Sometimes donors will consider other factors in awarding both types of scholarships such as financial need, community service, and citizenship or Permanent Resident status. School-based scholarships are restricted to that school. After you have begun to take classes, you can apply for a bursary. Bursaries are based on financial need, either emergency or long term. Your grades must be high enough to allow re-admittance for the next term, and you must be willing to prove financial need by filling out forms and giving permission for the school to talk to your bank.
Awards are prizes given to the highest achiever in a subject or class.
They can be based on class work, leadership, or other personal accomplishments. Awards are not always cash. You could receive a plaque, a medal, a book, a certificate, or even airline tickets. Non-cash awards are valuable on your resume since they prove you are the best at something. Student loans are funds borrowed from a bank, to be repaid on a calculated rate of interest.