Like most university students, you'll use a variety of ways to pay for your education, including financial aid such as grants, loans, and bursaries.
The financial aid you receive depends on factors such as
- the tuition fees for your program,
- family size and income, and the
- number of dependent children your parents have at university or college.
Depending on your family situation, your financial aid could be grants (which you don't pay back), loans (which you repay when you complete your studies), or most likely, a mix of the two.
Terminology
- Entrance awards – scholarships based on academic or personal achievement
- Entrance bursary – for Ontario students starting college or university for the first time
- OSAP loans and grants – from the government of Ontario
- Waterloo bursary – you can apply each term you're enrolled at Waterloo
- Student contribution – the Ontario government expects you to contribute $3,600 toward your first-year expenses
- Parental contribution – parents are expected to contribute to first-year expenses for some students (based on family income levels)
You don't repay any financial aid except for OSAP loans – and maybe your parents!
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 | For your first year |
| Entrance bursary (Ontario students) | Financial need | Yes | $1,000 - $5,000 | ||
| Waterloo bursary (Canadian students) | Yes, once you're at Waterloo | Varies | Throughout your time at university | ||
| Government grants and government student loans | Yes |
Other sources of money for first year and beyond
| Source of money | Application required? | When available |
|---|---|---|
| Your savings (and/or family contributions) | No | Throughout your time at university |
| Non-University of Waterloo scholarships | Usually | |
| Registered Educational Savings Plans (RESP) | No |
How Ontario students could cover their first-year costs
We don't have financial aid information for students from outside Ontario or Canada so these scenarios are for Ontario students only.Â
Not sure of which faculty offers your program of interest? View programs by faculty.
Faculties of Arts, Environment, Health, Mathematics, and Science
Below are three scenarios of how students could cover their first year expenses through various financial sources.
One parent, two children (family income of $60,000)
One parent with two dependent children (one in university or college)
Two parents, two children (family income of $80,000)
Two parents and two dependent children (one in university or college)
Two parents, two children (family income of $120,000)
Two parents, two dependent children (one in university or college)
Most programs in these faculties have similar tuition fees. Total expenses for first year (including tuition, residence and meal plan, textbooks, and personal expenses) average $24,000.
Accessible versions of the data from the charts are available as a Microsoft Excel spreadsheet.
Engineering programs
Below are three scenarios of how students could cover their first year expenses through various financial sources.
One parent, two children (family income of $60,000)
One parent with two dependent children (one in university or college)
Two parents, two children (family income of $80,000)
Two parents and two dependent children (one in university or college).
Two parents, two children (family income of $120,000)
Two parents and two dependent children (one in university or college)
Most programs in these faculties have similar tuition fees. Total expenses for first year (including tuition, residence and meal plan, textbooks, and personal expenses) average $34,000.
Accessible versions of the data from the charts are available as a Microsoft Excel spreadsheet.
How will I know how much financial aid I'll receive?
You can use the OSAP Aid Estimator on the OSAP website to find out how much assistance you could get.
Tip: If you live in Ontario, you should apply for the Ontario Student Assistance Plan (OSAP) even if you think you don't qualify. Many factors affect your eligibility!
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 |
|---|---|---|---|---|
| Upper-year scholarships and awards | Academic or personal achievement | No | Yes | Varies |
| Co-op work term earnings | Your program, how far through your degree you are, and your employer | Varies depending on your program | ||
| Work-study programs (part-time on-campus jobs) | Financial need | up to $2,000 during a four-month school term | ||
| Part-time job (on or off campus) | Your skills and interests, availability of jobs | Depends on the job | ||
| International undergraduate bursary | Financial need; must be a full-time international student | Varies depending on how many courses you're taking |
Government assistance
Our Student Awards and Financial Aid website explains the different types of aid.
- Ontario Student Assistance Program (OSAP). You should apply even if you don't think you qualify because many factors affect your eligibility.
- Canadian students from outside Ontario
- U.S. students
- Veterans of Canada's armed forces can access funding of up to $80,000.
What's next?
- Use our cost calculator to estimate your first-year tuition, living expenses, and textbook costs.
- View Waterloo's scholarships.
- Learn about co-op and how you can earn thousands of dollars per co-op work term.
From the Missing Manual
Visit our Missing Manual website for tips and advice from Waterloo students and staff. Topics include
Budgeting for your first year
Figuring out finances for university is stressful for many students because of how much it costs.
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.
How to get a summer job
A summer job can help you make money for school and gain valuable work experience.