College Savings Calculator
Calculate how much you need to save monthly to fund your child's college education, with country-specific savings plans and tax benefits.
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How to use this calculator
- 1
Select your country to apply the relevant savings plan rules.
- 2
Enter your child's current age — the calculator assumes college starts at age 18.
- 3
Enter the estimated annual tuition cost for the college or university.
- 4
Set the expected annual return on your savings (conservative: 4–5%, moderate: 6–7%).
- 5
Enter the number of years of college (typically 3–4 years).
- 6
The calculator shows monthly savings needed, total amount required, and investment growth.
Frequently asked questions
What is a 529 plan in the US?
A 529 plan is a tax-advantaged savings account in the US designed for education expenses. Contributions grow tax-deferred and withdrawals for qualified education expenses (tuition, room, board, books) are federal tax-free.
What is RESP in Canada?
A Registered Education Savings Plan (RESP) is a Canadian government-registered account for education savings. The government adds a Canada Education Savings Grant (CESG) of 20% on the first CA$2,500 contributed per year, up to CA$500/yr and CA$7,200 lifetime.
Can I use a JISA for university in the UK?
Yes. A Junior ISA (JISA) allows up to £9,000 per year in tax-free savings that the child can access at age 18, making it well-suited for university funding. Returns are free of UK income tax and capital gains tax.
What savings options are best in India for education?
Popular options include Public Provident Fund (PPF, 15-year lock-in, tax-free returns), Sukanya Samriddhi Yojana (for girl children), and ELSS mutual funds for higher potential returns with tax benefits under Section 80C.
Is there an education savings account in Australia?
Australia does not have a dedicated education savings account like a 529 or RESP. Parents typically use investment bonds, low-cost index funds, or offset accounts. Superannuation cannot be accessed for children's education.
College Savings Calculator — Plan Your Child's Education Fund
Why Start Saving for College Early?
The power of compound interest means that starting even a few years earlier can dramatically reduce your monthly contribution. A child born today gives you 18 years of compounding — waiting until age 10 cuts that window in half and nearly doubles the monthly savings required to reach the same goal.
Country-Specific Education Savings Plans
Each country offers distinct vehicles: the US 529 plan provides federal tax-free growth; Canada's RESP attracts a 20% government grant (CESG) on the first CA$2,500 per year; the UK JISA shelters up to £9,000/yr from tax; India's PPF and Sukanya Samriddhi Yojana offer government-backed returns; and Australian families typically use investment bonds or broad index funds in the absence of a dedicated education account.
How to Use This Calculator
Enter your child's age, the estimated annual tuition, your expected investment return, and how many years of college you are saving for. The calculator computes the exact monthly amount you need to contribute, the total corpus required, and how much of that corpus is generated by investment returns rather than your own contributions.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →