Financial need is an eligibility criterion for many financial aid programs available to students. A student has financial need if their expenses are higher than their resources, which means the student lacks sufficient funds to fully pay for their studies.

Financial need is calculated differently, depending on the specific financial aid program or award. Examples include:

1. When students apply for awards, they are asked to confirm some of their expenses and the resources they have to pay for their studies. The University has a standard calculation for monthly living expenses (calculated by family size). If students demonstrate they have financial need, they will be considered as candidates for bursaries and awards that have this as a criterion.
2. When Ontario students apply for full-time Ontario Student Assistance Program (OSAP) funding, a calculated financial need is generated under the Student Access Guarantee (SAG) program. This program considers educational costs only and calculates whether students have a financial need and require more financial aid from York. This helps ensure that students receive more non-repayable aid and less loan funding to help pay for their studies.