Most parents start dreaming about sending their son or daughter to college from a very early age – some of us start with our big excited plans while our children are still toddlers while others start worrying pretty late and have lesser time to save up. In this case, the earlier the parents decide that their kid needs to go to college, the better since they can set up a RESP account for a longer period and therefore have more funds by the time they need them.
If you’re new to the idea of RESP, it’s basically a savings plan for your child’s higher education. You can put money in your RESP account over the years and you also get government grants and incentives to put in it. Basically, if you set up a RESP early, you’ll have saved enough money to pay for your child’s tuition, living, books and any other expenses associated with their higher education. To learn more about RESP and read testimonies from parents who’ve benefited from the plan, read Knowledge First Financial reviews.
Higher education isn’t cheap, which is why a lot of people out there are high school graduates only. Those who go to college for higher education certainly get better jobs and have a higher quality of life ahead of them but before they get to that point, they might have to take out student loans. These loans can take years to pay off which is why people avoid them by not going to college.
However, if you set up a RESP account for your child now, they can go to college without having to be stuck in these student loans. Your child should have the perfect head start in life and this is how you can give it to them regardless of your income.