Managing Finances

Whether your student is entering first year or going into fourth, attending postsecondary education requires some careful financial planning. To get the conversation started, we’ve come up with some topics you may want to discuss with your student.

Understand the Cost and Financial Aid

There are many ways to make a Laurier education even more affordable. Students are eligible for scholarships, awards, government loans and bursaries, based on both need and academic achievements. If you have questions about financial aid, RESPs or other money issues, Service Laurier is a one-stop shop to help you sort them out.

• Fees and costs: Knowing how much you and/or your student should expect to pay is important for budgeting.
• Scholarships and bursaries: We offer a variety of scholarships and bursaries, not only in first year, but also throughout your student's time with us.
• Financial aid: If your student is looking for even more financial assistance, there are many external sources that they can take advantage of to pay for their education. External sources such as the Ontario Student Assistance Program (OSAP), Yconic and CanLearn are just a few of the many opportunities that are out there for them.

Establish a Financial Plan

Whether your student is entering first year or going into fourth, attending postsecondary education requires some careful financial planning. In as much advance as possible, sit down with your student and discuss the cost of his or her education and identify the financial resources that will be required.

If applicable, establish whether funding support will be provided to your student on a monthly or lump-sum basis and devise a contingency plan if the funding was to run out. Establishing a financial plan ahead of time will minimize stress, frustration and confusion in the long run.

Our Money Management program has a wealth of resources for your student, including financial coaching, how to budget, managing credit, and more.

Be Aware of Important Dates

Ensure your student is aware of important financial deadlines such as tuition fee due dates, OSAP application, late penalties, course add/drop dates, etc.

Know the Accepted Forms of Payment

When it comes to paying for tuition and fees, our preferred method of payment is through online banking. It can be done in three easy steps:

1. Log into your online banking account as you would to pay a bill.
2. Add “Wilfrid Laurier University” as a payee.
3. Use your student's ID number as the account number.

We also accept the following methods of payment:

• Debit
• CIBC International Student Pay
• RESP
• OSAP
• Third-Party Sponsorship

If you plan to utilize RESP funds, student loans, or third-party sponsorship to help cover tuition and fees, be sure to prepare the application with your student well in advance of any deadlines to avoid late fees.

Stay Informed through a Proxy Account

Encourage your student to regularly check their LORIS account throughout the year to access personal information, course registration, student services and student awards and financial aid information. Transcripts, verification of enrolment and Canadian tax forms can also be here.

If you are planning to help pay for your student’s tuition, we encourage you to speak to your student about setting up a LORIS proxy account. This would allow you to access your student’s invoice and account summary information. It is the responsibility of the student to grant parent/guardians with proxy access.