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.
- Annual tuition
- 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.
- Current amount
- Currently saved amount for educational purpose.
- Monthly contributions
- 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.