It's roughly $6000/term (for engineering, cheaper for CS students though) not including paying for food + housing (an additional $1600-3000 depending on where you decide to live on or off-campus). I'm in the boat of Waterloo grads who graduated with no debt. But I would hazard a guess that the majority of engineering students have little to no debt. And the students who do co-op in the US most definitely earn more money than what's required to pay for school.