An effort is underway across northern B.C. to make sure young people from low-income families can access federal dollars for their post-secondary education especially those who may lose out if they do not apply before their 21st birthday.
The Northern Promise is an initiative funded by the Government of Canada, to help young people access the Canada Learning Bond (CLB) which is money hat the Government of Canada adds to a Registered Education Savings Plan (RESP) for children from low-income families.
On average, only 33 per cent of eligible young people in northern B.C. are receiving the CLB as compared to the national average of 43.81 per cent.
Through the Northern Promise, northern B.C.’s four post-secondary institutions and area credit unions are working together to boost participation.
Canada Learning Bond funds will help to pay the costs of a child’s full- or part-time studies after high school at apprenticeship programs, trade schools, colleges, and universities.
The Government of Canada contributes up to $2,000 in an RESP for an eligible child. This includes $500 for the first year of eligibility and $100 each year the child continues to be eligible (up to and including the benefit year in which they turn 15).
Recipients from eligible families must apply for the Canada Learning Bond funds before their 21st birthday. Young people are eligible to apply retroactively and claim the full amount of the funds for which they’re eligible.
“Once an eligible young person turns 21 years old, they can no longer get Canada Learning Bond funding. That’s why the Northern Promise is so focused on making sure every eligible young person applies for and receives this money for their education,” said Lisa Gardiner, Project Manager for The Northern Promise.
The campaign is also calling on parents to open an RESP account for their children who have social insurance numbers so they can begin claiming the funds available to them as early as possible.
The Northern Promise has established a website on how to apply for the funding or receive more information.
