Student Awards: What is a budget section?
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.
While the budget section of your award application is optional, we strongly encourage you to fill it out. Many of our awards are hybrid in nature and include a financial need component. This means that even if it is assessed that you have a financial need of $1, it could significantly increase your chances of receiving additional funding throughout the year.
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 1: 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 2: 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 3: 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 4: 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 5: 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
- Start Early: Give yourself ample time to gather all necessary information.
- Be Accurate: Double-check all figures to ensure accuracy.
- 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:
- Initial Submission:
- When you apply for the General Profile, complete the budget section thoroughly.
- Review for New Applications:
- For subsequent applications (e.g., Laurier Tuition Bursary), you will be prompted to review your previously entered budget information.
- 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.