|
College Savings Planner
Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Child Age: Current age of your children. This calculator is based on each child beginning
their college education at age 18. The difference between their current age and
18 is the number of years you have to save.
Annual Tuition: 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. The cost of college for the 2001-02 school year, including tuition, room and board, books, supplies, transportation and other personal expenses, as reported by the U.S. Department of Education:
U.S. Undergraduate College Costs for 2001-2002 School Year
Source: U.S. Department of Education, http://www.ed.gov |
| Type |
Tuition |
Room and Board |
Total |
| Public 4-Year (in-state tuition) |
$3,746 |
$5,453 |
$9,199 |
| Private 4-Year |
$16,287 |
$6,682 |
$22,968 |
Room and board: 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 child's (or children's)
education.
Monthly Contribution: The dollar amount you plan to save per month toward your child's (or children's)
education. All amounts are assumed to be added to your account at the beginning
of the month.
Rate of Return: The annual percentage rate you expect to earn on your educational savings. The
average annual rate of return for the U.S. stock market has been about 11%. You
may wish to use a more conservative rate of return if your child is within 10
years of enrolling in school. This calculator compounds all growth annually. For
the purposes of this calculator, taxation is not factored into the results. If
you pay taxes on the interest, dividends or capital gains from these investments
you may wish to enter your after-tax rate of return.
--------------------------------------------------------------------------------------------------------------
Information and interactive calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. |
