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The Indian Residential Schools Settlement Agreement stipulates that once all Common Experience Payments (CEP) have been made, if more than $40 million remains in the Trust Fund, the funds are to be made available to CEP Recipients, upon application, in the form of non-cash Personal Credits of up to $3,000 each for educational purposes.
CEP Recipients will be able to choose to transfer their Personal Credits to certain Family Members as defined in the Indian Residential Schools Settlement Agreement and the Terms and Conditions.
Terms and Conditions for Personal Credits have been developed by Canada, the Assembly of First Nations, and Inuit Representatives to determine which Education Entities, Groups, Educational Programs, and Services are eligible.
Once the Personal Credits have been distributed, any amount remaining in the Trust Fund on January 1, 2015, is to be paid to the National Indian Brotherhood Trust Fund and the Inuvialuit Education Foundation.
For more information on the program, please view this website.
The Assembly of First Nations (AFN) has provided their information about their assistance with the Redemption Forms.
The AFN has also posted a new bulletin for the extension of the Education Personal Credits. Click the link below to read the complete details.