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 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.