Promissory Note

How do I know if I need to submit the Promissory Note?

  • The Promissory Note process allows you to have the registered status Fees Arranged while leaving a balance owing on your account equal to the amount of financial aid you will be receiving during the term.
  • You need to pay the rest of the balance owing on your student account before completing the Promissory Note.
  • The Promissory Note cannot be used to submit proof of payment in full; you must also have financial aid coming to you during the term.
  • The Promissory Note includes a commitment from you that if any of your financial aid is cancelled or reduced, you accept responsibility for paying your fees personally.
  • The Promissory Note process on Quest is available from three days after fees are posted for the coming term until three days before bills are posted for the next term. It is then closed until three days after the next term's fees are posted.
  • If you try to access the Promissory Note before fees have been posted to your account, you will see an error message. Do not be alarmed--just try again once you see fees have been posted to your student account.

What kind of funding can I use for the Promissory Note?

Only specific types of funding are accepted on the Promissory Note. 

  • Some will appear on your student account in Quest as Anticipated Aid, so when you are completing the Promissory Note in Quest, you will not need to provide a proof document. 
  • Other forms of financial aid will not show as Anticipated Aid on Quest, so you will need to upload a proof document during Step 4 of the Promissory Note process, showing the amount of that approved funding you will be receiving during the term.

You can use the Promissory Note with these types of funding:

You cannot use the Promissory Note with these types of funding:

  • OSAP (or other government student loan) estimates
  • A graduate Offer of Admission letter
  • statements of RESP funds
  • applications for funding (bursary, scholarship, award, etc)
  • a bank statement showing your bank balance or a statement of your investments valuation
  • Scholarships, bursaries, and loans from outside Canada or the USA
  • bank drafts or cashier's checks drawn on a bank that is not a US or Canadian bank
  • Proof of payment in full
  • Private bank loans or student lines of credit
  • Employer reimbursements
  • A promise to pay later from personal sources, family members, employment income or a Co-op job
  • Tuition Vouchers
  • Proof of student loan funding from the CanLearn site
  • External scholarships, bursaries, awards payable to the student
  • BC Passport to Education

The University cannot reimburse staff or faculty who choose to cover any fees posted to a student’s account, regardless of the reason. Departments wishing to provide financial assistance to students need to authorize an award or offer payment via an RA or TA. 

Important notes!

Proof of financial aid

If you will not have acceptable proof of the financial aid by the due date, you have two options:

  • pay your Term Balance by the due date to avoid a late fee; or
  • complete the Promissory Note once you have acceptable proof of financial aid or payment of the remaining balance. NOTE: If this is after the due date, a late fee will be charged to your account. Note: We do not waive late fees for departmental delays that prevent you from completing the Promissory Note by the due date.

Problems with your Promissory Note

  • If you post-date a payment, we will not be able to process it or your Promissory Note until the date of the payment. 
  • If you need to use a Promissory Note to become Fees Arranged after the Quest process is no longer available for the term, please complete the pdf Promissory Note and send it to Student Financial Services with all supporting documentation.
  • we will notify you by e-mail if we cannot process your Promissory Note. Check your uwaterloo.ca e-mail account regularly; if you do not respond within 24 hours, a late fee will apply. We do not waive late fees.

Prefer not to complete the Promissory Note?

  1. If you are not using a Promissory Note to arrange your fees, be sure you pay the entire Term Balance so that it arrives on your student account by the due date to avoid being charged a late fee.
  2. We strongly recommend that you do not send payment by bank draft/cashier's check/money order; this type of payment relies on postal service and will result in a late fee charge to your account if it does not arrive on your student account by the due date. Please make a bank payment to settle your student bill.
  3. If you pay your account balance with more than one payment, the account will be considered "paid in full" as at the date the final payment arrives on your student account, regardless of when it was initiated at your bank. If that is after the due date, a late fee will be charged to your student account.
  4. We do not accept payment via personal cheque. Company cheques originating from financial organizations in Canada or the US will be accepted. See the Payments from an International Bank page for the approved payment methods from banks outside Canada.