Student Awards: What is a budget section?

Numerous awards, scholarships, and bursaries offered through the Student Awards Office require a Student Budget Application to determine financial need. This guide will help you navigate the budget section of the application, ensuring you provide accurate and comprehensive information.

The Student Budget Application is essential for assessing your eligibility for various financial aid opportunities. To maximize your chances, complete this application along with other required forms, such as the Student and Faculty Profiles or the Laurier Tuition Bursary Application.

By completing the budget section, you open yourself up to a wider range of opportunities. It's a simple step that can make a big difference in securing the support you need for your studies. So take a few extra minutes to provide this information and maximize your chances of receiving financial aid.

Complete your award profiles and applications so that you don't miss out on awards, scholarships and bursaries you may be eligible for. Check the awards important dates and deadlines to give yourself enough time to gather your required documents and make sure you apply for an award on time.

Guide to Completing the Budget Section

Step One: Determine Your Application Type

Choose the option that best describes your status:

  • A Student who graduated from high school 4 years ago or less.
  • A Student who has been out of high school for more than 4 years OR has worked full-time for 2 years before beginning university studies.
  • A Married/Common Law Student with dependent children living with you on a permanent basis.
  • A Married/Common Law Student without children living with you on a permanent basis.
  • A Sole Support Student with dependent children living with you on a permanent basis.

This selection ensures you complete the correct budget application form tailored to your specific situation.

Step Two: Complete the Income and Resources Section

List all sources of income and financial resources, including:

  • Employment income
  • Parental contributions
  • Spousal contributions (if applicable)
  • Scholarships and bursaries not awarded by Laurier
  • Other sources of income (e.g., savings, investments)

Common questions:

  • Do I include part-time job income? Yes, include any income from employment.
  • What if my income varies? Provide an estimated average.

Step Three: Complete the Expenses Section

Include all expected expenses for the academic year, excluding those covered by the university:

  • rent or mortgage
  • utilities
  • food and groceries
  • transportation (e.g., bus pass, car expenses)
  • personal expenses (e.g., clothing, toiletries)
  • childcare (if applicable)
  • medical and dental expenses

Common questions:

  • Should I include tuition and university fees? No, these are automatically included by the Student Awards Office.
  • What if my expenses vary each month? Provide a reasonable estimate based on your average monthly expenses.
  • How do I calculate my textbook costs? If you do not know the cost of your textbooks you can estimate this by calculating $300 per course

Step Four: Review and Additional Information

Carefully review all sections for accuracy. Ensure that all information is correct and complete. In the additional information section, provide any context or special circumstances that may impact your financial situation, such as:

  • unexpected medical expenses
  • changes in employment status
  • family emergencies

Common questions:

  • What type of additional information should I include? Any unique financial challenges or significant changes in your financial situation that aren't covered in the standard sections.
  • How detailed should this information be? Provide enough detail to give a clear picture of your situation, but keep it concise.

Step Five: Submit Your Application

Ensure that you have completed all required sections and reviewed your information thoroughly. Submit your application by the specified deadline. Monitor your "mylaurier" email account for any updates or additional requirements from the Student Awards Office.

Tips for Completing the Application

  1. Start Early: Give yourself ample time to gather all necessary information.
  2. Be Accurate: Double-check all figures to ensure accuracy.
  3. Seek Help if Needed: Contact Service Laurier for assistance with any questions.

Using Your Budget Information for Multiple Applications

One of the convenient features of the Student Budget Application is that you only need to complete the budget section once for all applications. This section is used across multiple applications, so whenever a new opportunity arises, you simply need to review and submit your existing budget information.

Here's how it works:

  1. Initial Submission: When you apply for the General Profile, complete the budget section thoroughly.
  2. Review for New Applications: For subsequent applications (e.g., Laurier Tuition Bursary), you will be prompted to review your previously entered budget information.
  3. Submit: After reviewing, you can submit the same budget information without having to re-enter all details.

This process ensures consistency and saves time, allowing you to focus on finding and applying for additional financial aid opportunities.

By following this guide, you can navigate the Student Budget Application process with confidence and maximize your opportunities for financial aid. Good luck!