If you are worried about your child’s future and especially of the money that he or she would require to pay when they move into university, then you must know that there are a number of financial assistance programs using which you can secure money for the higher education of your children. The cost of education has been constantly rising for the last few years and as of now it costs more than ever before. This has certainly made many parents worried regarding the future of their child, since many believe that education is the cornerstone of success in life.
Registered Educational Saving Plan (RESP) is a government approved program that allows parents to contribute on a monthly basis or annual basis or even once in five years or once in 10 years. These contributions are used for investments that are low risk in nature, so that the savings created from the returns can be used for the higher education of children. In addition to the returns that parents get from their investments, the beneficiary of a RESP will also become eligible for financial assistance from the government. For example, they can receive money from the Canada Education Savings Grant. Also families with lower income will also qualify for Canada Learning Bond.
In order to receive all the benefits you will need to first connect with an excellent RESP provider. The association of a RESP provider with other government grants programs and the flexibility it offers in its programs are things to watch for while enrolling your child with them. Heritage Education Funds Inc. is more than 50 years old. It has supported countless families all over the nation in securing funds necessary for their child’s higher education. Heritage RESP is associated with a number of financial assistance programs run by the government. This allows it to help everyone enrolled with their program to receive every possible financial assistance from the government. It has over $2 billion in assets, which makes it a very stable company. While there are risks with investments, the combination of being with financially stable company and making low-risk investments, certainly reduces the risk level to the lowest.