Province cuts post-secondary grant for new children

A provincial grant programdesigned to help parents save money for their children's post-secondary educationhas been cancelled..

The grant was eliminated in the government's spring budget which was revealed March 26. The change means any child born after April 1, 2015 will no longer qualify.

The Alberta Centennial Education Savings Plan (ACES) provided $500 for every childas long as they were signed up for a Registered Education Savings Plan (RESP).

The government also gave $100 to the child when they turned 8, 11, and 14years old.

According to the government's website, the program has been under review for the last two years.

The program was designed to encourage parents to open RESPs for their children, but the review foundit was "ineffective."

According to the government, the participation rate actually went down by two per cent in 2010 compared to when the program started.

Eliminating ACESwill save $19 million annually.

Applications must be submitted before the end of July for any child who is still eligible for funding.