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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2037$61,513
Monthly savings required$487

How much will it cost to send your child to Lake Superior State University in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $246,053.89 for students enrolling in 2037 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $486.93 into a 529 or other college savings plan earning and after tax or tax exempt return of 7% will be necessary to achieve this balance.

Assumptions

Current Annual Cost$23,721.00
Years until enrollment18
Annual Tuition Increase5%
Current Savings$0.00
After Tax Return on Savings7%
Years of enrollment4

Current Savings Shortfall

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Planned Savings Balance

College Savings Schedule

Month Begin Deposit Withdraw Interest End
1 $0.00 $486.93 $0.00 $0.00 $486.93
2 $486.93 $486.93 $0.00 $2.75 $976.61
3 $976.61 $486.93 $0.00 $5.52 $1,469.06
4 $1,469.06 $486.93 $0.00 $8.31 $1,964.30
5 $1,964.30 $486.93 $0.00 $11.11 $2,462.34
6 $2,462.34 $486.93 $0.00 $13.92 $2,963.19
7 $2,963.19 $486.93 $0.00 $16.75 $3,466.87
8 $3,466.87 $486.93 $0.00 $19.60 $3,973.40
9 $3,973.40 $486.93 $0.00 $22.47 $4,482.80
10 $4,482.80 $486.93 $0.00 $25.35 $4,995.08
11 $4,995.08 $486.93 $0.00 $28.24 $5,510.25
12 $5,510.25 $486.93 $0.00 $31.16 $6,028.34
13 $6,028.34 $486.93 $0.00 $34.09 $6,549.36
14 $6,549.36 $486.93 $0.00 $37.03 $7,073.32
15 $7,073.32 $486.93 $0.00 $39.99 $7,600.24
16 $7,600.24 $486.93 $0.00 $42.97 $8,130.14
17 $8,130.14 $486.93 $0.00 $45.97 $8,663.04
18 $8,663.04 $486.93 $0.00 $48.98 $9,198.95
19 $9,198.95 $486.93 $0.00 $52.01 $9,737.89
20 $9,737.89 $486.93 $0.00 $55.06 $10,279.88
21 $10,279.88 $486.93 $0.00 $58.12 $10,824.93
22 $10,824.93 $486.93 $0.00 $61.21 $11,373.07
23 $11,373.07 $486.93 $0.00 $64.30 $11,924.30
24 $11,924.30 $486.93 $0.00 $67.42 $12,478.65
25 $12,478.65 $486.93 $0.00 $70.56 $13,036.14
26 $13,036.14 $486.93 $0.00 $73.71 $13,596.78
27 $13,596.78 $486.93 $0.00 $76.88 $14,160.59
28 $14,160.59 $486.93 $0.00 $80.07 $14,727.59
29 $14,727.59 $486.93 $0.00 $83.27 $15,297.79
30 $15,297.79 $486.93 $0.00 $86.50 $15,871.22
31 $15,871.22 $486.93 $0.00 $89.74 $16,447.89
32 $16,447.89 $486.93 $0.00 $93.00 $17,027.82
33 $17,027.82 $486.93 $0.00 $96.28 $17,611.03
34 $17,611.03 $486.93 $0.00 $99.58 $18,197.54
35 $18,197.54 $486.93 $0.00 $102.89 $18,787.36
36 $18,787.36 $486.93 $0.00 $106.23 $19,380.52
37 $19,380.52 $486.93 $0.00 $109.58 $19,977.03
38 $19,977.03 $486.93 $0.00 $112.95 $20,576.91
39 $20,576.91 $486.93 $0.00 $116.34 $21,180.18
40 $21,180.18 $486.93 $0.00 $119.76 $21,786.87
41 $21,786.87 $486.93 $0.00 $123.19 $22,396.99
42 $22,396.99 $486.93 $0.00 $126.64 $23,010.56
43 $23,010.56 $486.93 $0.00 $130.11 $23,627.60
44 $23,627.60 $486.93 $0.00 $133.59 $24,248.12
45 $24,248.12 $486.93 $0.00 $137.10 $24,872.15
46 $24,872.15 $486.93 $0.00 $140.63 $25,499.71
47 $25,499.71 $486.93 $0.00 $144.18 $26,130.82
48 $26,130.82 $486.93 $0.00 $147.75 $26,765.50
49 $26,765.50 $486.93 $0.00 $151.34 $27,403.77
50 $27,403.77 $486.93 $0.00 $154.94 $28,045.64
51 $28,045.64 $486.93 $0.00 $158.57 $28,691.14
52 $28,691.14 $486.93 $0.00 $162.22 $29,340.29
53 $29,340.29 $486.93 $0.00 $165.89 $29,993.11
54 $29,993.11 $486.93 $0.00 $169.59 $30,649.63
55 $30,649.63 $486.93 $0.00 $173.30 $31,309.86
56 $31,309.86 $486.93 $0.00 $177.03 $31,973.82
57 $31,973.82 $486.93 $0.00 $180.78 $32,641.53
58 $32,641.53 $486.93 $0.00 $184.56 $33,313.02
59 $33,313.02 $486.93 $0.00 $188.36 $33,988.31
60 $33,988.31 $486.93 $0.00 $192.17 $34,667.41
61 $34,667.41 $486.93 $0.00 $196.01 $35,350.35
62 $35,350.35 $486.93 $0.00 $199.88 $36,037.16
63 $36,037.16 $486.93 $0.00 $203.76 $36,727.85
64 $36,727.85 $486.93 $0.00 $207.66 $37,422.44
65 $37,422.44 $486.93 $0.00 $211.59 $38,120.96
66 $38,120.96 $486.93 $0.00 $215.54 $38,823.43
67 $38,823.43 $486.93 $0.00 $219.51 $39,529.87
68 $39,529.87 $486.93 $0.00 $223.51 $40,240.31
69 $40,240.31 $486.93 $0.00 $227.52 $40,954.76
70 $40,954.76 $486.93 $0.00 $231.56 $41,673.25
71 $41,673.25 $486.93 $0.00 $235.63 $42,395.81
72 $42,395.81 $486.93 $0.00 $239.71 $43,122.45
73 $43,122.45 $486.93 $0.00 $243.82 $43,853.20
74 $43,853.20 $486.93 $0.00 $247.95 $44,588.08
75 $44,588.08 $486.93 $0.00 $252.11 $45,327.12
76 $45,327.12 $486.93 $0.00 $256.29 $46,070.34
77 $46,070.34 $486.93 $0.00 $260.49 $46,817.76
78 $46,817.76 $486.93 $0.00 $264.71 $47,569.40
79 $47,569.40 $486.93 $0.00 $268.96 $48,325.29
80 $48,325.29 $486.93 $0.00 $273.24 $49,085.46
81 $49,085.46 $486.93 $0.00 $277.54 $49,849.93
82 $49,849.93 $486.93 $0.00 $281.86 $50,618.72
83 $50,618.72 $486.93 $0.00 $286.21 $51,391.86
84 $51,391.86 $486.93 $0.00 $290.58 $52,169.37
85 $52,169.37 $486.93 $0.00 $294.97 $52,951.27
86 $52,951.27 $486.93 $0.00 $299.39 $53,737.59
87 $53,737.59 $486.93 $0.00 $303.84 $54,528.36
88 $54,528.36 $486.93 $0.00 $308.31 $55,323.60
89 $55,323.60 $486.93 $0.00 $312.81 $56,123.34
90 $56,123.34 $486.93 $0.00 $317.33 $56,927.60
91 $56,927.60 $486.93 $0.00 $321.88 $57,736.41
92 $57,736.41 $486.93 $0.00 $326.45 $58,549.79
93 $58,549.79 $486.93 $0.00 $331.05 $59,367.77
94 $59,367.77 $486.93 $0.00 $335.67 $60,190.37
95 $60,190.37 $486.93 $0.00 $340.33 $61,017.63
96 $61,017.63 $486.93 $0.00 $345.00 $61,849.56
97 $61,849.56 $486.93 $0.00 $349.71 $62,686.20
98 $62,686.20 $486.93 $0.00 $354.44 $63,527.57
99 $63,527.57 $486.93 $0.00 $359.19 $64,373.69
100 $64,373.69 $486.93 $0.00 $363.98 $65,224.60
101 $65,224.60 $486.93 $0.00 $368.79 $66,080.32
102 $66,080.32 $486.93 $0.00 $373.63 $66,940.88
103 $66,940.88 $486.93 $0.00 $378.49 $67,806.30
104 $67,806.30 $486.93 $0.00 $383.39 $68,676.62
105 $68,676.62 $486.93 $0.00 $388.31 $69,551.86
106 $69,551.86 $486.93 $0.00 $393.26 $70,432.05
107 $70,432.05 $486.93 $0.00 $398.23 $71,317.21
108 $71,317.21 $486.93 $0.00 $403.24 $72,207.38
109 $72,207.38 $486.93 $0.00 $408.27 $73,102.58
110 $73,102.58 $486.93 $0.00 $413.33 $74,002.84
111 $74,002.84 $486.93 $0.00 $418.42 $74,908.19
112 $74,908.19 $486.93 $0.00 $423.54 $75,818.66
113 $75,818.66 $486.93 $0.00 $428.69 $76,734.28
114 $76,734.28 $486.93 $0.00 $433.87 $77,655.08
115 $77,655.08 $486.93 $0.00 $439.07 $78,581.08
116 $78,581.08 $486.93 $0.00 $444.31 $79,512.32
117 $79,512.32 $486.93 $0.00 $449.57 $80,448.82
118 $80,448.82 $486.93 $0.00 $454.87 $81,390.62
119 $81,390.62 $486.93 $0.00 $460.19 $82,337.74
120 $82,337.74 $486.93 $0.00 $465.55 $83,290.22
121 $83,290.22 $486.93 $0.00 $470.94 $84,248.09
122 $84,248.09 $486.93 $0.00 $476.35 $85,211.37
123 $85,211.37 $486.93 $0.00 $481.80 $86,180.10
124 $86,180.10 $486.93 $0.00 $487.27 $87,154.30
125 $87,154.30 $486.93 $0.00 $492.78 $88,134.01
126 $88,134.01 $486.93 $0.00 $498.32 $89,119.26
127 $89,119.26 $486.93 $0.00 $503.89 $90,110.08
128 $90,110.08 $486.93 $0.00 $509.50 $91,106.51
129 $91,106.51 $486.93 $0.00 $515.13 $92,108.57
130 $92,108.57 $486.93 $0.00 $520.80 $93,116.30
131 $93,116.30 $486.93 $0.00 $526.49 $94,129.72
132 $94,129.72 $486.93 $0.00 $532.22 $95,148.87
133 $95,148.87 $486.93 $0.00 $537.99 $96,173.79
134 $96,173.79 $486.93 $0.00 $543.78 $97,204.50
135 $97,204.50 $486.93 $0.00 $549.61 $98,241.04
136 $98,241.04 $486.93 $0.00 $555.47 $99,283.44
137 $99,283.44 $486.93 $0.00 $561.36 $100,331.73
138 $100,331.73 $486.93 $0.00 $567.29 $101,385.95
139 $101,385.95 $486.93 $0.00 $573.25 $102,446.13
140 $102,446.13 $486.93 $0.00 $579.25 $103,512.31
141 $103,512.31 $486.93 $0.00 $585.27 $104,584.51
142 $104,584.51 $486.93 $0.00 $591.34 $105,662.78
143 $105,662.78 $486.93 $0.00 $597.43 $106,747.14
144 $106,747.14 $486.93 $0.00 $603.56 $107,837.63
145 $107,837.63 $486.93 $0.00 $609.73 $108,934.29
146 $108,934.29 $486.93 $0.00 $615.93 $110,037.15
147 $110,037.15 $486.93 $0.00 $622.17 $111,146.25
148 $111,146.25 $486.93 $0.00 $628.44 $112,261.62
149 $112,261.62 $486.93 $0.00 $634.74 $113,383.29
150 $113,383.29 $486.93 $0.00 $641.09 $114,511.31
151 $114,511.31 $486.93 $0.00 $647.46 $115,645.70
152 $115,645.70 $486.93 $0.00 $653.88 $116,786.51
153 $116,786.51 $486.93 $0.00 $660.33 $117,933.77
154 $117,933.77 $486.93 $0.00 $666.81 $119,087.51
155 $119,087.51 $486.93 $0.00 $673.34 $120,247.78
156 $120,247.78 $486.93 $0.00 $679.90 $121,414.61
157 $121,414.61 $486.93 $0.00 $686.50 $122,588.04
158 $122,588.04 $486.93 $0.00 $693.13 $123,768.10
159 $123,768.10 $486.93 $0.00 $699.80 $124,954.83
160 $124,954.83 $486.93 $0.00 $706.51 $126,148.27
161 $126,148.27 $486.93 $0.00 $713.26 $127,348.46
162 $127,348.46 $486.93 $0.00 $720.05 $128,555.44
163 $128,555.44 $486.93 $0.00 $726.87 $129,769.24
164 $129,769.24 $486.93 $0.00 $733.73 $130,989.90
165 $130,989.90 $486.93 $0.00 $740.64 $132,217.47
166 $132,217.47 $486.93 $0.00 $747.58 $133,451.98
167 $133,451.98 $486.93 $0.00 $754.56 $134,693.47
168 $134,693.47 $486.93 $0.00 $761.58 $135,941.98
169 $135,941.98 $486.93 $0.00 $768.64 $137,197.55
170 $137,197.55 $486.93 $0.00 $775.73 $138,460.21
171 $138,460.21 $486.93 $0.00 $782.87 $139,730.01
172 $139,730.01 $486.93 $0.00 $790.05 $141,006.99
173 $141,006.99 $486.93 $0.00 $797.27 $142,291.19
174 $142,291.19 $486.93 $0.00 $804.54 $143,582.66
175 $143,582.66 $486.93 $0.00 $811.84 $144,881.43
176 $144,881.43 $486.93 $0.00 $819.18 $146,187.54
177 $146,187.54 $486.93 $0.00 $826.57 $147,501.04
178 $147,501.04 $486.93 $0.00 $833.99 $148,821.96
179 $148,821.96 $486.93 $0.00 $841.46 $150,150.35
180 $150,150.35 $486.93 $0.00 $848.97 $151,486.25
181 $151,486.25 $486.93 $0.00 $856.53 $152,829.71
182 $152,829.71 $486.93 $0.00 $864.12 $154,180.76
183 $154,180.76 $486.93 $0.00 $871.76 $155,539.45
184 $155,539.45 $486.93 $0.00 $879.44 $156,905.82
185 $156,905.82 $486.93 $0.00 $887.17 $158,279.92
186 $158,279.92 $486.93 $0.00 $894.94 $159,661.79
187 $159,661.79 $486.93 $0.00 $902.75 $161,051.47
188 $161,051.47 $486.93 $0.00 $910.61 $162,449.01
189 $162,449.01 $486.93 $0.00 $918.51 $163,854.45
190 $163,854.45 $486.93 $0.00 $926.46 $165,267.84
191 $165,267.84 $486.93 $0.00 $934.45 $166,689.22
192 $166,689.22 $486.93 $0.00 $942.49 $168,118.64
193 $168,118.64 $486.93 $0.00 $950.57 $169,556.14
194 $169,556.14 $486.93 $0.00 $958.70 $171,001.77
195 $171,001.77 $486.93 $0.00 $966.87 $172,455.57
196 $172,455.57 $486.93 $0.00 $975.09 $173,917.59
197 $173,917.59 $486.93 $0.00 $983.36 $175,387.88
198 $175,387.88 $486.93 $0.00 $991.67 $176,866.48
199 $176,866.48 $486.93 $0.00 $1,000.03 $178,353.44
200 $178,353.44 $486.93 $0.00 $1,008.44 $179,848.81
201 $179,848.81 $486.93 $0.00 $1,016.89 $181,352.63
202 $181,352.63 $486.93 $0.00 $1,025.39 $182,864.95
203 $182,864.95 $486.93 $0.00 $1,033.95 $184,385.83
204 $184,385.83 $486.93 $0.00 $1,042.54 $185,915.30
205 $185,915.30 $486.93 $0.00 $1,051.19 $187,453.42
206 $187,453.42 $486.93 $0.00 $1,059.89 $189,000.24
207 $189,000.24 $486.93 $0.00 $1,068.63 $190,555.80
208 $190,555.80 $486.93 $0.00 $1,077.43 $192,120.16
209 $192,120.16 $486.93 $0.00 $1,086.28 $193,693.37
210 $193,693.37 $486.93 $0.00 $1,095.17 $195,275.47
211 $195,275.47 $486.93 $0.00 $1,104.12 $196,866.52
212 $196,866.52 $486.93 $0.00 $1,113.11 $198,466.56
213 $198,466.56 $486.93 $0.00 $1,122.16 $200,075.65
214 $200,075.65 $486.93 $0.00 $1,131.26 $201,693.84
215 $201,693.84 $486.93 $0.00 $1,140.41 $203,321.18
216 $203,321.18 $486.93 $0.00 $1,149.61 $204,957.72
217 $204,957.72 $486.93 $57,087.41 $1,158.86 $149,516.10
218 $149,516.10 $486.93 $0.00 $845.39 $150,848.42
219 $150,848.42 $486.93 $0.00 $852.92 $152,188.27
220 $152,188.27 $486.93 $0.00 $860.49 $153,535.69
221 $153,535.69 $486.93 $0.00 $868.11 $154,890.73
222 $154,890.73 $486.93 $0.00 $875.77 $156,253.43
223 $156,253.43 $486.93 $0.00 $883.48 $157,623.84
224 $157,623.84 $486.93 $0.00 $891.23 $159,002.00
225 $159,002.00 $486.93 $0.00 $899.02 $160,387.95
226 $160,387.95 $486.93 $0.00 $906.86 $161,781.74
227 $161,781.74 $486.93 $0.00 $914.74 $163,183.41
228 $163,183.41 $486.93 $0.00 $922.66 $164,593.00
229 $164,593.00 $486.93 $59,941.79 $930.63 $106,068.77
230 $106,068.77 $486.93 $0.00 $599.73 $107,155.43
231 $107,155.43 $486.93 $0.00 $605.87 $108,248.23
232 $108,248.23 $486.93 $0.00 $612.05 $109,347.21
233 $109,347.21 $486.93 $0.00 $618.27 $110,452.41
234 $110,452.41 $486.93 $0.00 $624.51 $111,563.85
235 $111,563.85 $486.93 $0.00 $630.80 $112,681.58
236 $112,681.58 $486.93 $0.00 $637.12 $113,805.63
237 $113,805.63 $486.93 $0.00 $643.47 $114,936.03
238 $114,936.03 $486.93 $0.00 $649.87 $116,072.83
239 $116,072.83 $486.93 $0.00 $656.29 $117,216.05
240 $117,216.05 $486.93 $0.00 $662.76 $118,365.74
241 $118,365.74 $486.93 $62,938.87 $669.26 $56,583.06
242 $56,583.06 $486.93 $0.00 $319.93 $57,389.92
243 $57,389.92 $486.93 $0.00 $324.49 $58,201.34
244 $58,201.34 $486.93 $0.00 $329.08 $59,017.35
245 $59,017.35 $486.93 $0.00 $333.69 $59,837.97
246 $59,837.97 $486.93 $0.00 $338.33 $60,663.23
247 $60,663.23 $486.93 $0.00 $343.00 $61,493.16
248 $61,493.16 $486.93 $0.00 $347.69 $62,327.78
249 $62,327.78 $486.93 $0.00 $352.41 $63,167.12
250 $63,167.12 $486.93 $0.00 $357.16 $64,011.21
251 $64,011.21 $486.93 $0.00 $361.93 $64,860.07
252 $64,860.07 $486.93 $0.00 $366.73 $65,713.73
253 $65,713.73 $0.00 $66,085.82 $371.55 ($0.54)