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Purpose: Co-operative (co-op) education facilitates development of workplace competencies but may have unintended consequences for financial stability and food security. This study examined the association between co-op program enrolment and food security status among a sample of undergraduate students. Financial insufficiency and strategies to cope with it were also characterized. Methods: Cross-sectional data were collected from 167 co-op and 89 non-co-op students at the University of Waterloo from January to March 2019. Logistic regression assessed associations between co-op program enrolment and food insecurity. Results: Twenty-four percent of co-op and 39.3% of non-co-op students lived in moderately or severely food insecure households. Adjusting for confounders, the odds of living in moderately or severely food insecure households were lower among co-op students (adjusted odds ratio: 0.51, 95% CI: 0.27–0.97), though no association was observed when marginal food insecurity was included within the food insecure category. One-quarter (26.3%) of co-op students and 38.2% of non-co-op students reported financial insufficiency, which they tried to cope with by asking parents or friends for assistance or initiating paid work. Conclusions: Co-op program enrolment was weakly associated with lower odds of living in moderately or severely food insecure households, and food insecurity prevalence was high overall. Efforts are needed to alleviate food insecurity among postsecondary students.