Saving for your children's education requires a long-term plan. And, like saving for retirement, the earlier you start your plan the better. Use this calculator to help develop or fine-tune your education savings plan. Click the "View Report" button for a detailed look at the results.
College Savings Calculator (Euro)
College Savings Calculator (Euro) Definitions
- Age of children
- The current age of your children. The difference between their current age and the age they start college is the number of years you have to save
- Age to start education
- The age your child will begin college. The default is 18, but this can be any age up to 25.
- Annual tuition
- 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.
- Room and board
- 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.
- Education cost inflation
- This is the percentage that you expect educational costs to increase per year.
- Current amount
- The total amount you currently have saved for your children's education.
- Monthly contributions
- The dollar amount you plan to save per month toward your children's education. All amounts are assumed to be added to your account at the beginning of the month.
- Rate of return
- This is the annually compounded rate of return 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 is largely dependent on the type of investments you select.It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally 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. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.