The Children’s Educational Foundation of Canada (CEFC) recently made a postsecondary institution payment over $350,000 to Lakehead University’s Achievement Program—putting children in northwestern Ontario on the path to becoming university graduates.
“There were many Canadian postsecondary institutions we could have released this payment to, but Lakehead ticked all the boxes,” says Allison Haid Caughey, Chief Compliance Officer and Corporate and Legal Affairs Vice President for Children’s Education Funds Inc. The CEFC is a not-for-profit corporation and Registered Education Savings Plans (RESP) promoter that administers the Children’s Education Trust of Canada Education Savings Plans.
“We could have contributed to a big school like McMaster, but Lakehead really stood out to us,” says Children’s Education Funds Inc.’s Chief Compliance Officer and Corporate and Legal Affairs Vice President Allison Haid Caughey.
RESPs help Canadian families pay for the costs of their children’s postsecondary education. “Tuition, textbooks, accommodation, and meals can all be paid for with RESPs,” Allison says. “And a RESP doesn’t have to be huge, families can tuck away just $20 a month and the end result, which usually includes the Canada Education Savings Grant, can be much more than you’d expect.”
“Lakehead is a smaller institution in northern Ontario, so we knew that the impact of the postsecondary institution payment would be felt,” Allison continues, “and we are just blown away by the Achievement Program. It’s absolutely wonderful to see the payment help improve access to higher education.”
The Achievement Program partners with local and regional school boards to help children overcome socioeconomic barriers to higher education, which made it a natural choice for the CEFC.
Students in the Achievement Program take part in educational, recreational, and cultural activities from grades four to twelve. Participating in these activities allows them to earn financial credits that can later be used to fund their first year of tuition at Lakehead University, or to pay for other education-related expenses. The programming and mentoring the children receive encourages them to see university as a place where they belong, now and in the future.
The CEFC, and other RESP promoters, periodically make payments to postsecondary institutions when their plans have surplus investment income that can’t be paid to children registered in RESPs.
“Seeing children’s self-confidence and pride in themselves grow as they progress through the Achievement Program renews my commitment to the work we are doing,” says Achievement Program Coordinator Amanda Stefanile.
“I’m incredibly grateful that The Children’s Educational Foundation of Canada chose Lakehead,” Achievement Program Coordinator Amanda Stefanile says. “This means that more children who might otherwise have shied away from a postsecondary education can feel more confident in following their dreams. Their support also shows our Achievement Program families that we are committed to breaking down barriers and continuing to make Lakehead a university that is accessible to all.”
In their work, they witness the transformative power of education every day, and it motivates them to continue doing what they do. “Education is the key to prosperity and a better society, but kids need to have the financial means and believe that they deserve a seat at the table,” Allison says.
Her advice to Achievement Program graduates ready to embark on the next stage of their journey is simple.
“Soak up every second in this rich educational environment because it will give you strong critical thinking skills and the ability to take on tomorrow’s challenges.”