Scholarships, Bursaries, and Loans

Does your future as a student look grim because of financial difficulties? Don't worry! Here are some tips on how to finance your education...

Scholarships: Okay. You've got good marks, but what can they get you?

The Rutherford Scholarship is offered to all Albertans who graduated from high school after 1980 (including you too). This scholarship pays a total of $1500.00 based on grade ten, eleven, and twelve marks. You must have an average of 80% of higher to get this scholarship. You have to be enrolled or applying to university. Look for similar scholarships in your province/state/country.

Your high school and local institutions will offer private scholarships to local students with high marks or specific athletic and community involvement (this will vary, but a good approximation for candidates is 80-100%, if you're unsure, apply anyway). Get informed about these early because their deadlines vary. If nobody seems to know, keep asking until you speak to someone who does know about them.

The universities and colleges you are applying to will offer several kinds of scholarships that you should look into:

Enterance Scholarships: Usually based on your marks for grade eleven, twelve, or both. You will probably have to write a short essay about why you chose their institution (etc..)

Leadership Scholarships: These schoarships are for people who were really involved in high school life. Experience with student government, arts clubs, music clubs, sports teams, yearboks, international and national organizations (i.e. Amnesty International), local volunteer groups (i.e. candystriping), and miscellaneous volunteer activities (e.g. Thirty Hour Famine) are good to have for these scholarships and the experiences they provide. You can learn a lot from getting involved, but start early! If you leave everything to your last year of high school you will be swamped! Get a variety of experiences. Keep a record of everything you've done! See a sample list of activites.

Academic Scholarhips: These will be based almost completely on your marks and tend to be very large and very competitive (i.e. 95% average and higher). If you've really got the marks, the universities will solicit you with lots of information and they might offer you a substantial renewable scholarship.

Miscellaneous: There are schoarships for fine arts, sports, etc. that you should look into. Once you've applied, you will probably receive numerous scholarship application packages. Use them if they even remotely apply to you.

NOTE: Don't forget that you will have to pay taxes on schaolarships. Save the cheque stubs.

SECOND NOTE: sometimes you have to send a resume in with scholarship applications so make sure your resume is always updated.

IMPORTANT NOTE: IF YOU CAN GET A COPY OF THE CURRENT SCHOLARSHIP APPLICATION EARLIER THAN WHEN THE UNIVERSITY SENDS IT TO YOU, DO SO! SCHOLARSHIP APPLICATIONS TAKE A LARGE AMOUNT OF WORK!

How to PROPERLY apply for a scholarship!

Bursaries: a helping hand

If you can prove that your family cannot afford to send you to university, you may be able to apply for a bursary. These are often offered by local groups (i.e. the Legion) for students with limited financial resources. However, these groups tend to be quite selective (for example, to receive a Legion scholarship, you must be the grandchild or child of someone who served in the Royal Canadian Army). Check the requirements carefully. If you're already at university, there may be bursary progams there for students (may have other requirements).

Loans: what you need to know

If you are attending a univesity within your province, research provincial student loans. If you are planning to attend a university outside your home province, look into national student loans also. These are based on financial need, so you will have to indicate your and your parent's earnings over the past year (I think). Any savings vehicles, personal savings, and interest must be recorded. You will be asked to outline your monthly expenses (often capped at about $700.00 Can. per month), so either have the information ready or provide a reasonable estimate. Of course, you have to prove that you are enrolled in the university. If you need to buy furnature and hosehold items, start early. If you have money saved up for such expenses, you must claim it in your student loan form and thus you will be expected to put that money toward your education (and not what you originally planned).

Most loans also require that you are employed during the summer before you start university and/or you have a minimum amount of money in your bank account.

DO NOT FALISFY YOUR FINANCIAL INFORMATION!!!!

Some scolarships are renewable based on your marks/involvement/athletics throughout the year. If your scholarhips does require further input, make sure you can handle it. If it turns out you can't handle it, you won't get the scholarship. If things get too stressful and you drop out, you will probably have to pay back what they have given you. Know what is required of you and make sure you can do it. Same advice for bursaries and loans.

You will need to send official transcripts to many of these institutions. If your don't have official transcripts yet, tell them that you will send the transcript as soon as possible. You will probably have to pay (about $10.00) per copy of official transcript). If your are worried about the cost, get about three (or whatever you think is best) official transcripts and photocopy them. You can send these copies (CAUTIOUSLY!) with applications, indicating that you will send an official transcript if needed. However, if the application demands an official copy, send one. You don't want to lose the scholarship because of a $10.00 transcript fee.

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