College Savings

Use this calculator to help develop or fine tune your education savings plan.

Definitions:

Age of children

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 1998-99 school year, including tuition, room and board, books, supplies, transportation and other personal expenses, as reported by the College Board was $10,458 for one year at a four-year public college and $22,533 for one year at a four-year private college.

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.

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 contributions

The amount you plan to save per month toward your child's (or children's) education.

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 11% for the last 75 years. 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.

Information and interactive calculators are made available to you as self-help tools for your independent use. We can not 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.

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