College Cost And Savings Calculator
If you feel overwhelmed by the thought of the costs that will be involved in your child's education, remember that the earlier you begin saving towards those costs, the longer your money can work for you. For example, $50,000 can be accumulated in 18 years by saving about $24 every week in an investment with an 8% return. While your child grows, your deposits of about $22,500 would "grow" $27,500 of interest!
Children traditionally enter college at age 18, and usually attend four to five years to obtain an undergraduate degree. College costs include tuition and fees, room and board, and other expenses. Use this cost and savings calculator to estimate total future college expenses. If you do not know the current cost of the college your child will attend, use the chart below. Since college costs historically have increased at a rate equal to twice the normal inflation rate, a 6% inflation rate is used with this calculator.