How to pay for university

If you're like most students, you'll use multiple sources of money to pay for university. It may take a bit of research, but there are different ways you can find money to help pay for school.

While scholarships are generally based on academic achievement, most loans, grants, and bursaries are based on financial need. What does "financial need" mean? It's when your costs (tuition, textbooks, housing and food, personal expenses, etc.) exceed what you're expected to contribute toward your education.

If you live in Ontario, you should apply for the Ontario Student Assistance Plan (OSAP) even if you think you don't qualify because many factors affect your eligibility. Visit the OSAP website for details.

­

How Waterloo can help in first year

Type of award Based on Need to be repaid? Application required? Value When available
Entrance scholarships Academic or personal achievement No For a small number of scholarships $500 - $100,000 First year
Entrance bursary (Ontario students) Financial need No Yes $1,000 - $5,000 First year
Waterloo bursary (Canadian students) Financial need No Yes, once you're at Waterloo Varies First year and upper years
Government grants Financial need No Yes Varies First year and upper years
Government student loans Financial need Yes Yes Varies First year and upper years

­

Other sources of money for first year

Source of money Based on Need to be repaid? Application required? When available
Your savings (and/or family contributions) n/a n/a n/a First year and upper years
Non-University of Waterloo scholarships Financial need and/or academic or personal achievement No Usually First year and upper years
Registered Educational Savings Plans (RESP) Your parents' or guardians' investment No n/a First year and upper years
Part-time job Your skills and interests, availability of jobs No Yes First year and upper years

­

What about after first year?

You can continue to use government assistance, bursaries, scholarships, part-time jobs, RESPs, and any personal savings to pay for your upper years. There are also new sources of funding after first year.

Source of money Based on Need to be repaid? Application required? Value When available
Upper-year scholarships and awards Academic or personal achievement No Yes Varies After first year
Co-op work term earnings Your program, how far through your degree you are, and your employer No Yes Varies depending on your program After first year for most programs
Work-study programs (part-time on-campus jobs) Financial need No Yes up to $2,000 during a four-month school term Usually after first year
Part-time job (on or off campus) Your skills and interests, availability of jobs No Yes Depends on the job Throughout university
International undergraduate bursary Financial need; must be a full-time international student No Yes Varies depending on how many courses you're taking After first year

First-year and upper-year resources

Government assistance

Other scholarships

Here are some websites where you can research scholarships.

If you work part time, your employer may offer scholarships.

You can also have your parents or guardians check to see if their employers offer scholarships.

From the Missing Manual

Visit our Missing Manual website for tips and advice from Waterloo students and staff. Topics include

A group of students walking down a hallway with floor-to-ceiling windows on either side of them.

Budgeting for your first year

Figuring out finances for university is stressful for many students because of how much it costs.

Student sitting at a table with their laptop infront of them and a credit card in their hand

How to save money as a student

Learning how to save money is a skill that will come in handy for the rest of your life. It’s easy to overspend if you’re not careful, and that can make paying for university even more stressful.

Laptop with "job search" on the screen

How to get a summer job

If you’re out of school for the summer, there are plenty of jobs you can get to help make some extra money and gain valuable work experience.