Partial funding for tuition, books and housing may be available to Indigenous Black and Mi'kmaw students, on the basis of need. Students who do not meet the definition of Indigenous Black or Mi'kmaq as set out above are not eligible for funding from the IB&M Initiative, however, all students may apply for general bursary assistance from Dalhousie Law School. Applicants are expected to explore all options for financing their education, including student loans, the Federal Department of Justice Legal Studies for Aboriginal People Program (LSAP) and possible Band funding, prior to the beginning of their first year.

Students who are eligible make a funding application to the IB&M Standing Committee. The Committee assesses each application and awards funding based on need. The Standing Committee is made up of four members of the law faculty, including the Director of the Initiative, representatives from the IB&M Advisory Council and two student representatives from the Initiative.

IB&M students may also apply for general bursary assistance available to all law students.