If you’ve been following the news this week, you would have likely heard the major news story about Starbucks offering to pay post-secondary tuition for its American employees. This is great news for Starbucks employees in America. This tuition supplement will make university an option for those who may have decided against going to university because of the cost.
In Canada however, we are not so lucky. There are not too many companies thinking about or offering to pay tuition for you or your child. That does not mean that you should not think about it. Tuition is becoming very expensive, and the job prospects after graduation are not too rosy either.
6 months after university, interest and monthly payments on OSAP and other government loans tend to kick in. Sometimes, students are just getting on their feet at this point, are still searching for a job, or cannot afford their monthly payment back to OSAP. This is all while interest on loans continues to grow. Having to pay back tuition can be a big burden on students just starting up their lives – and this is where having an RESP would ease the burden of tuition by offsetting all or part of tuition costs.
Don’t you wish you had an RESP when you were in school?
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