The engineering student was struck on a pathway that led from the ring road circling the campus, near the Student Village 1 residence around 9:00 a.m.
Waterloo Regional Police Chief Bryan Larkin said on Twitter the student was 18.
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Police say they are working to notify her next of kin, who live in the Markham area. They also say the Ontario Ministry of Labour has been contacted.
An early storm with heavy rains and frequent lightning strikes rolled through Waterloo Region on Friday. The University of Waterloo weather station reported about six millimetres of rain during the morning.
The student's identity is not being released until her next of kin has been notified.