Education Saving Calculator

The current age of your children. The default values in this calculator are based on each child beginning their college education at age 18 although you can change this age to suit. The difference between their current age and the age they will start is the number of years you have to save.

The current estimated cost of one year of tuition and books. This amount should be per child and be specific to the school they may be interested in attending. For the purposes of this calculator all expenses are assumed to be due at the end of the year and that your children will attend a four-year program. If they are planning on attending higher education for a longer period of time, the cost will increase.

The current estimated cost of one-year room and board. Like tuition and books, this amount should be per child and specific to the school they may be interested in attending. For the purposes of this calculator, all expenses are assumed to be due at the end of the year.

This is the percentage that you expect educational costs to increase per year.

The total amount you currently have saved for your child's (or children's) education.

The dollar amount you plan to save per month toward your child's (or children's) education. All amounts are assumed to be added to your account at the beginning of the month.

This is the annually compounded rate of return after tax you expect from your investments. This will also be the rate used if you end up with a negative balance, and need to borrow money to meet your goal. The actual rate of return will be largely dependent on the type of investments you select. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.