Alternatives for financing graduate studies
Scholarships and awards are typically a significant source of funding for primarily research-based graduate students. For those pursuing course-based programs, or who need to find additional sources of funding, there are a few options to explore.
For domestic students
Ontario Student Assistance Program (OSAP)
Many graduate programs are eligible for funding from the Ontario Student Assistance Program (OSAP) - a provincial government funded program. Ontario residents, including Canadian citizens, permanent residents and protected people of any age can apply for OSAP grants and loans for graduate degrees.
To learn more and get a quick estimate of how much you could get, visit the OSAP website.
Other Provincial student loan programs
Most Provincial and Territorial governments, including British Columbia, Alberta, Saskatchewan and New Brunswick offer student loans and grants for graduate programs at designated institutions.
The University of Waterloo is a federally designated university and many of our graduate programs are eligible for Provincial and Territorial student aid programs. To learn more, visit the Provincial and Territorial student aid website relevant to you.
- StudentAid BC (SABC)
- Alberta Student Aid
- Saskatchewan Student Aid
- Manitoba Student Aid
- New Brunswick Student Financial Services
- Nova Scotia Student Assistance
- Newfoundland and Labrador Student Aid
- Prince Edward Island Student Loan
- Yukon Financial Support for Students
- Northwest Territories Student Financial Assistance
- Financial Assistance for Nunavut Students (FANS)
Please note that graduate programs at Waterloo are not eligible for Québec Student Financial Assistance programs.
Private bank loans and lines of credit
Student lines of credit, offered by major Canadian banks like CIBC, BMO, RBC, and TD, provide a flexible source of funding specifically designed for students. This means you only borrow what you need for tuition, living expenses, or educational materials, and interest is charged on the amount you use. This allows for better financial management throughout your studies and helps build a positive credit history for the future with responsible borrowing habits.
For international students
MPOWER Financing
MPOWER Financing is a private company that offers loans to international students. To learn more or to start an application go to the MPOWER Financing website.
Questions? Email mpower.me@mpowerfinancing.com
Private bank loans
ScotiaBank is one of the only major, private banks in Canada to offer a product than can work for some international students.
Scotiabank’s Personal Line of Credit for Students offers a range of credit limits based on your program of study. International students enrolled in a Canadian graduate program can apply for a Scotiabank Personal Line of Credit for Students if they have a co-borrower who is a Canadian citizen or permanent resident.