Post-secondary education includes college, university, and trade schools. Many parents want to help their children continue their education after high school. However, post-secondary education can cost a lot of money. Planning for post-secondary education in Canada early can help families feel more prepared.
Vocabulary
- post-secondary education – education after high school
- college – a school for practical or career training
- university – a school for academic degrees
- trade school – a school for learning a skilled job
- prepare – to get ready
1. Understand the Costs
Post-secondary education in Canada is not free. Families may need to pay for:
- Tuition (school fees)
- Books and supplies
- Transportation
- Housing and food
The cost depends on the school and the program. Knowing the costs helps parents plan better.
Vocabulary
- tuition – money paid to study at a school
- supplies – items needed for school
- transportation – travel, such as bus or train
- program – a course of study
2. Start Saving Early
Saving money early is very important. Parents can save small amounts each month. Over time, this money can grow.
Parents can:
- Save money every month
- Open a savings account
- Make a plan for education savings
Even small savings can help in the future.
Vocabulary
- saving – keeping money for future use
- account – a place in a bank to keep money
- plan – a way to do something
- future – time after now
3. Use a RESP
An RESP (Registered Education Savings Plan) is a special savings plan in Canada. It helps families save money for post-secondary education.
Benefits of an RESP:
- The government adds extra money
- Savings grow over time
- Money is used for education
Parents can open an RESP at a bank or credit union.
Vocabulary
- RESP – a government education savings plan
- government – the people who run the country
- benefit – something good or helpful
- credit union – a type of bank
4. Look for Financial Help
Students can get help paying for school. There are:
- Grants – free money that does not need to be paid back
- Scholarships – money for good grades or skills
- Student loans – money that must be paid back later
Students should apply early for financial help.
Vocabulary
- grant – free money for education
- scholarship – money given for study success
- loan – money that must be paid back
- apply – to ask for something
5. Teach Children About Money
Parents can help children learn how to manage money. This helps students during school and after graduation.
Parents can:
- Talk about school costs
- Encourage part-time work
- Help students make a budget
Learning about money helps students make good choices.
Vocabulary
- manage – to control or take care of
- part-time work – a job with fewer hours
- budget – a plan for spending money
- choices – decisions
Conclusion
Post-secondary education is important, but it can be expensive. Planning for post-secondary education in Canada involves saving early, using an RESP, and finding financial help. With good planning, families can feel more confident about their children’s education.
Vocabulary
- expensive – costing a lot of money
- confident – feeling sure and prepared
- education – learning and study
Comprehension Questions:
- What is post-secondary education?
- Name two costs of post-secondary education.
- Why is it good to start saving early?
- What is a RESP?
- What is the difference between a grant and a loan?
- How can parents help children learn about money?
