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Sources of Money

Financing your education can be smooth sailing if you plan and do a little homework early. You should look at a variety of ways to pay for your education.

Here are several links with information to help pay for your education:

Free Money

What is Free Money?

Free Money refers to money that you do not have to pay back, such as scholarships, grants, bursaries, gifts of money, and awards.

Thinking about Free Money ahead of time should result in two things:

  • Early involvement
  • Early application

Finding Free Money will take a lot of initiative on your part. Do not wait until the last minute; finding Free Money could take some time and the deadlines to apply for these funds usually fall well before the academic year the funds are intended for. Chances are pretty good that if you are not looking for Free Money a year ahead of time, you will not receive any!

Early Application

As the saying goes, the early bird catches the worm: this advice is critical when applying for Free Money. Make sure you do your homework to determine the deadlines for filing applications, where applications are necessary.

Where to Look for Free Money

This will take some effort on your part, but there are thousands of potential scholarships, awards, bursaries and grants out there for the picking. Start looking as soon as possible. Cover all possibilities to receive free funding. For example, it is a good idea for parents to approach their employer – some companies may provide money to children of employees.

When searching for scholarships, bursaries or grants, consider that you may be eligible for cash that is put aside for students that fit certain criteria such as:

  • Specific cultural backgrounds
  • Memberships in specific groups
  • Fields of study
  • Special needs or disabilities
  • Athletics and the Arts
  • Employers

Links to Free Money: Scholarships

Millennium Scholarship Foundation

In its 1998 budget, the federal Department of Finance announced that, beginning in 2000, the government will hand out scholarships to 100,000 students, averaging $3,000 per student per year, up to a maximum of $15,000 per student over four years.

Scholarships and Awards

There’s no time like the present so here is a complete listing of scholarships, bursaries, and awards offered to Memorial University students. An online application form will be made available in the near future. If you are interested in applying for a scholarship, bursary or award, please contact 737-7910 to find out more and to receive an application.

Studentawards.com

This is an excellent site to see just what scholarships and awards you qualify for. Also contains an online job search to match jobs to your qualifications.

Free Money: Sources and Information

*

Scholarships & Awards


Grants & Bursaries


Fellowships & Stipends

What is it?

Funds to cover educational costs.

Funds to cover educational costs.


Funds for specific research areas or academic fields of study.

Who qualifies?

Normally based on academic achievement, community involvement or special skills.

Normally based on financial need.

Restrictive. Those with academic achievement in specific areas.

Where do we find it?

Civic organizations, employers, colleges and universities, individual donors.

Colleges and universities,
the government
(CESG and CSLP), private organizations.

Government agencies, private foundations, colleges and universities.

How much will it be?

Varies. Most are small

($500 to $ 1, 000).

Most are small amounts.

Can be large amounts.

How long will it last?

Most are annual. Some are renewable

Most are annual. Some are renewable.

Varies by funding and nature of the project.

Is it taxed?

Taxable. Only the first $500 excluded. Certain "prescribed" prizes will be tax-free.

Taxable. Only the first $500
is excluded.

Taxable. Costs incurred during research may be deductible from this income.

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