Saving for a college education requires advanced planning and knowledge of what the cost of a college education will be when your student begins his college experience. You will first need to know how long it will be before your student sets foot on campus, what the cost of that education is today and how much the cost will increase between now and then. You will need to know how many years of college you will be paying for, which is dependent on the degree program being pursued. Once you have that information, you will be able to know how much you will need to save. Putting together a plan will depend on what you currently have saved, how much you can save each month and the rate of return you will receive on those savings.
Save for College
Save for College
College Savings Summary
Planned Savings
$ 35,100
Required Savings
$ 162,658
Based on your savings plan and the assumptions used in this tool, you will need an additional $127,557 to meet your savings goal, which is based on the matriculation date of the student and the anticipated cost of the college education.