Registered Education Savings Plan tips for parents and students
BNN Bloomberg
Experts share tips on the best ways students and parents can maximize the Registered Education Savings Plan.
According to Statistics Canada, the median postsecondary student graduated with a whopping $17,500 in debt in 2015, and the costs have only climbed since then.
The good news is there are programs available to help offset the costs, namely the Registered Education Savings Plan (RESP), which can include up to $7,200 in grants for students to help them earn an education.
The program, despite its benefits, has little uptake. Lisa Hannam, executive editor of MoneySense and author of MoneySense’s Student Money Guide 2023, told BNNBloomberg.ca that data suggest just one in six families have an RESP account.
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