Universitas Financial, an RESP provider, has announced the launch of a mitigation measures plan worth $1.5 million to offset the financial impact, for some families, of the relaxed qualification criteria for Educational Assistance Payments that came into effect in January 2018.
"Drawn from its own operating budget, this amount exceeds by half a million dollars the original commitment made by Universitas last October on the sidelines of the consultation on the resolution to maintain the easing of the EAP criteria," stated the company this week.
The mitigation measures plan is for subscribers who opened a group plan with Universitas before Oct. 5, 2017, and had not withdrawn all three EAPs on Dec. 31, 2017 – the day before the relaxed criteria came into force.
Universitas invites all clients who feel disadvantaged by the relaxed criteria to register at universitas-attenuation.collectiva.ca/. The registration period will end on April 30, 2019.
To ensure an impartial assessment of the cases submitted, the implementation of the mitigation measures plan has been entrusted to the Honourable Paul Vézina, a former judge.
Vézina will establish the framework and criteria of the mitigation measures, according to which funds will be distributed among eligible subscribers
"The mitigation measures plan…reflects our sincere commitment to support families in the transition toward the relaxed criteria and, above all, in helping their children reach their full potential," says Isabelle Grenier, President and CEO of Universitas.