# hi finance at University of Waterloo Student aid, awards, and budgeting help for University of Waterloo students, from a team that knows OSAP, co-op terms, and where the money goes. --- Waterloo runs on co-op, and your money does too. This is what paying for a Waterloo degree looks like: what OSAP covers, which awards close before you think, and how to keep your Quest account Fees Arranged so your aid lands on time. ## Student aid program University of Waterloo uses [OSAP](https://www.ontario.ca/page/osap-ontario-student-assistance-program). ## The numbers at University of Waterloo - **$9,000** — Estimated first-year tuition Waterloo's estimate for an Ontario student in Arts, Science, or Mathematics for two terms, including incidental fees. Books and supplies run about $1,500 more, and co-op students pay a $836 fee per school term. Source: https://uwaterloo.ca/future-students/financing/tuition - **$1,000–$5,000** — Waterloo entrance bursary Every first-year Ontario resident with financial need who is starting post-secondary for the first time gets a Waterloo entrance bursary. No repayment required. Source: https://uwaterloo.ca/future-students/financing/bursaries - **$2,000** — President's Scholarship Awarded automatically to first-year students with a 90 to 94.9% admission average. A 95% or higher average earns the President's Scholarship of Distinction instead. Source: https://uwaterloo.ca/future-students/financing/scholarships ## Key deadlines ### Apply to OSAP (60 days ahead) There's no single opening date. Full-time students should apply no later than 60 days before the end of their study period, because processing time is what makes people late, not eligibility. The OSAP academic year runs August 1 to July 31, so a study period starting on or after August 1, 2026 uses the 2026–27 application. [More](https://www.ontario.ca/page/how-apply-osap) ### Fall 2026 fee payment deadline (Aug 25) Your Quest registration status must be Fees Arranged by this date. Pay in full, or complete a Promissory Note if your OSAP or other aid is on the way. Late payments carry a Fees Arranged Extension Fee that starts at $50 and climbs the longer you wait. [More](https://uwaterloo.ca/finance/fees-arranged-extension-fees-2026-2027-academic-year) ### Entrance bursary deadline for Ontario students (Apr 15) Apply through your applicant portal by this date. If you're selected, Waterloo notifies you starting mid-May. The bursary is worth $1,000 to $5,000 and is based on financial need, not grades. [More](https://uwaterloo.ca/future-students/financing/bursaries) ### Application-based entrance scholarships (Apr 15) Scholarships for Black and Indigenous students, plus many faculty awards, need an application by this date. Apply through the Awards and financial aid tab in your applicant portal. Automatic scholarships like the President's and Merit awards need no application at all. [More](https://uwaterloo.ca/future-students/financing/scholarships) ### Fall 2026 student bursary window (Jul 27 – Oct 16) Current students apply for term bursaries in this window. Ontario full-time students can get up to $3,000 per term. Part-time students get up to $250 for one course or $500 for two. [More](https://uwaterloo.ca/the-centre/awards-and-financial-aid/student-bursaries) ## FAQs ### Does the University of Waterloo use OSAP? Yes. OSAP is Ontario's program, and Waterloo is an OSAP-approved institution. If Ontario is your province of residence, you apply through OSAP, which considers you for both grants and a loan. You can decline the loan after your application is approved. ### Can I get OSAP as an out-of-province student at Waterloo? You apply to your home province's program, not Ontario's. A student from Alberta studying at Waterloo applies through Alberta Student Aid. The school you attend doesn't determine which program funds you, your province of residence does. ### Do I have to apply separately for Waterloo scholarships? Some are automatic. The President's and Merit Scholarships are awarded based on your admission average with no application. But the entrance bursary, scholarships for Black and Indigenous students, and most faculty awards need an application through your applicant portal by April 15. ### What happens if my student aid doesn't cover my tuition? You're responsible for the shortfall by the fee deadline. Options include a Waterloo entrance or student bursary, a Promissory Note to keep your Quest status Fees Arranged, and the Student Access Guarantee, which can top up full-time students at public Ontario schools when OSAP doesn't cover program costs. ### Do I need to file taxes as a Waterloo student with no income? You should. Filing is how you claim your T2202 tuition credit and carry it forward, and it's what registers you for benefits like the GST/HST credit. Skipping it leaves money unclaimed.