Scotiabank Offers Students Chance to Win C$30,000 Scholarship

Bank of Nova Scotia (BNS), Canada’s third-largest bank, has announced it is is offering post-secondary students the chance to win a C$30,000 scholarship as part of the new Scotia Funds Your Future contest.

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Through this contest, Scotiabank will help one Canadian and one international student pay their tuition fees. They will also have the chance to meet with a Scotiabank advisor to create a financial plan. (See Bank of Nova Scotia stock charts on TipRanks)

As the new school year approaches, thousands of post-secondary students are still facing financial challenges caused by the pandemic. Indeed, many of them have lost their jobs, or have had their internships delayed or canceled. This loss of income further underscores the fact that debt is a major concern for students. According to Statistics Canada, half of post-secondary graduates are in debt upon graduation, with a median debt of C$17,500.

Tracy Gomes, senior vice president of Retail Customer Value at Scotiabank said, “For many, the years spent at college and university are an exciting time but it’s also a time when students are burdened with debt from the cost of tuition, books, and rent. The Scotia Funds Your Future contest is just one way Scotiabank is helping students alleviate some of the financial pressures they face.”

The contest runs from August 3, 2021, to January 31, 2022, and the names of the winners will be announced on March 1, 2022. Eligible students may obtain contest entries by holding or opening an eligible account with Scotiabank and registering for the contest.

On August 15, RBC Capital analyst Darko Mihelic maintained a Buy rating on BNS with an C$86 price target. This implies 7.2% upside potential.

The rest of the Street is cautiously optimistic on BNS with a Moderate Buy consensus rating based on six Buys and four Holds. The average Bank of Nova Scotia price target of C$88.30 implies 10% upside potential to current levels. Shares have gained 18% year-to-date.