UBC ams
Financial Literacy 101

Financial Literacy 101

Financial Literacy 101

Financial topics to help you manage your money wisely

Definitions

Loan

  • Government student loans are funds provided by the federal/provincial government to aid students in their post-secondary costs. These funds are to be repaid at the end of one’s education. Government students loans are interest free and require no payment while applicant is in university. Factors such as a financial need, course load, program details, and citizenship/residency may affect eligibility.

Grant

  • Grants are funds provided by organizations for post-secondary education or related endeavours. Unlike loans, grants do not have to be repaid. Government grants prioritize students wih financial hardship while non-governmental grants may be linked to certain programs or projects that a student is involved in (such as artistic grants).

Scholarship

  • Scholarships, like grants, are provided by either governments or external organizations and do not have to be repaid. Generally, you would apply to each scholarship individually and requirements/eligibility may vary from one to the other.

Bursary

  • Bursaries, similar to grants, are awarded to individuals based on financial need. In order to apply for bursaries, students must have applied for loans and grants first as they account towards “income” when calculating the bursary amount needed to fill in the financial gap in a student’s budget. Several factors such as citizenship/residency, program type, student loan status and amount, and financial need are considered.

How & When to Apply for Grants and Scholarships

British Columbia and Canada Student Loans and Grants applications can be accessed on the
StudentAid BC site. The deadline to apply is 6 weeks before the end of the study period. Check out the StudentAid BC site for more information.

Furthermore, students can access these following resources to find and apply for scholarships:

Government Resources

BC Student Aid

  • The provincial agency responsible for helping students with their post-secondary education costs. The website allows students to plan their future (explore career options, choosing a university/program, and budget planning), explore funding options, apply for student loans, maintain loan payments, and repay loans. How to apply.

National Student Loans Service Centre

  • The NSLSC manages federal student loans, scholarships, and grants. Similar to BC Student Aid, the NSLSC provides resources on budget planning, understanding the mechanics of a loan, etc.

AMS Resources

The AMS also provides funds, grants and subsidies. Visit our page to learn more.