University education is getting more and more expensive every year. More and more young adults are incurring large amounts of debt to pay for their university educations, and as costs rise, the length of time that it will take to get out from that debt is increasing too. I graduated in 2004 with my Bachelor’s Degree. Prior to that, I had completed a 2 year Associate of Arts degree, as it was an amazing way to get a degree while completing all of the requirements I needed to basically springboard straight into third year studies at the university I was transferring to. It was an investment in me, something I recognized was important and necessary, and a commitment I made to myself and those who supported me.
I had originally started university straight out of high school, but then took a few years off because life happened. When I graduated, my grandparents gifted me $1000 to put towards my university education. That money paid for pretty much a whole semester that first year, books included. I also had financial help from my parents, who helped out as much as they could in my first two years. I was lucky. When I went back, though, I was in my twenties, and didn’t want to rely on my parents to continue to subsidize my university degree. Don’t get me wrong, they did help, but I also worked and took out student loans to pay for my last couple of years. As I noted, I graduated in ’04, and my loans were paid in full not that much more than a year ago. It took me 10 years to pay for my degree. Now, I don’t regret my degree one bit, and am immensely grateful for the help I received from my parents, because without that help, I would have had to take on way more debt. Sadly, university tuition has gone way up, and I worry what they will look like in 10 years when my son graduates and starts post-secondary education of some kind. I don’t want him to be celebrating the final payment on his student loans a decade later. I hope to be able to help contribute towards his education, as my parents did for me.
That is why I feel that if you plan to help your kids with their college, university or trade school tuition in the future, it is pretty important to start now. With a bit of planning, you can save them years (and years and years) of student loan payments. Until recently, I hadn’t known much about the different ways to save for future schooling. I knew that RESP’s existed, but couldn’t tell you much else. I knew it was probably something I should be looking into, but that was pretty much it.
If you are like me, you may be interested in checking out the Twitter party Parent Life Network and Canada Scholarship Trust (CST) Consultants will be hosting. This is the time to get your burning RESP questions answered. Even better, they will be giving away $1,000 in that hour to get you started or add a bit more to one you’ve already got going.
Here are the details you need to know:
Date: Thursday, May 5
Time: 9 p.m. EDT
Hosts: Peter Lewis, CST Vice President (and resident expert), @ParentLifeNet & @CSTConsultants
Prizing: $1,000 in prizing to be awarded.
For a chance to win a prize during the twitter party you must RSVP by registering here:
Do you have something started for your children’s education? What made you decide to go the route you’ve chosen?
This post was sponsored, however, this is something I feel is important and could be useful to you, otherwise you know I wouldn’t be sharing it at all.