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 many ways you can find money to help pay for school. Some sources are based on grades or financial need. Some you need to apply for, some you may receive automatically while others are only for first-year students. To discover more, be sure to check out our ultimate guide to funding your university education as well.
What is financial need?
While scholarships are generally based on academic achievement, most loans, grants, and bursaries are based on financial need. But what does "financial need" mean? It's the difference between your costs (tuition, textbooks, housing and food, personal expenses, transportation) and what you and your family are expected to contribute toward your education.
How Waterloo can help in first year
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, apply by April 15 | $500 - $4,000 | 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
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.
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 | n/a | Varies depending on your program, but can be $42,000 to $90,000 over the course of your degree | After first year for most programs |
Work-study programs (flexible 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 | Your skills and interests, availability of jobs | No | Yes | Depends on the job | Throughout university |
International undergraduate full-time bursary | Financial need | No | Yes | Various amounts depending on how many courses you're taking | After first year |
First year and upper-year resources
Government loans, grants, and benefits
Ontario students
The Ontario Student Assistance Program (OSAP) provides loans and grants for Ontario residents. You should apply for OSAP even if you don't think you qualify because many factors affect your eligibility.
Students from outside Ontario
Learn about student assistance for Canadian students outside Ontario and for U.S. students.
Canadian veterans
Funding of up to $80,000 is available for veterans of Canada's armed forces. Details are available on the Veterans Affairs Canada website.
Non-Waterloo scholarships
Below are some websites where you can research scholarships. If you work part time, your employer may offer scholarships for students.
You can also have your parents or guardians check to see if their employers offer scholarships.
Co-op and part-time jobs
- Waterloo's co-op program is not just an incredible way to gain work experience, it's a great way to earn money. You can earn thousands of dollars during your work terms.
- Work-study programs provide flexible, on-campus part-time and full-time jobs for students in financial need. There are also hundreds of other part-time jobs on campus and in the city.
Support statement
The University of Waterloo aspires to identify students with financial need and ensure that all eligible students admitted to full-time undergraduate programs have the financial assistance necessary to complete their studies.
What does this mean?
Financial shortfalls, as defined by the Ontario Student Assistance Program (OSAP) or other provincial financial aid programs, are determined by calculating OSAP’s allowable costs (tuition, compulsory fees, books, etc.) and subtracting your expected resources (income, OSAP funding, family contributions, etc.).
If your resources are higher than your costs, you do not have a financial shortfall. If your costs are more than your resources, you do have a financial shortfall and may be eligible for a bursary.
Learn more
Learn about Waterloo's scholarships.