Group Plans
In group RESPs (otherwise known as Group Scholarship RESPs), individual contributions are pooled with those of other contributors. In a pooled group plan, the interest that is left behind from cancelled RESPs gets paid out with the matured plans. This excess "interest" is also called attrition.
Read more about this topic: Registered Education Savings Plan
Famous quotes containing the words group and/or plans:
“If the Russians have gone too far in subjecting the child and his peer group to conformity to a single set of values imposed by the adult society, perhaps we have reached the point of diminishing returns in allowing excessive autonomy and in failing to utilize the constructive potential of the peer group in developing social responsibility and consideration for others.”
—Urie Bronfenbrenner (b. 1917)
“A father ... knows exactly what those boys at the mall have in their depraved little minds because he once owned such a depraved little mind himself. In fact, if he thinks enough about the plans that he used to have for young girls, the father not only will support his wife in keeping their daughter home but he might even run over to the mall and have a few of those boys arrested.”
—Bill Cosby (20th century)