RESP - Registered Education Savings Plan

Today on my Monday morning commute to UBC, I grabbed a copy of the Metronews that's usually being handed out at the train station.  It's always good to know what's going on in the city.  In the metrowork & education section, one article caught my attention and hit close to home.  It was titled, "Tuition keeping students stressed: Poll"   I, as well as many other students can probably empathize with the subject matter.  My tuition for the one year teaching program at UBC is over $13,000.00 and that's not including living expenses.  Vancouver's high cost of living and BC's low wages don't help much either.  Working part- time is difficult and limited to only evening and weekend shifts.  For students who are able to juggle work, school, and still have a personal life, Kudos to you!

http://reader.metronews.ca/digital_launch.aspx?id=b4d5ffbf-55e8-4207-9a22-f645bdd87f06&pnum=20

The article states that according to a 2010 Statistics Canada report, average student debt on graduation is $18,800.  And the total cost of school for students living away from home at a hefty $80,000.  It also says "that more than half - 58 percent - of post secondary students feel anxious or stressed when they think about how they're going to pay their way through school."

Most parents aren't able to cover tuition costs and some students don't qualify for loans.  The article suggests some tips for saving.  A Registered Education Savings Plan (RESP) is suggested.  Parents, grandparents, family members can start putting money into childrens' RESP at a young age.  I recommend even starting before your child's born.  Put a set amount aside every month, deposit gifts (monetary) from friends, grandparents into this account so that your child has access to the money to use for his/her post- secondary education.  This would definitely ease students stress levels and allow them to shift their focus onto their schoolwork.