Student loans… yikes!
This isn’t the only way for a child to go to post-secondary school. Aside from applying for scholarships, bursaries and grants, a Registered Education Savings Plan (RESP) is a great way to save money for a child’s education. There is a limit on the amount of money you can contribute each year, but if you get started early, you can still save a lot of money because yearly contributions can be made up to (and including) the year the child turns 17. The Canadian government also pays a 20% education grant into the child’s RESP each year, which helps to save more! Based on household income, the child may also be eligible to receive additional grants from the government.
Save your child from having to endure years of debt created by student loans; book a free consultation today.