Calling all students! Eligible students can now receive up to $2,000 from the federal government via the Canada Learning Bond (CLB) and you don't need to pay anything to get the money.
In 2022, the CLB was updated so that students aged 18-20 can apply for financial support.
The CLB is money that the Government of Canada adds to a Registered Education Savings Plan (RESP) to help young people from low-income families pay for post-secondary education.
It can be used to help pay for various post-secondary programs, including trade schools, colleges, universities, apprenticeship programs and more.
Eligible young people can get up to $2,000, although the amount of money an individual can receive varies.
Coming soon! \n\nCanadian residents who turn 18 in 2022 and beyond will be able to apply for the Canada Learning Bond, if their parents have not done so already. #EduSaveWeek \n\nThis means up to $2,000 to pay for post-secondary education if eligible! \n\n http://ow.ly/sUYL50GS9YR\u00a0pic.twitter.com/plt09B2sKB— Employment and Social Development Canada (@Employment and Social Development Canada) 1637346600
Applicants who were eligible for the CLB but have not received it can get $500 for the first year they qualified and $100 for each additional year up to the age of 15.
"You do not need to add money to an RESP to receive the CLB," Employment and Social Development Canada confirmed online.
A bank account is not required to open an RESP, either.
The eligibility criteria state that applicants must be a resident of Canada and have been born on or after January 1, 2004.
Their primary caregiver must have applied for the Canada Child Benefit and had a low adjusted income for at least one year before they turned 15.
Qualifying students have up until the day before they turn 21 to open an RESP and apply for the CLB. Those who want to get it sorted ASAP can apply for it as soon as they turn 18 years old.
Those who wish to apply will need a valid social insurance number (SIN) and an RESP.
If this isn't the right support for you, Prime Minister Justin Trudeau recently laid out how students could get up to $6,000 via the Canada Student Grants program.
This article's cover image was used for illustrative purposes only.