What is a student award?
A broad term for financial support provided to a student based on academic achievement, leadership, athletic or artistic accomplishment or financial need.
What is the difference between scholarships, bursaries and awards?
Scholarships are based solely on academic achievement. Student applicants with the highest grades will receive them.
Bursaries are based on financial need. They may also have academic requirements, but their main purpose is to support students without the means to afford an education otherwise.
Awards are a broader category that can include artistic or athletic achievement, community service, entrepreneurial endeavours, service club membership and more.
What is the minimum commitment to set up a new student award?
The current minimum amount to start a new student award is $1,000/year for 3 years. This is approximately the cost of one course plus textbooks. We ask for a minimum commitment of 3 years, though you can certainly fund an award for as long as you like.
How can I set up a new student award?
Please contact Development to learn more about setting up a new student award.
University of Lethbridge
4401 University Drive
Lethbridge, Alberta T1K 3M4
A735, University Hall
What can I expect when I setup a student award?
We start with an initial discussion of what you hope to achieve. We help you choose a type of student award (Scholarship, Bursary, or Award) and then guide you through selecting criteria which will be used to create a terms of reference that governs disbursement of your funds. All terms must be submitted for approval to a University committee.
Once the terms are approved, we can accept your donation and establish the fund. Each year you will be notified of the name of your student award recipient in the late Fall or early Spring. We encourage our students to send a personal note of thanks to their donor.
Creating an Endowment
An endowment is an account that is held in trust. The capital is preserved permanently while the income earned on the capital is to be used for a specific purpose. This means that endowed awards can be given out in perpetuity without needing to add more money each year.
Any award can be endowed with a minimum value of $25,000. This amount will generate enough interest to sustain a $1,000 student award, essentially forever.
Learn more about the University of Lethbridge Endowment Management Policy here.