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The University awards entrance scholarships to entering students for academic achievement and extracurricular involvement. Students need not apply for entrance scholarships, as consideration for scholarship eligibility is automatic and part of the admissions process. The University also offers a wide range of major scholarships that are adjudicated during the admissions process. Major scholarships have various eligibility criteria and may require supplemental information or application submission. For a listing of major scholarship and their criteria visit the University website. The deadline for application is March 1.

Scholarships awarded to entering students are tenable as long as the student is carrying a full course load of 30 credits over the Fall and Winter terms, and all other conditions of the award are fulfilled. Entrance scholarships range from $1,000 to $5,000.

Established in 2002 as the premier entrance scholarship at Mount Allison, the Bell Scholarship celebrates students who have demonstrated strong academic ability, leadership potential, volunteer work, extracurricular activities, work experience, and good citizenship. To be considered for this prestigious scholarship, applicants must ensure that the required documentation is submitted to the university along with the application for admission by the application deadline of March 1st. Six awards are offered with a value of $56,000 and five awards are offered with a value of $44,000. Visit the Bell Scholarship web site for detailed information on how to apply.

All students who attend Mount Allison will be considered for scholarships after their first year of study. The University General Scholarships will be awarded annually to students, not holding an entrance scholarship or other major renewable scholarship or award, enrolled in a full course load of 30 credits over the Fall and Winter terms and who achieve a GPA of 3.7 during the same period.

Mount Allison's Entrance Bursary Program 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 their expenses exceed their resources. Students must first be accepted for admission at Mount Allison before the Entrance Bursary application is processed. Completed Entrance Bursary applications must be received by the deadline date each year, as noted on the application, in order to be considered. Students starting in January are not eligible for this award. To maintain their eligibility, students must also apply to their province for a student loan. Likewise, to maintain eligibility, international students from the United States must apply and be approved for a Subsidized Direct Loan from the US Department of Education.

The Senior Citizen Bursary offers assistance to students 65 years of age or older 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 their expenses exceed their resources. Students must first be accepted for admission and/or be enrolled at Mount Allison before the Senior Citizen Bursary application is processed. Completed Senior Citizen Bursary applications must be received by the deadline date each year, as noted on the application, in order to be considered.

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.

Through the generosity of donors over the years, the following endowed funds are available: