One of the largest parts of growing up is education. After most traditional schooling is done, many young people will go on to attend a university or a college to pursue a degree. Despite how necessary college-level education and degrees are in today’s world, the cost of sending your child to a college is no laughing matter. Thankfully, there are ways that parents can avoid this for their children. With the RESP – registered education savings plan, a child can attend college or university without burning a hole in the wallet of the parents.
1. It Helps Your Child Attend College
In today’s world, finding a sustainable job with only a high-school diploma is next to impossible. This can be incredibly discouraging to children who are excited to become adults and want to take care of themselves. However, if a child attends college and obtains a college degree in his or her field of expertise, that child will have a much easier time looking for a sustainable job. This will also be better for the parents as they will not have to pay as much for tuition fees for their child to attend college. By setting up a savings plan for a child’s education, parents can quite literally forge the steps of their child’s future.
2. It Helps the Parents Save Money
More often than not, when a parent applies to start a Registered Education Savings Plan, or Heritage RESP, the parent will work out the details of depositing money into the plan. This means that at a steady rate over the course of the child’s life, parents will be able to build a fund for their child to attend college. This is far more efficient than scraping every last part of the savings fund that parents might have as it has been preplanned. The parents of the child will not have to turn their lives upside down collecting money for college in a matter of weeks when those parents have set up an RESP.
3. It Can Support Siblings as Well
When parents choose to have more than one child or get a pleasant surprise, they might begin to worry about how they are going to pay for the college education for all of the children. Thankfully, there are plans that can cover a family, rather than just one child. While there are some specifications for such a plan, such as needing to be related by blood, this can allow parents to set up an Heritage Education Funds RESP for more than one child at once. This gives more children a chance at obtaining a college degree that can help them go places in life.
4. It Gives Your Child a Chance at His or Her Dreams
Many children aspire to have careers such as being a doctor. This type of job is not one that is easily accomplished for many families due to the tuition that colleges or universities might charge. However, if a family has set up an RESP, this can give the child a shot at reaching his or her dream job. Being able to provide that chance for their children is something that nearly every parent would like to do. With an RESP, this might just be possible.