There is no is frequently used for universal statements, such as: There is no hope; there is no way; there is no chance/possibility . There is not, frequently abbreviated to there isn't. is generally used to make a simple negative statement or to deny a positive one. There isn't a bus until midday. More @Wikipedia
Hover over any link to get a description of the article. Please note that search keywords are sometimes hidden within the full article and don't appear in the description or title.