The bursaries are part of the Aviation Career and Development Program which helps future aviators pay for their education.
"Our department identified a need to support the aviation industry... which is one of our biggest employers," said Finance minister Joe Handley.
"This program is win-win all around. It's good for students, it's good for the ministry and it's good for industry," he said.
The bursaries were sponsored by NWT Department of Transportation, Canadian North and Northern Air Transport Association.
The eight winners are: William Blaudel of Fort Smith, Tyler King of Hay River, Peter Siemens of Rae-Edzo, Chris MacDonald of Norman Wells and Yellowknife's Scott McRae, Celine Gauthier, Colin Fraser and Chad Blewitt.
King, Blaudell and Gauthier are enrolled in the Commercial Aviation program at Aurora College in Fort Smith. They said the bursaries will go along way to helping pay their $20,000 tuition fees.
"This will really help," said King.
Once the students graduate from their respective programs, they face a few lean years while they try to gain experience.
"Basically, during your first few years you make peanuts," said Blaudel. "The most important part is gaining (experience). So in that regard, the money will really help."
While all students concede they have a tough road ahead, it hasn't dampened their enthusiasm for flight.
"I've dreamt of being a pilot for as long as I can remember," said Celine Gauthier. "Every day is different. It doesn't feel like work."
Twenty-three students applied for the bursaries, the most in the three year history of the program.
Those numbers have the government considering a plan to up the number of bursaries next year.
"We looking into doubling the size of the program because the demand has been so great," said Handley.