Education Savings To build a better future of your children, you must ensure proper education for them. But to bear the cost of quality education you must start saving from now. With the help of this ACalculator, you will find the suitable monthly contribution to meet up your desired educational savings.
Age of children
Your children’s current age. You will have to save up to the time your children start for college.
Age to start education
Input the age when your child will start for college.
Total yearly tuition fees of your child as estimated today. This calculator assumes that annual tuition costs are due at the end of year.
Room and board
The yearly per child cost of room and board. This cost is also assumed to be unpaid during the ending of the year.
Education cost inflation
The annual expected rate of increase in the cost of education.
Currently saved amount for educational purpose.
Monthly contribution to the educational plan. This calculator assumes that at the beginning of every month you make these contributions.
Rate of return
The rate of return you would expect from the investments.
Registered Education Savings Plan (RESP)
Activating this option will consider RESP for the purpose of calculating the amount of saving. Using this registered education savings plan has some certain benefits. Someone using this plan will receive $600 annually for each of his/her child as Canada Education Savings Grant. Moreover, this is a tax deductible earning and so, it will increase your savings amount.