Type 1 — Scholarships offered by the school for its own students

These scholarships are provided directly by the institution.

They are intended for eligible students attending that school.

For example, St Peter'S Elementary School may offer an entrance scholarship to qualifying students admitted to one of its undergraduate programs.

The institution determines the eligibility criteria, award conditions and selection process.

Type 2 — Scholarships offered by external organizations for students attending a specific school

These scholarships are funded by an individual, foundation, business, charitable organization or another external sponsor.

However, they are intended specifically for students attending a particular institution.

For example, an independent foundation might establish a scholarship that can only be awarded to eligible St Peter'S Elementary School students.

Although the funding comes from outside the school, the scholarship is restricted to students attending that school.

Type 3 — Scholarships offered by third parties for students attending eligible schools of their choice

Some scholarships are offered by governments, foundations, businesses, nonprofit organizations or other third parties.

These opportunities are not necessarily restricted to one institution.

Eligible students may use the scholarship to study at any institution that satisfies the scholarship provider’s requirements.

For example, a foundation might offer scholarships to eligible students enrolled at recognized Canadian universities.

The student may be able to choose among qualifying universities, depending on the award’s conditions.

Important: Even broadly available scholarships may have restrictions involving study level, institution type, geographic location, academic program, citizenship or residency.

Obtaining a scholarship can be challenging.

Some scholarships are highly competitive, with many qualified applicants competing for a limited number of awards.

Others have strict eligibility requirements involving academic performance, financial need, study level, personal circumstances, extracurricular achievements or other factors.

Meeting the eligibility requirements does not necessarily mean that a student will receive the scholarship.

Students should research opportunities carefully, understand the selection criteria, prepare the required documents and submit applications before the applicable deadlines.

Not exactly.

Students can search for scholarships that interest them, but they cannot simply choose an award and expect to receive it.

Every scholarship has eligibility criteria and a selection process.

For scholarships administered directly by a school, the institution determines which students qualify under its published rules.

In some cases, the school automatically considers students for certain scholarships and informs them of the awards for which they qualify.

In other cases, students must identify suitable scholarships and submit separate applications.

For example, a school might determine that a particular student meets the eligibility requirements for scholarships A, B and C.

The student may then be invited to apply for one or more of those opportunities, depending on the applicable rules.

However, being eligible does not guarantee that the student will receive any of them.

For external scholarships, eligibility and award decisions may be determined entirely by the external provider rather than the school.

Remember: You may choose which eligible scholarships to pursue, but you cannot choose which scholarships you will be awarded.

Grants

Grants are financial awards provided by governments, educational institutions, foundations or other organizations.

They may be based on financial need, academic circumstances, research activities or other eligibility criteria.

Grants generally do not require repayment when recipients meet the applicable conditions.

Awards and prizes

Awards and prizes recognize particular achievements, contributions, accomplishments or participation.

Some provide financial assistance, while others offer nonfinancial recognition.

Student loans

Unlike most scholarships, bursaries and grants, student loans generally must be repaid.

Loan conditions, interest rates, repayment assistance and eligibility depend on the lender and applicable government programs.