What University Costs and How You Can Pay For It

Waterloo shares advice on funding your post-secondary education, including their ultimate guide to student finances!

As you look ahead to university — whether you've recently submitted your applications or you're just planning ahead — one question inevitably comes up: "How will I pay for it?"

There are many supports and resources available to you! So, in this article we'll break down the typical costs and then explore practical strategies to cover them.

What does university actually cost?

It depends!

University costs can vary depending on your program, where you choose to live, and your lifestyle, but having a general sense of typical costs can help you plan with confidence.

At the University of Waterloo, domestic tuition typically ranges from about $9,000 to $18,000 per year (these figures are estimates and may change annually). Most programs also include additional fees for things like textbooks or course materials, which are typically around $1,500 per year.

Living expenses are another important consideration and will vary depending on whether you live in residence or off campus. At Waterloo, residence costs range from $7,570 to $10,080, depending on room style. Meal plan costs vary by plan choice, but you can expect to pay between $3,000 and $8,990.

You may also want to consider personal expenses such as your phone, laundry, clothing, personal care, and entertainment, which vary based on your lifestyle.

For a clearer picture tailored to what you could expect at Waterloo, try our cost calculator, which brings all these factors together for an estimate based on your program and lifestyle.

How to fund your education

Knowing the cost is just the first step. Let's dive into some of the ways to cover it.

1. Apply for scholarships and bursaries

One way is to get scholarships. Most universities will offer scholarships for new students.

At Waterloo, we offer a variety of entrance scholarships, including our President's and Merit scholarships, ranging from $1,000 to $2,000 based on your admission average.

The best part? Many of our scholarships don't require an application. However, some do, so it's important to do a bit more research to get some more details from our entrance scholarships page!

We also offer bursaries for Ontario students. Like scholarships, bursaries don't need to be repaid, but they are awarded based on financial need rather than academic achievement or community involvement.

2. Apply for a co-op program

Co-op is paid work experience that you get while working toward your degree. At Waterloo — the world's leading co-op program — you can expect to earn $9,600 to $22,800 CAD per work term (for a total of up to $137,000 over the course of your degree).

The ability to earn while you learn is wonderful because it can help you pay for your education while test-driving careers and building a strong professional network. Many of Waterloo's programs include a co-op option, making it a practical way to gain experience while earning money.

3. Work a part-time job

Part-time jobs are another way to help cover costs. You can start before university or find on-campus work while studying.

Waterloo offers plenty of part-time roles for students on campus. Many of the roles are designed with student schedules in mind, making it a convenient way to earn extra money while balancing your studies.

4. Budget and save!

Setting up an ongoing budget is incredibly helpful for keeping your expenses on track! Building savings over time can make a bigger difference than you might expect.

These ideas are just a starting point — you can explore budgeting strategies, saving tips, and more in our ultimate guide to financing your education.