What is your child's apprenticeship, college, or university program likely to cost? How much will you need to save?
There are lots of costs to consider when planning for your child's post-secondary education and training. These include:
- Fees to apply
- Other fees for college or university, such as campus sports
- Living costs – if your child lives away from home.
Like the Khans, you may be shocked when you first see the total figure. You may wonder how on earth you will ever be able to pay all those costs.
But don't worry. You would be surprised at how fast your savings can add up, especially over a long period of time.
Plus, if you save your money in a Registered Education Savings Plan (RESP) you will also get grant money from the government. That will make your savings grow even faster, like the Jacksons.
How to complete step 1
There is an easy way to calculate how much your child's education is likely to cost and how much you will need to save in an RESP. Just use the RESP calculator
on the Investor Education Fund web site. It will help you:
When you're finished, remember to print out the summary page you get from the calculator or write down your results. Then return to this page.
- Find out how much your child's education may cost
- Take into account any savings you already have
- Factor in grant money from the government
- Understand how much more you will need to save in an RESP to cover all your child's costs.