What is an EAP?

An EAP is an Educational Assistance Payment. It's the payment that's made to the beneficiary after they’ve officially enrolled in eligible post-secondary studies at an approved school.

If you have a group savings plan, an EAP consists of the following:

  • Your child’s share of the EAP account (a pool of money distributed between students in the same beneficiary group)
  • The Group Plan Benefits
    • If any plans are canceled, their income earned is transferred to the pool, where it is added to unclaimed Educational Assistance Payments (EAPs). This is called Attrition.
    • The Canadian Scholarship Trust Foundation annually allocates the income earned on the EAP Account and gives this to eligible beneficiaries across all scheduled EAPs. This is called the Group Plan Bonus.
  • Government grants and any income earned on your government grants

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Clearing up the jargon