Scholarships 101

If there's only one thing you need to know about scholarships, it's that you should apply. Apply, apply and apply again. You have nothing to lose and everything to gain. Scholarships can lighten the burden of your post-secondary education by offsetting your costs with some badly needed cash.

Who says there's no such thing as free money?

Scholarships are donations given to students pursuing post-secondary education. In other words, it's free money - as long as you meet the criteria. You can check out:

Individuals, companies (both small and large), charities and other groups that sponsor scholarships, each with its own criteria for applicants
Scholarship criteria can include grades, extracurricular involvement, volunteer work, athletics, awards or financial need

Scholarships vs. bursaries

Financial need is the main difference between scholarships and bursaries. Bursaries are usually smaller cash donations given to those students who require the financial help to attend school. The amounts may be determined based on the extent of need.

A good indicator of whether or not you are eligible for bursaries is to determine if you are eligible to receive student loans. However, unlike student loans, bursaries don't need to be paid back after you graduate.

How do I apply?

In high school, your guidance counsellor can be a helpful resource in identifying scholarships that may be a good match for you
Scholarships that reach counsellors' desks are usually from local companies and charities; for national scholarships, it's probably best to check websites, including:

ScholarshipsCanada.com
StudentAwards.com
Schoolfinder.com

Make your resumé count - include everything about your interests and what you've done, whether it's volunteering at a soup kitchen or playing field hockey on the weekends; print off a copy and ask your counsellor for some constructive advice
Keep your eyes open - it's a good idea to look at the new scholarship or bursary opportunities that come in to the career office, and you can ask your counsellor to watch out for new applications
Don't drag your feet - after you've been notified of a potential scholarship, start working on the application right away; some have deadlines as early as the middle of October
Ask questions - find out all you can about the scholarship; one way is to contact the person listed as a contact on the application

After first year

Keep in mind the money doesn't disappear once you've started your first year (although on some days it sure feels like it). Each university or college has its own awards office that deals with scholarships and bursaries. If you're having trouble paying for your studies, it's worth it just to go and talk to them. Not only will they alert you to available scholarship and bursary money, but they'll also help you learn how to manage what you have.

Once again, you should remember that donors have their own selection criteria for awards. Scholarships and bursaries can be handed out on the basis of academic achievement and/or other factors.

Corporate scholarships

A lot of different corporations, CIBC included, donate money for scholarships. Sometimes they are available only to children of employees and sometimes they are open to a range of applicants. You can get information by asking your friends and family to check with their employers about any available scholarships, or you could check out The Association of Universities and Colleges of Canada. This is an organization that administers a number of corporate scholarship programs. Some of the scholarships they administer for CIBC are:

CIBC's Youthvision Scholarship Program

This is a unique partnership with Big Brothers Big Sisters of Canada and YMCA Canada where post-secondary scholarships are awarded as early as Grade 10. CIBC Youthvision scholarships are awarded annually to 30 students in Grade 10 who are enrolled in a mentoring program with either Big Brothers Big Sisters of Canada or YMCA Canada. College or university tuition will be covered up to $4,000 a year for up to four years.

Following Grade 11, scholarship recipients can also participate in a summer internship at the YMCA, with a take-home pay of up to $2,000 per summer while in high school, increasing to up to $4,000 per year while in college or university. The total value of the scholarship for each recipient can be up to $35,000.

CIBC Access Awards/MBA Awards

This award was created for students with disabilities. 14 scholarships were established in 2001 in partnership with the Disabled Persons Employment Equity Human Rights Group.

Depending on which school you're going to, you might also want to check out your school's student financial services office for any corporate scholarships that are only available to students at that school.

A number of scholarship opportunities await you. It's just a matter of looking and applying. And applying. And applying some more.

Take advantage of all the resources around you. The money is out there, so go get some!

The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.