Is this something you would recommend for low income families?
Do you know families that can not afford post secondary education for their children?</li></li></ul><li><ul><li> Cost of post-secondary education in Canada more than doubled in real terms since 1990
About half of post-secondary graduates in 2005 relied on student loans
Graduates debt load averaged $20,400 (bachelor’s) and $11,800 (diploma) two years after graduation</li></ul>Sources: Statistics Canada and Canada Millennium Scholarship Foundation, The Price of Knowledge, 2009<br />
“ Participation in RESPs is concentrated in high-income, high-wealth and high-education families.Low-income children are not benefiting from RESPs.”<br />Source: TD Economics, How are we doing on social policy? Is the recession paralyzing or transformative?, 2009<br />
Source: Statistics Canada and HRDC, Access, persistence and financing: First results from the Postsecondary Education Participation Survey (PEPS), 2003 (Youth aged 18-24 no longer in secondary school) <br />
<ul><li> 81% of Canada Learning Bonds have not been accessed
415,518 eligible children notenrolled across Ontario
YMCA</li></li></ul><li><ul><li>Working with Community Organizationsand Networks to improve low-income families access to available funding for their children's education savings, so that higher education become a realistic opportunity for low-income students.
Increase awareness regarding the Canada Learning Bond</li></li></ul><li><ul><li>Canada Learning Bond is a $500 grant from the Government of Canada to help families start saving early for their child’s education after high school.
This money can be used to pay for full-time or part time studies in an apprenticeship program, trade school, college or university.</li></li></ul><li><ul><li>Children born after December 31, 2003
Parent or primary caregiver eligible for the National Child Benefit Supplement(maximum income $41,544 in 2010)
The Canada Learning Bond will be deposited directly into the child’s RESP.</li></li></ul><li><ul><li>Reach out to families in their own environment and language.
Make it easier for low-income families to find and start an RESP that they can afford, and access CLB.
Make sure community organization’s staff know about CLB when their clients ask them questions, they know the right answers.</li></li></ul><li>
You are trusted role models and authority figures.<br />Families turn to you for help and information on public programs.<br />You understand parents’ languages and cultures.<br />It’s important that you know about government programs, that can improve your client’s life. Your knowledge is key so they don’t get take advantage of.<br />This is a tangible way to break the cycle of poverty, by making higher education a reality.<br />