Anyone can establish a student award and have a direct impact on a student's life. When an award is created, it can be named for the donor, his or her family, a corporation, or in honour or memory of any person. The award may be directed to a particular Faculty or remain open to students from all Faculties. Best in the West is just one example of the many ways to fund a student award.
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Read more about student awards at McGill here:
Student Awards at McGill [.pdf]