Scholarships and Financial Aid

University is a significant investment in your future. This chapter helps you understand costs, find funding, and plan financially.

Understanding University Costs

Tuition and Fees

Costs vary significantly by program and student type:

Student Type	Annual Tuition Range
Domestic (Arts/Science)	$7,000 - $10,000
Domestic (Engineering)	$15,000 - $20,000
Domestic (Business)	$12,000 - $18,000
International	$45,000 - $65,000+

Living Expenses

Expense	Estimated Annual Cost
Residence	$8,000 - $15,000
Meal Plan	$4,000 - $9,000
Books & Supplies	$1,000 - $2,000
Personal/Transportation	$3,000 - $5,000

OSAP: Ontario Student Assistance Program

OSAP is the primary source of government financial aid for Ontario students.

How OSAP Works

OSAP provides two types of funding:

Grants - Free money you don't repay
Loans - Money you borrow and repay after graduation

Eligibility Requirements

To qualify for OSAP:

Canadian citizen, permanent resident, or protected person
Ontario resident
Enrolled in an approved program
Demonstrate financial need

How to Apply

Create an OSAP account at ontario.ca/osap
Complete the application (30-60 minutes)
Submit required documents
Receive your assessment (4-6 weeks)
Sign your loan agreement
Funds released to your school

OSAP Timeline

When	Action
Spring	Applications open
60 days before classes	Recommended deadline
September	Fall funding released
January	Winter funding released

OSAP Grants (You Don't Repay!)

Ontario Student Grant covers:

Tuition
Books
Living expenses (based on need)

Tip: Even if you don't think you'll qualify, apply anyway! Many students receive more grants than they expect.

Repayment

Begins 6 months after you finish studying
Interest-free during the grace period
Income-based repayment options available
Repayment assistance programs exist

University Entrance Scholarships

Automatic Scholarships

Based solely on admission average:

Average	Typical Award
95%+	$5,000 - $10,000+
90-94%	$2,000 - $5,000
85-89%	$1,000 - $2,500
80-84%	$500 - $1,500

Varies by university and program.

Application-Based Scholarships

Require separate applications considering:

Academic achievement
Financial need
Community involvement
Leadership experience
Specific criteria (first-gen, field of study, etc.)

Co-op: Earn While You Learn

Co-op programs let you earn significant money while studying.

Waterloo Co-op Earnings

Work Term	Typical Earnings
First term	$9,600 - $15,000
Senior term	$15,000 - $22,800+
Total (6 terms)	Up to $137,000

Co-op Benefits

Pay for school with earnings
Graduate with less debt
Gain work experience
Build professional network
Test career paths

External Scholarships

Where to Find Them

ScholarshipsCanada.com - Comprehensive database
Yconic.com - Student awards
Universities Canada - National scholarships
Community organizations - Local clubs, foundations
Employers - Company programs

Application Tips

Start searching in Grade 11
Create a tracking spreadsheet
Watch for deadlines
Tailor each application
Get strong references
Apply to many (it's a numbers game!)

Financial Planning Strategies

Before University

Research all financial aid options
Apply for OSAP early
Apply for external scholarships
Budget for all costs, not just tuition
Consider co-op programs

During University

Create and stick to a budget
Use student discounts
Consider part-time work (but not too many hours)
Apply for in-course scholarships
Minimize unnecessary expenses

Key Financial Terms

Term	Definition
Grant	Free money, no repayment
Loan	Borrowed money, must repay
Bursary	Need-based award, no repayment
Scholarship	Merit-based award, no repayment
RESP	Registered Education Savings Plan
Work-study	On-campus employment program

Sources: OSAP, Waterloo Finances