Factors to Keep in Mind While Applying For RESP

In today’s world education is becoming more and more expensive and parents are concerned over that. So in order to counter their anxieties, most parents have started saving up and setting aside education fund so that their child can have access to quality education and does not have a problem later on. Of course maintaining that fund on your own at home is very difficult and that is why different financial organizations have started a plan called Knowledge First Financial in which you can set aside money for your child’s education and can keep on adding to it whenever you want to.

There is no hard and fast rule of adding a specific amount to it, it all depends on your affordability and the amount of money that you can spare for the fund. With that said, you should know that there are certain aspects that need to be considered before you go into the whole process of signing up for it and that is why we would highly advise you all to do your research for it. With that said, following are some of the factors to keep in mind while applying for RESP, check them out below.

Look Into The Service Providers

Always, always look into the background and reviews especially when your money is being trusted with a third party that you have little to no knowledge about. So while you are looking for it, you should also read up other parents’ experiences as well because that will help you in formulating a decision that you will work for you.

Consider Their Policies

There are certain education plans that come with different policies and it is best to read up on those than just shooting arrows in the dark, this way you will know of their rules in depth.