Types of Funding

When you’re researching how to fund your education, you will probably see different scholarships, bursaries, loans, and awards on offer for students. What’s the difference? Here’s a brief breakdown of the different types of funding:

Scholarships
Traditionally, scholarships are based on academic merit, such as an entrance scholarship which is awarded based on the grade average from high school. Modern usage of the term, however, is much more liberal, with providers of non-academic awards using the term to describe any financial prize that will be used towards tuition payment. Scholarship application procedures are different for each scholarship, but can include a request for your academic transcripts.

Bursaries
A bursary is typically an award for a student with financial need. Bursaries may have academic requirements, but are generally focused on helping students who do not have the resources to pay for school on their own. Applications for bursaries typically require you to show why you are in need of the assistance and how great your need is.  Sometimes tax information or OSAP estimator results are requested when applying for bursaries.

Loans
Student loans make up a significant amount of student aid. Student loans are typically provided by the government (provincial or federal) or a bank. The terms of a student loan vary depending on who’s providing it and who’s receiving it. Student loans are typically paid back after the student completes or leaves schooling, with interest charged on the loan amount. 

Other awards
This is a catchall for any awards that don’t fit in the above categories. This may include contest-style awards or prizes from corporate sponsors.

SCHOLARSHIPS

1. Loran Scholarship - High level of academic performance (85%+ avg for last 3 years), leadership and a record of community service to the community. 30 awards valued at up to $80,000. The online application is available at:

www.loranscholar.ca. Apply directly (opens on Sept. 9th)

2. Queen's University Chancellor’s Scholarship

Value: $12,000 annually

Criteria: Superior academic ability (90+); creative and original thought; proven leadership qualities. The school can nominate 2 students. Check out Major Admission Awards at www.queensu.ca/studentawards for more info and application form. If you wish to be nominated by the school, please submit your completed application (Admission Awards Application from Queen’s website) to Student Services by November 11th.

3. Schulich Leader Scholarship

Awarded to students enrolled in STEM (Science, Technology, Engineering or Science) at selected universities across Canada. If you are interested in this award, your application (from the Schulich website) is due in Student Services by January 19th, 2027.  The school will select one student to nominate for this award.)

4. You can search community scholarships and bursaries at the following websites:

• www.scholarshipscanada.com/

• www.yconic.com/ 

• ScholarTree: Scholarships Made Simple

5. School, Community, and OCSB School Board Awards - A general application form with 20 to 25 different scholarships / bursaries / awards will be posted in December/January.  All applications will be reviewed by the St. Peter High School Honours and Awards Committee.  All successful applicants will be announced at the Grad Commencement in June.

6. St. FX J.P Mccarthy scholarship - The successful candidate must have: a minimum 90% average and achieved superior academic standing while demonstrating St.FX qualities of leadership and service to the community. St. Peter is only eligible to nominate one candidate, so if we have multiple students who qualify, the St Peter Awards committee will determine who our candidate will be based on the award criteria. Please put your name forward by January 28th.