Financial Aid FAQs

What is the difference between a bursary, a scholarship, a loan, a grant and an academic award?

These terms are often used interchangeably even though they are very different:

  • A bursary is a non-repayable fund, issued based on individual financial need and satisfactory academic status. Students are required to apply for bursaries.
  • A scholarship consists of non-repayable funds, which are distributed based on previous academic achievement. For example, Fleming Academic Excellence Entrance Scholarships are awarded on the basis of high school academic achievement. Sometimes you apply for scholarships and sometimes they are awarded.
  • A loan is a repayable fund distributed based on financial need. Loans are interest bearing and depending on the type of loan (government or bank), interest payments may be required during the academic study period. You must apply for a loan.
  • A grant is a non-repayable (government) fund, distributed based on financial need. Students apply for grants.
  • An academic award recognizes the academic and community achievements of students during their course of study with the college. Academic awards are monetary and/or gifts. Students are selected for these awards based on specific criteria.
Why does Fleming College operate a bursary program?
Fleming provides a bursary program to assist students with basic living costs while attending college. College bursaries are available for those Fleming students who exhibit the greatest financial need. Bursaries are intended to supplement educational resources such as government loans, employment earnings, scholarships, other externally administered bursaries and family contributions.
What types of bursary/scholarship assistance are available?

Most of Fleming College's bursaries and scholarships are awarded by application. These fall within four main categories which are described below:

  • Entrance Bursaries: An entrance bursary is available to all new students who demonstrate financial need. An entrance bursary application form will be included in each new student's offer of acceptance. Deadlines for application will be included on the application form. Applicants must be new to Fleming College and demonstrate financial need.
  • General Bursary Program:This program is designed to assist students who have financial need and are in good academic standing. Students are required to provide a budget outlining their financial situation as well as supporting documentation. The college reserves a percentage of the tuition paid by students to fund the General Bursary Program, as legislated by the provincial government.
  • Donor Sponsored Bursaries/Scholarships:A variety of sponsors and donors, such as The Fleming College Foundation , businesses and organizations have provided funds over the years, which are designated for students with financial need. Some bursaries may also have additional selection criteria that must be met before the bursary can be awarded.
  • Ministry of Training, Colleges and Universities Bursary Programs:A variety of ministry-sponsored bursaries are available to students including: the Ontario Special Bursary (OSB); Ontario Work Study Program (OWSP); Bursary for Students with Disabilities (BSWD); and the Child Care Bursary (CCB).
Am I eligible for a Fleming College bursary?

To be eligible for a bursary you must:

  • Be a registered Fleming College student.
  • Demonstrate/prove financial need. Only financial needs addressing the current academic year and only realistic, legitimate expenses pertaining directly to educational and basic living costs will be considered. We understand that students can have previous financial commitments and persistent financial difficulties; however, there are limits to the types of financial difficulties that bursaries can be used to address. For example, the college will not consider outstanding fees, and/or current or previous debts, when determining bursary eligibility. We will require students to declare all financial liabilities, and to certify the accuracy of the information provided in their application for bursary assistance.
  • Students must have applied for and/or received government student loans (this is not a requirement for bursaries sponsored by The Fleming College Foundation). We ask that students use all other sources of funding before applying for a bursary. Beyond financial assistance provided, we use the information in the government loan assessment to provide a standardized indicator of financial need. If you are unable or unwilling to apply for government student loans, your application may still be submitted for consideration, in which case you will be expected to explain why you have not applied for government student loans.
  • Students applying for bursaries must have satisfactory academic standing. Generally, those who are not in good academic standing will not be eligible for bursaries.
Can I apply for bursary assistance more than once per year?
Students applying for bursaries through The Fleming College Foundation may do so more than once per year. Students applying to the Fleming General Bursary fund may also apply for bursary assistance more than once per year, under certain conditions. Generally, a student's bursary application is reviewed within the context of an academic year, considering all costs and sources of income. However, in the case of unforeseen circumstances, such as medical or dental emergencies, which may arise and create undo financial hardship, an additional bursary application will be considered.
Will I be eligible for bursary assistance if I have defaulted on my government student loan?
All outstanding loan defaults must be corrected before a student's eligibility for bursary funds will be considered.
What if my government student loan is decreased due to an overpayment/over award from the previous year?
The college bursary fund cannot assume any portion of the over award/overpayment. However, your bursary application may be considered based on the reduced amount of government student loan.
How can I determine if I am financially prepared to attend college?
You should prepare a detailed, realistic budget for the entire academic year. This will help you to detail the timing of both expenses and sources of income. Be sure to consider a back-up plan should your resources not arrive as quickly as expected, or not at all. If you have properly prepared a budget and do not have sufficient resources to cover expenses, especially if there is a large gap, you may have to consider postponing your college studies until your financial situation improves.
How is the amount of the bursary award determined?
In some cases, there is a set bursary amount awarded, assuming the applicant meets all the criteria. Where financial need is a substantial consideration, numerous factors affect the amount of the bursary for any particular applicant. Our evaluation of your bursary need is based on your budget for the entire academic year. Please do not assume that the amount received early in the academic year will be repeated with any subsequent application. Nor should applicants assume that the total amount they received in a prior year would be the same total amount to be awarded in the current year. Generally, bursary funds will not be approved for those students whose financial need is far greater than the amount that can be provided. However, each application will be reviewed on its own merit.
When will I be informed if I have received a bursary and how?
  • Entrance Bursaries: We generally inform students by letter if they will be receiving an entrance bursary. See the bursary application form for specific deadlines. Letters are mailed out approximately one month after the application deadline date.
  • Donor Sponsored Bursaries/Scholarships: The Fleming College Foundation's Awards Selection Committee conducts the selection process for all Friends bursaries and scholarships, along with other individuals as specified by the terms and conditions for each award. Successful students will normally be notified of the outcome within three weeks of the application deadline. Bursary funds will be awarded to students at the ceremonies held in November and January of each year.
  • Fleming General Bursary Funds: Assuming that all necessary documentation and budget information is received with the bursary application, a bursary interview with the applicant will be scheduled within two weeks of the application submission. Students will be notified as to whether they will receive a bursary during the interview. Incomplete applications will be returned to the applicant and will not be considered until the applicant has provided all necessary supporting documentation.
  • Ministry Sponsored Bursary Programs: Students are generally informed by letter as to whether they will receive a bursary. Notification begins approximately one month prior to the start of their semester.
How do I receive the bursary money?
Bursary funds distributed by the Financial Aid Office are generally in the form of a cheque and are usually available the day following the bursary interview. Students must provide photo identification and must sign for their cheques before they are released. Bursary funds for The Fleming College Foundation bursaries and scholarships are distributed to students at the Foundation's ceremonies in November and January of each year.
Who will be notified of my award?
We are required to report the names of bursary recipients to the government student loan authority and in some cases to the donor of the bursary.
Do I have to pay taxes on my bursary?
Normally, student exemptions are sufficiently high that no taxes are payable. All bursary and scholarship awards will be recorded and reported on a T4A, which will be sent to you for inclusion with your Canadian Income Tax form.
How do I apply for a bursary?
Applications for the various scholarships and awards are available through the Financial Aid Offices at Fleming College, in Peterborough and in Lindsay, or at The Fleming College Foundation office.
What other bursary/scholarship resources are available?

There are hundreds of other bursaries and scholarships available to Canadian students. Check out the following websites to see just what's available:

What other financial assistance options are available?
  • Emergency Loans: An emergency loan fund has been established by the college to provide short-term loan assistance to students who may be waiting for their approved funding to arrive. The emergency loan is added to the student's current college account and is then deducted from the funding when it arrives.
  • Community Support: Your community could be a hidden source of educational support. Do local service clubs offer bursaries or scholarships? Do your parents' employers have special funds available for employees' children? Does your church have an education fund for parishioners? Ask your parents and relatives about affiliations that could be sources of educational support.
  • Personal Bank Loans: Some banks offer students loans or lines of credit ranging from $5,000 to $6,500 to cover educational costs. Call your local bank branch to find out more.
  • First Nations' students, who are status Indians, may be eligible for financial assistance through the Department of Indian Affairs, or their Band Office, under the Post Secondary Education Assistance Program. Students need to contact their First Nations Education Counselor. The Native Student Counselor on campus at Fleming College may also be contacted to provide information and answer questions.

© 2010 Fleming College

July 31, 2010