The joys of RESPs

To the editor:

In last week's Sunday Daily News, there was an article " The joys of RESPs" regarding the popularity of RESPs. An RESP is a great investment for your children's education. However, I would like to bring to the attention of the public information to consider before choosing an RESP institution. Before investing, ensure you have a complete comprehension of the fee structures involved. We have been investing with Scholarship Consultants of North America (USC) for the last two years under the assumption that our contributions were being invested in the market acquiring a profit. Unfortunately, we discovered the majority of our contributions were deemed "enrollment fees" and until this sum was paid in total, a minimal amount of our contributions were allocated to the principal of the plan. We have since attempted to transfer our RESP to another institution, under the impression, that we would incur only minimum loses. After several attempts, we were informed that the signed the contract stated 75% of initial investments were enrollment fees and were non-transferable. This information was not openly disclosed to us, so do some research. Our kids are worth it.