A final deal reached on compensation for residential school survivors is being described as 'fantastic' by a local lawyer working on the case.

'It's a big milestone,' Laura Cabott said in an interview Wednesday afternoon.

The announcement about the final agreement was made by Jim Prentice, the minister of Indian Affairs and Northern Development, during question period in the House of Commons Tuesday.

'The government will now immediately consider the settlement agreement and the interim payments and timing of those payments,' said Prentice.

Cabott said that's a good sign the potential early payments promised by the former Liberal government to older residential school survivors could come through.

That would give residential school survivors who are more than 65 years old the opportunity to apply for an $8,000-payment before the final agreement makes it through the courts.

Earlier this month, the National Residential School Survivors Society issued a call to Prime Minister Stephen Harper to distribute the early payment to the older survivors. The group argued the early payment isn't tied to the final agreement and that elders should have received a payment by now.

Many elders have already died without receiving compensation.

After it goes through the federal government, court approval will be the next step in finalizing the deal which would see the former students receive $10,000 along with an additional $3,000 for each year they attended the schools, said Cabott.

As of Wednesday, Cabott hadn't spoken with any of her clients about Prentice's announcement because she was in a hearing for much of the day.

There were already a few messages left for her about the deal though.

'I'm sure they're very excited,' she said.

She expects the court dates for the agreement will be set for June or early July, taking about one to two days each in about 10 courts across the country in the various regions.

It would then likely be late this year or early next year by the time the regular payments would be in the hands of recipients.

Descendants of residential school survivors who died after May 30, 2005 could also apply for the payment.