Planning For Your Child’s Higher Education

Nowadays every person is aiming to get a higher education and get a bachelor’s degree, or at least a diploma in some field or trade. The world has changed quite a bit and it is no longer possible to earn a living unless you are properly qualified to do a job. The era of walking in to a workplace and getting a job there no longer exists. You have to have previous experience and skill before applying to any job, even if it is your first. For high paying non trade jobs, there really is no way around going to a university. This is why a lot more young people now are all aiming to go to universities than ever before. The amount of young people going to and applying to universities has increased exponentially over the past few years and is the main reason for that is that most of them realize that without a university education, they probably would not get ahead in life.

The main issue for the parents of these children then comes down to being able to pay for the universities. In some parts of the world like the United States, the available loan for students to go on and carry forward with higher education comes at horrible loan and interest rates. Most students who take a student loan end up having to pay it off their whole life. However, for the Canadian parent, there is an easier thing that can be done. The RESP fund, which is the Registered Education Savings Plan, helps Canadian students go on to universities with their fee covered. Setting up an RESP, run by the Knowledge First Financial, for your child, you can keep adding money to it and the interest piles up.