A Registered Education Savings Plan (RESP) is a savings account that offers tax breaks to encourage parents to save for their child’s education. The money in the account can be used to pay for tuition, books, and other expenses related to post-secondary education. There are two types of RESPs: individual and family. Individual RESPs can … Read more
The AIP is a payment made by the government to the account holder of a Registered Education Savings Plan (RESP) to help with the costs of post-secondary education. The AIP is based on the income earned on the RESP investments and is paid out to the account holder when the money is withdrawn to pay … Read more
529 Plan: A Savings Plan for Education. What happens to a 529 account when the child turns 18? When the child reaches age 18, the account is still owned by the parent or other account holder, but the child is considered the account beneficiary. The account can be used for qualified education expenses at any … Read more
A grant-in-aid is defined as a type of financial aid that does not need to be repaid. Grants are typically need-based, meaning they are awarded to students based on their financial need. Grants can come from the federal government, state government, colleges, or private organizations. What are formula grants quizlet? Formula grants are grants that … Read more
A bursary award is defined as a sum of money that is awarded to a student in order to help them pay for their education. Bursaries are typically awarded based on financial need, and may also be awarded based on academic merit. Who qualifies for a bursary? To qualify for a bursary, you must first … Read more
