Island Heritage logo FINANCIAL CALCULATORS HELP

Your Children

First Child | Second Child | Third Child | Fourth Child

First Child Information

Name

Current Age
years

Post-Secondary Start Age
years

Post-Secondary Years
years

Current Education Savings 

Monthly Contributions 

 Instructions

The educational savings calculator will help you determine how much you need to save for your children's education. Education costs can be significant, so it is important to plan ahead.

The educational savings calculator considers your current assets earmarked for education plus the monthly savings you plan to save for your children. Saving for many years will help generate investment income that can go toward education costs. The calculator also determines the required amount of contributions that will be necessary to fund estimated future education costs.

Fill in the necessary data and click the Results button.

Enter the current age, the start age and duration of post-secondary studies for each child along with any amount you already have saved and the amount you expect to save monthly. Then select the tuition option based on where you think your children are going to go to school, assumed rates of return and inflation, and click the Update Results button.

Adjust any amount and your updated results will automatically be refreshed.

Tuition Costs (USD)

 
Tuition & Books
Other Costs
Total Cost

$8,500
$9,500
$18,000
$28,000
$12,000
$40,000
$18,000
$12,000
$30,000
$46,000
$16,000
$62,000
 


 Instructions

Your planning should consider country-specific education costs for tuition, books, room and board, and other costs. Researching costs for preferred institutions can help in ensuring that you will have the necessary funds. Enter current amounts for tuition, books, room, board and other costs and the results will take into account separately expected inflation for tuition and for room and board.

Expected Annual Rate of Return

  
 
  %

Expected Annual Rates of Inflation

Tuition Inflation   
 %

General Inflation
 %

 Instructions

Your planning should consider country-specific education costs for tuition, books, room and board, and other costs. Researching costs for preferred institutions can help in ensuring that you will have the necessary funds.

Education Savings Plan

The table and chart below show, for each of your children, planned and required monthly deposits for tuition, books, room, board and other costs. The chart compares education costs to expected savings when post-secondary education starts.


DescriptionValue
Child's NameChild (1)
Planned Monthly Contributions200
Extra Required Monthly Contributions$170
Total Required Monthly Contributions$370
Estimated Costs and Assets 
Estimated Education Costs$128,899
Estimated Education Savings$73,105
Excess or Shortfall-$55,794



  Illustration of Future Assets