The University awards scholarships to entering students for academic achievement. Students need not apply for these scholarships, as consideration for scholarship eligibility is automatic and part of the Admissions process. All students who have financial need are urged to apply for the Sharp and Goodridge scholarships which are based on academic achievement and financial need by completing Section C of the application form. The deadline for application for the September 2004 session is March 15.

Scholarships awarded to entering students are tenable as long as the student is carrying a full course load, and all other conditions of the award are fulfilled. Some scholarships are renewable if stated in the scholarship offer.

The Bell Scholarship is an entrance scholarship that was established in 2002 as the premier entrance scholarship at Mount Allison. It was established to perpetuate the memory of the Bell Family and their significant contributions to Mount Allison. The scholarship celebrates students who have demonstrated strong academic ability, leadership potential, volunteer work, extracurricular activities, work experience and good citizenship. Students interested in this scholarship must submit their completed application form by March 15th, following the criteria outlined on the Mount Allison application for admission form.

All students who attend Mount Allison will be considered for scholarships after their first year of study. These scholarships will be awarded annually to the very best students enrolled in a full course load in each faculty.

Mount Allison's Entrance Bursary Programme has been established to offer assistance to students who have financial need in order to provide access to post-secondary education and to help them successfully complete their studies within a reasonable time period. Bursaries “are determined based on financial need and are intended to supplement, but not replace, the student's own resources and the resources of the applicant's immediate family.” Financial need is established when a student can demonstrate that his/her expenses exceed his/her resources. This financial aid component was developed and implemented in 2001. It has been designed to help entering students with exceptional financial need who show academic promise. Students are encouraged to send in their completed entrance bursary application prior to mid-April in order to be considered.

Students must first be accepted for admission at Mount Allison before his/her Entrance Bursary application is processed.

To maintain their eligibility, students must also apply to their province for a student loan.

Students starting in January are not eligible for this award.

The Mount Allison Theological Fund is administered by the Pre-Theological student advisor and is used in a variety of ways for the benefit of pre-theological students. Monies from the fund are available to students in the form of loans and bursaries. Various denominations provide assistance to students in Arts who intend to study for some form of Christian ministry. Information can be obtained from the Pre-Theological student advisor. In addition, some theological schools offer scholarships and bursaries to students in Arts who undertake to study theology at the theological school concerned. Pine Hill Divinity Hall (the United Church component of the Atlantic School of Theology) offers grants to students preparing for the ministry in the United Church. Students must commit themselves to taking full courses in Theology at the Atlantic School of Theology and plan to work for at least two years thereafter for the United Church of Canada. Students who do not fulfill these conditions are expected to arrange for repayment of monies received.

Advanced applications are not necessary for Pre-Theological bursaries, but students who wish to apply should contact the Pre-Theological student advisor at the beginning of the academic year.