There are many forms of assistance.
Those most commonly encountered are grants and loans.
Grants - money given to a student for educational expenses. NEED NOT BE REPAID.
Scholarship - funds awarded in recognition of superior scholastic achievement.
Bursary - funds awarded on the basis of need and satisfactory academic achievement.
Award - recognition for a noteworthy cultural, academic, or athletic contribution made by a student to the University or community. In most cases, awards are presented as prizes, medals, certificates, or trophies; however, some are monetary.
Loans - money awarded to a student for education expenses. MUST BE REPAID.
Interest-Free Loan - a loan which must be repaid but without any interest being charged, for example: parents, special organizations, i.e., Canadian Forces.
Low-Interest Loan - a loan where the student is charged a relatively small interest in addition to repayment of the principal, for example: StudentAid BC program.
Moderate Interest Loan or Line of Credit - Banks — Bank of Montreal, Bank of Nova Scotia, Envision Financial.