This year I hit a pretty major milestone – I paid off my OSAP debt!
It took me ten long years, but I finally did it. When I started university I didn’t have an RESP, and so I worked throughout the school year and summer paying for my education.
The cost was too great, and I needed to rely on OSAP to have enough money to pay for school. The debt plagued me for years – months and months of payments for a debt that I couldn’t help but accumulate.
Now that it’s gone, it’s been a huge weight lifted off my shoulders!
I never want my son to feel the weight of that debt, so my husband and I set up an RESP for him right after he was born. We have been putting money into it every month for years, and by the time he reaches university he won’t need to worry about student loans – he will have the tuition money he needs!
Our ‘Someday’ dream for him is to go to the university or college of his choosing, and not need to worry about debt because the RESP we have set up for him will give him the security of being student-loan free.
Are you starting to think about opening an RESP for your own child? If you are thinking about it, or have one set up already and want to ask the experts questions, then join me at the RBC RESP Twitter party on September 17th at 9:00pm EST!
Participants of the party can win one of 6 $150 Visa gift cards, and you can follow along with #RESPwithRBC
It’s the perfect spot to ask some of the questions you may have about setting up an RESP.
Maybe you have already set up an RESP but were too embarrassed to ask a few questions at the time, or thought of questions later that you wanted to ask? This is a great, friendly forum to get answers to your RESP questions.
RBC has some great resources to answer some of the questions you may have online as well!
What exactly is an RESP? Why is it important to set up? All the information you need, including FAQs and benefits of an RESP, can be found at http://www.rbcbanqueroyale.com/reee/.
What are your options if your child doesn’t pursue postsecondary education? Find out at http://www.rbcroyalbank.com/resp/resp-matic.html.
How much and how often should you contribute? Well, as much as you want, and frequencies of weekly to annually! Learn more at http://www.rbcroyalbank.com/resp/resp-matic.html.
How convenient can your payments be? Opt to save automatically and easily with RESP-Matic. Learn more at http://www.rbcroyalbank.com/resp/respmatic.html.
Did you know that saving for education doesn’t have to be overwhelming because of the options and assistance available, as well as “free” money e.g. government? Learn more at http://www.rbcbanqueroyale.com/reee/resp-benefits.html.
It’s easy to book an appointment with an RBC advisor to open up an RESP – you can do so online here!
For expert answers to your personal questions about RESP’s, be sure to join the RBC RESP Twitter party with me on September 17th at 9:00pm EST!