The Maturity date is the date on which the final payment is due for the plan.
So your Heritage Education Savings Plan has matured or is about to mature. You’ll soon reap the rewards of your savings and you need to know what to do with your money. With our flexible maturity options, there are two ways in which you can benefit.
Scholarship Option
The Scholarship Option is recommended if your child plans to attend a full-time post-secondary or tertiary educational institution (minimum 2 years).
Under this option, in addition to the refund of your contributions (less fees), three Educational Assistance Payments (EAPs)/Scholarships are issued towards funding for the 2nd, 3rd and 4th years of post-secondary education. These are paid to the student.
Self-Determined Options
* Typically for students enrolled in programs of less than 2 years
Your contributions (less fees) and interest earned on your Plan are paid as one payment at maturity.
This option is ideal if your child chooses a program that is less than two years in duration, or if they decide not to attend at all.
If you have questions or would like further information to held you choose the best option, please give us a call
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