6种帮助您的孩子支付高等教育学费的明智方法
Find out ways to ease you and your college student's mind on how to pay for post-secondary education. Having a plan long before college starts, is a great way to be prepared and stay positive about paying for secondary education.
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Investing in education
It's easy to feel overwhelmed when you're throwing around such large numbers, but don't panic. 有了正确的规划和研究，您完全可以轻松帮助您的子女支付大学费用，无需面临财务困境。
How to help your kids pay for university
1. Do the math
You wouldn't buy a car or a home without running the numbers first and a university education is no different. Figuring out how much money your child will need for college is the first step. BMO’s Education Savings Calculator can help you estimate the total cost and determine whether your current savings plan is enough to hit the target. The calculator factors in things like program length, the type of degree or program they're interested in, when they're due to head to university and how near or far away from home their school of choice is.
2. Open a Registered Education Savings Plan (注册教育储蓄计划（RESP）)
If you haven’t set up an 注册教育储蓄计划（RESP） yet to help your kids pay for post-secondary education, there's no time to lose. You can open an 注册教育储蓄计划（RESP） for an individual child, or choose a flexible family plan that allows you to save for all your children. You can make contributions on your child's behalf and family members or friends can also contribute.
And don't worry if you can't afford to commit a large amount of money to saving. Even small contributions, saved consistently, can add up over time. The longer you have until your child is ready for college or university, the longer your money has to grow.
In terms of how 注册教育储蓄计划（RESP） funds can be invested, BMO Target Education Portfolio offers a simplified solution. These professionally managed portfolios base their asset allocation on your child's target date for attending college or university, relieving some of the stress of choosing investments.
3. Take advantage of 注册教育储蓄计划（RESP） Grants & Bonds
Aside from self-funding your child’s 注册教育储蓄计划（RESP）, you can also get a savings boost from the Canada Education Savings Grant（加拿大教育储蓄补助金计划）（CESG）. This government program is designed to help families save for college or university expenses.
The grant, which is available until the end of the calendar year when your child turns 17, matches your savings by 20 cents on the dollar, up to a maximum of $500 per year, which may be increased to $1,000 per year if any unused contribution amount is carried over. The grant maxes out at $7,200 in lifetime contributions.
Low-to-middle income families may receive additional CESG payments on their 注册教育储蓄计划（RESP） contributions, depending on their net income. Additionally, both British Columbia and Quebec offer provincial grant programs for resident children who are 注册教育储蓄计划（RESP） beneficiaries, which can be used to supplement your savings.
4. Help your student-to-be apply for loans
Depending on your student’s cost of attendance and how much you’re able to save, government student loans may be needed to fill the gap. To make things simpler for students, the Government of Canada and most provincial or territorial governments work together to deliver federal and provincial student loan and grant programs for qualifying students. Find out if your child may be eligible.
Tip: Remember to talk to your student about creating a plan for repaying what they’ve borrowed once they’ve earned their degree.
5. Apply for a Canada Student Grant
The good thing about grants is that unlike student loans, they don’t need to be repaid. Canada Student Grants can help your kids pay for university without leaving them with a financial burden after graduation.
These grants are available to students from most provinces and territories and they're accessible at the beginning and middle of the school year. If you live in the Northwest Territories, Nunavut, and Quebec, these governments have their own grant programs.
6. Search for scholarships
Like grants, scholarships don't need to be repaid, making them an attractive alternative to loans. Scholarships can be merit-based, meaning they're given to students based on academic achievement, or need-based, meaning they're award based on financial need.
Governments, schools and private organizations are good places to look for scholarship funding. 进一步深入了解 where to find and apply for scholarships through the Government of Canada or at Scholarshipscanada.com.
Help your kids pay for college or university with less stress
Paying for college or university doesn't have to be a source of anxiety. It all comes down to having the right plan. If you're not sure where to begin, or you need guidance about whether your current savings strategy is on the right track, consider reaching out to a BMO Investment Professional for help.
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