The university distributed $5 million in need-based financial assistance to
2,822 students as bursaries and low-interest loans during the fiscal year ending
March 31, 1998.
Dan Worsley, assistant director in Awards and Financial Aid, says roughly
$4.6 million in bursaries, which do not require repayment, was distributed to
graduate and undergraduate students during the past year. A further $400,000
went out in the form of low-interest loans which must be repaid after a set
period.
“The university is doing a wonderful job of providing financial support to
students who need it,” Worsley said. “Of course, with 32,000 students, we could
always do with more funds to support students in need. There are students who
may not yet be aware of our services or whose needs exceed the maximum available
through our programs.”
Three million dollars in bursaries is provided from the Student Aid Fund Bursaries,
the UBC Bursaries, the World University Services of Canada Bursaries and Summer
Bursaries, all of which receive funding from the university’s General Purpose
Operating Fund. An additional $1.39 million is distributed from revenue generated
by endowed bursaries.
Clark Warren, UBC’s associate director of Development, says a one-time gift
to the university of about $40,000 can be used to create an annual student bursary
that will cover a student’s tuition costs — roughly $2,500. The minimum amount
required to create an endowment is $5,000, which will generate a bursary of
about $300 annually, Warren says.
An additional $231,000 was distributed in non-endowed bursaries funded by
annual gifts from donors.
Loans provided by the university are funded mainly by two private donations
to the university. The Jane and Charles Banks Loan Fund supports the majority
of university loans to graduate and undergraduate students, while the Dr. A.E.H.
Bennett Medical Loan Fund provides loans to medical students.
Although $400,000 was distributed in student loans this year, Worsley said
as much as $1.3 million is available to lend.
