STEP 3: Find more money for your child's education
Even if you can't save enough in your child's RESP, don't give up. There are other ways to cover the cost of your child's post-secondary education. Here are five of the most common ones.
Visit theService Canada web site for information on loans, grants, and many other education and training programs for Canadians. The Learn more! section of this web site also has lots of useful links.
1. Your child may be able to work to help pay the bills
Your son or daughter may be able to work part-time during the school year or full-time over the summer break. As an example, if they make $10 an hour and work 36 hours a week, they could make more than $6,000 over the summer.
2. Your child could apply for scholarships, student loans, or grants
You would be surprised at how many scholarships there are. And they are not just for students with high marks. Many are for students who work hard to make their school or community a better place to be, for example, or for students who need financial help.
3. You could pay some of the costs from your income at the time
You may have enough income to be able to pay some or all of your child's education bills as they go through school. Or you may take on an extra job to get more money.
4. You could borrow money to pay the bills
Some parents focus on paying off the mortgage and other debts when their children are young, instead of saving for education. Then, if money is needed for education, they may borrow back some of the money they have put into their home to help pay for post-secondary education. For example, they may take out a new mortgage or use a line of credit. Other sources of borrowing may also be available.
5. You may get financial gifts from others
Some lucky families get money from grandparents or some other source as a gift. These people want to help pay for your child's education. They do not expect you to repay this gift.
There's one more step, and for many of us, it's the most important step of all.