Various types of awards are available to students of Memorial University. The most common of these are scholarships, bursaries, and awards.

A scholarship is based on academic performance and is awarded to the student with the highest average meeting the conditions of the scholarship. Scholarship standing is required for all scholarships.

A bursary is based primarily on financial need and may be awarded to full-time students who have a minimum GPA of 2 (out of a possible 4) and meet the other conditions of the bursary.

An award is offered to recognize special achievements or to assist with special projects or travel. Awards may be given to students with a minimum of clear standing as defined by the University and meeting the other conditions of the award.