| |
College Savings Plan
The cost for a college education is a major expense. Initiating a long-term plan is the easiest way to accumulate the funds needed. By using this calculator, you can easily see how much you will need to save and for how long.
|
|
Definitions
- Age of children
- Subtract the age of your child from 18. This is the number of years you have to save based on the child beginning college at age 18.
- Annual tuition & Room and Board
- For the last school year, total tuition and fees averaged $5,836 at four-year public universities for in-state students, and $22,218 at four-year private colleges. Last school year, tuition and fees increased 6.3% for four-year public universities from the previous school year, and 5.9% for four-year private colleges. However, all tuition, fees and room and board should be based on information provided by the school your child is planning on attending. This calculator assumes all expenses are paid at the end of the year.
U.S. Undergraduate College Costs for 2006-07 School Year
Source: College Board's 2006 Reports on College Pricing and Financial Aid, www.collegeboard.com |
| Type | Tuition and fees | Room & Board | Total | Change from 2005-06 |
|---|
| Public 4-Year (in-state tuition) | $5,836 | $6,960 | $12,796 | 6.3% |
| Private 4-Year | $22,218 | $8,149 | $30,367 | 5.9% |
For the purposes of this calculator all expenses are assumed to be due at the end of the year.
Education cost inflationThe approximate increase of tuition, fees and room and board for the last ten years is 6.5% per year. New information can be obtained by checking with The College Board.
Current amountCurrent amount you have saved for each child's education.
Monthly contributionsMonthly savings you plan to contribute to each child's education account based on first of the month contributions.
Rate of returnEstimated rate of return you can expect after annually compounding your savings/investment.The actual rate of return is largely dependant on the type of investments you select. |
|
|
