College Savings Calculator

Does the calculator inflate the tuition figure?

No. The “Total Amount Needed” is simply annual tuition multiplied by the years of college, with no growth between now and enrollment. If you enter today’s price, the target is in today’s money. To plan for rising costs, enter a higher number yourself, or use the tuition inflation calculator on this site, which does compound tuition.

What does the monthly figure assume?

Level deposits at the end of every month from now until the child turns 18, growing at the annual return divided by 12, so that the pot exactly equals the total tuition at 18. Nothing is assumed to be withdrawn or earn growth during college, which means the whole sum has to be there at 18. At a 0% return the monthly deposit is just the total divided by the number of months.

What if my child is already 18 or older?

The tool forces at least 1 year to save, so it shows a one-year plan (12 monthly deposits) rather than an error. For age 19 and $80,000 it printed $6,485.31 a month. Ages below zero are treated as zero, and an age of 0, which is also what a cleared box becomes, gives the full 18 years to save. Age 5 is only the starting value.

Does the country change the calculation?

Only through the currency symbol and, for Canada, the extra grant lines. The monthly figure, total and growth are the same arithmetic for every country. The “Savings Plan Note” is fixed explanatory text for the country you pick and is not applied in the sums, except the Canadian grant.

How is the Canadian grant estimated?

For Canada, the tool takes 20% of the yearly deposit, caps it at CA$500 a year, multiplies by the years until 18, and caps the total at CA$7,200 (the lifetime limit quoted in its own note). It then subtracts the grant spread over the months to give “Effective Monthly After CESG Grant”. This ignores growth on the grant and eligibility rules, so treat it as a rough indication and confirm the real rules with the plan provider.

Are the plan notes (529, JISA, PPF and so on) up to date?

Do not rely on them without checking. They are short static descriptions typed into the tool, including limits and rates, and tax rules and allowances change. The calculator’s arithmetic does not use them. Look up the current rules from the official source for your country before choosing an account.

What do “Total Contributed” and “Investment Growth” mean?

Total Contributed is the monthly deposit multiplied by the number of months. Investment Growth is the total needed minus what you contributed, never below zero. At the starting values the deposits are $53,005 and growth is $26,995. The Canadian grant is not counted in growth.

Does “Years of College” change how long I save?

No: it only multiplies the annual tuition to set the total needed. The saving period comes from the child’s age and the fixed start age of 18. The box starts at 4 years, and a value below 1, including a cleared box (0), is counted as 1.