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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2037$44,116
Monthly savings required$196

How much will it cost to send your child to Midlands Technical College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $88,231.96 for students enrolling in 2037 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $196.07 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$17,884.00
Years until enrollment18
Annual Tuition Increase5%
Current Savings$0.00
After Tax Return on Savings7%
Years of enrollment2

Current Savings Shortfall

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Planned Savings Balance

College Savings Schedule

Month Begin Deposit Withdraw Interest End
1 $0.00 $196.07 $0.00 $0.00 $196.07
2 $196.07 $196.07 $0.00 $1.11 $393.25
3 $393.25 $196.07 $0.00 $2.22 $591.54
4 $591.54 $196.07 $0.00 $3.34 $790.95
5 $790.95 $196.07 $0.00 $4.47 $991.49
6 $991.49 $196.07 $0.00 $5.61 $1,193.17
7 $1,193.17 $196.07 $0.00 $6.75 $1,395.99
8 $1,395.99 $196.07 $0.00 $7.89 $1,599.95
9 $1,599.95 $196.07 $0.00 $9.05 $1,805.07
10 $1,805.07 $196.07 $0.00 $10.21 $2,011.35
11 $2,011.35 $196.07 $0.00 $11.37 $2,218.79
12 $2,218.79 $196.07 $0.00 $12.55 $2,427.41
13 $2,427.41 $196.07 $0.00 $13.72 $2,637.20
14 $2,637.20 $196.07 $0.00 $14.91 $2,848.18
15 $2,848.18 $196.07 $0.00 $16.10 $3,060.35
16 $3,060.35 $196.07 $0.00 $17.30 $3,273.72
17 $3,273.72 $196.07 $0.00 $18.51 $3,488.30
18 $3,488.30 $196.07 $0.00 $19.72 $3,704.09
19 $3,704.09 $196.07 $0.00 $20.94 $3,921.10
20 $3,921.10 $196.07 $0.00 $22.17 $4,139.34
21 $4,139.34 $196.07 $0.00 $23.40 $4,358.81
22 $4,358.81 $196.07 $0.00 $24.65 $4,579.53
23 $4,579.53 $196.07 $0.00 $25.89 $4,801.49
24 $4,801.49 $196.07 $0.00 $27.15 $5,024.71
25 $5,024.71 $196.07 $0.00 $28.41 $5,249.19
26 $5,249.19 $196.07 $0.00 $29.68 $5,474.94
27 $5,474.94 $196.07 $0.00 $30.96 $5,701.97
28 $5,701.97 $196.07 $0.00 $32.24 $5,930.28
29 $5,930.28 $196.07 $0.00 $33.53 $6,159.88
30 $6,159.88 $196.07 $0.00 $34.83 $6,390.78
31 $6,390.78 $196.07 $0.00 $36.13 $6,622.98
32 $6,622.98 $196.07 $0.00 $37.45 $6,856.50
33 $6,856.50 $196.07 $0.00 $38.77 $7,091.34
34 $7,091.34 $196.07 $0.00 $40.10 $7,327.51
35 $7,327.51 $196.07 $0.00 $41.43 $7,565.01
36 $7,565.01 $196.07 $0.00 $42.77 $7,803.85
37 $7,803.85 $196.07 $0.00 $44.12 $8,044.04
38 $8,044.04 $196.07 $0.00 $45.48 $8,285.59
39 $8,285.59 $196.07 $0.00 $46.85 $8,528.51
40 $8,528.51 $196.07 $0.00 $48.22 $8,772.80
41 $8,772.80 $196.07 $0.00 $49.60 $9,018.47
42 $9,018.47 $196.07 $0.00 $50.99 $9,265.53
43 $9,265.53 $196.07 $0.00 $52.39 $9,513.99
44 $9,513.99 $196.07 $0.00 $53.79 $9,763.85
45 $9,763.85 $196.07 $0.00 $55.21 $10,015.13
46 $10,015.13 $196.07 $0.00 $56.63 $10,267.83
47 $10,267.83 $196.07 $0.00 $58.06 $10,521.96
48 $10,521.96 $196.07 $0.00 $59.49 $10,777.52
49 $10,777.52 $196.07 $0.00 $60.94 $11,034.53
50 $11,034.53 $196.07 $0.00 $62.39 $11,292.99
51 $11,292.99 $196.07 $0.00 $63.85 $11,552.91
52 $11,552.91 $196.07 $0.00 $65.32 $11,814.30
53 $11,814.30 $196.07 $0.00 $66.80 $12,077.17
54 $12,077.17 $196.07 $0.00 $68.29 $12,341.53
55 $12,341.53 $196.07 $0.00 $69.78 $12,607.38
56 $12,607.38 $196.07 $0.00 $71.28 $12,874.73
57 $12,874.73 $196.07 $0.00 $72.80 $13,143.60
58 $13,143.60 $196.07 $0.00 $74.32 $13,413.99
59 $13,413.99 $196.07 $0.00 $75.84 $13,685.90
60 $13,685.90 $196.07 $0.00 $77.38 $13,959.35
61 $13,959.35 $196.07 $0.00 $78.93 $14,234.35
62 $14,234.35 $196.07 $0.00 $80.48 $14,510.90
63 $14,510.90 $196.07 $0.00 $82.05 $14,789.02
64 $14,789.02 $196.07 $0.00 $83.62 $15,068.71
65 $15,068.71 $196.07 $0.00 $85.20 $15,349.98
66 $15,349.98 $196.07 $0.00 $86.79 $15,632.84
67 $15,632.84 $196.07 $0.00 $88.39 $15,917.30
68 $15,917.30 $196.07 $0.00 $90.00 $16,203.37
69 $16,203.37 $196.07 $0.00 $91.62 $16,491.06
70 $16,491.06 $196.07 $0.00 $93.24 $16,780.37
71 $16,780.37 $196.07 $0.00 $94.88 $17,071.32
72 $17,071.32 $196.07 $0.00 $96.52 $17,363.91
73 $17,363.91 $196.07 $0.00 $98.18 $17,658.16
74 $17,658.16 $196.07 $0.00 $99.84 $17,954.07
75 $17,954.07 $196.07 $0.00 $101.51 $18,251.65
76 $18,251.65 $196.07 $0.00 $103.20 $18,550.92
77 $18,550.92 $196.07 $0.00 $104.89 $18,851.88
78 $18,851.88 $196.07 $0.00 $106.59 $19,154.54
79 $19,154.54 $196.07 $0.00 $108.30 $19,458.91
80 $19,458.91 $196.07 $0.00 $110.02 $19,765.00
81 $19,765.00 $196.07 $0.00 $111.75 $20,072.82
82 $20,072.82 $196.07 $0.00 $113.49 $20,382.38
83 $20,382.38 $196.07 $0.00 $115.24 $20,693.69
84 $20,693.69 $196.07 $0.00 $117.01 $21,006.77
85 $21,006.77 $196.07 $0.00 $118.78 $21,321.62
86 $21,321.62 $196.07 $0.00 $120.56 $21,638.25
87 $21,638.25 $196.07 $0.00 $122.35 $21,956.67
88 $21,956.67 $196.07 $0.00 $124.15 $22,276.89
89 $22,276.89 $196.07 $0.00 $125.96 $22,598.92
90 $22,598.92 $196.07 $0.00 $127.78 $22,922.77
91 $22,922.77 $196.07 $0.00 $129.61 $23,248.45
92 $23,248.45 $196.07 $0.00 $131.45 $23,575.97
93 $23,575.97 $196.07 $0.00 $133.30 $23,905.34
94 $23,905.34 $196.07 $0.00 $135.16 $24,236.57
95 $24,236.57 $196.07 $0.00 $137.04 $24,569.68
96 $24,569.68 $196.07 $0.00 $138.92 $24,904.67
97 $24,904.67 $196.07 $0.00 $140.81 $25,241.55
98 $25,241.55 $196.07 $0.00 $142.72 $25,580.34
99 $25,580.34 $196.07 $0.00 $144.63 $25,921.04
100 $25,921.04 $196.07 $0.00 $146.56 $26,263.67
101 $26,263.67 $196.07 $0.00 $148.50 $26,608.24
102 $26,608.24 $196.07 $0.00 $150.45 $26,954.76
103 $26,954.76 $196.07 $0.00 $152.41 $27,303.24
104 $27,303.24 $196.07 $0.00 $154.38 $27,653.69
105 $27,653.69 $196.07 $0.00 $156.36 $28,006.12
106 $28,006.12 $196.07 $0.00 $158.35 $28,360.54
107 $28,360.54 $196.07 $0.00 $160.35 $28,716.96
108 $28,716.96 $196.07 $0.00 $162.37 $29,075.40
109 $29,075.40 $196.07 $0.00 $164.40 $29,435.87
110 $29,435.87 $196.07 $0.00 $166.43 $29,798.37
111 $29,798.37 $196.07 $0.00 $168.48 $30,162.92
112 $30,162.92 $196.07 $0.00 $170.55 $30,529.54
113 $30,529.54 $196.07 $0.00 $172.62 $30,898.23
114 $30,898.23 $196.07 $0.00 $174.70 $31,269.00
115 $31,269.00 $196.07 $0.00 $176.80 $31,641.87
116 $31,641.87 $196.07 $0.00 $178.91 $32,016.85
117 $32,016.85 $196.07 $0.00 $181.03 $32,393.95
118 $32,393.95 $196.07 $0.00 $183.16 $32,773.18
119 $32,773.18 $196.07 $0.00 $185.30 $33,154.55
120 $33,154.55 $196.07 $0.00 $187.46 $33,538.08
121 $33,538.08 $196.07 $0.00 $189.63 $33,923.78
122 $33,923.78 $196.07 $0.00 $191.81 $34,311.66
123 $34,311.66 $196.07 $0.00 $194.00 $34,701.73
124 $34,701.73 $196.07 $0.00 $196.21 $35,094.01
125 $35,094.01 $196.07 $0.00 $198.43 $35,488.51
126 $35,488.51 $196.07 $0.00 $200.66 $35,885.24
127 $35,885.24 $196.07 $0.00 $202.90 $36,284.21
128 $36,284.21 $196.07 $0.00 $205.16 $36,685.44
129 $36,685.44 $196.07 $0.00 $207.42 $37,088.93
130 $37,088.93 $196.07 $0.00 $209.71 $37,494.71
131 $37,494.71 $196.07 $0.00 $212.00 $37,902.78
132 $37,902.78 $196.07 $0.00 $214.31 $38,313.16
133 $38,313.16 $196.07 $0.00 $216.63 $38,725.86
134 $38,725.86 $196.07 $0.00 $218.96 $39,140.89
135 $39,140.89 $196.07 $0.00 $221.31 $39,558.27
136 $39,558.27 $196.07 $0.00 $223.67 $39,978.01
137 $39,978.01 $196.07 $0.00 $226.04 $40,400.12
138 $40,400.12 $196.07 $0.00 $228.43 $40,824.62
139 $40,824.62 $196.07 $0.00 $230.83 $41,251.52
140 $41,251.52 $196.07 $0.00 $233.24 $41,680.83
141 $41,680.83 $196.07 $0.00 $235.67 $42,112.57
142 $42,112.57 $196.07 $0.00 $238.11 $42,546.75
143 $42,546.75 $196.07 $0.00 $240.57 $42,983.39
144 $42,983.39 $196.07 $0.00 $243.03 $43,422.49
145 $43,422.49 $196.07 $0.00 $245.52 $43,864.08
146 $43,864.08 $196.07 $0.00 $248.01 $44,308.16
147 $44,308.16 $196.07 $0.00 $250.52 $44,754.75
148 $44,754.75 $196.07 $0.00 $253.05 $45,203.87
149 $45,203.87 $196.07 $0.00 $255.59 $45,655.53
150 $45,655.53 $196.07 $0.00 $258.14 $46,109.74
151 $46,109.74 $196.07 $0.00 $260.71 $46,566.52
152 $46,566.52 $196.07 $0.00 $263.29 $47,025.88
153 $47,025.88 $196.07 $0.00 $265.89 $47,487.84
154 $47,487.84 $196.07 $0.00 $268.50 $47,952.41
155 $47,952.41 $196.07 $0.00 $271.13 $48,419.61
156 $48,419.61 $196.07 $0.00 $273.77 $48,889.45
157 $48,889.45 $196.07 $0.00 $276.43 $49,361.95
158 $49,361.95 $196.07 $0.00 $279.10 $49,837.12
159 $49,837.12 $196.07 $0.00 $281.79 $50,314.98
160 $50,314.98 $196.07 $0.00 $284.49 $50,795.54
161 $50,795.54 $196.07 $0.00 $287.21 $51,278.82
162 $51,278.82 $196.07 $0.00 $289.94 $51,764.83
163 $51,764.83 $196.07 $0.00 $292.69 $52,253.59
164 $52,253.59 $196.07 $0.00 $295.45 $52,745.11
165 $52,745.11 $196.07 $0.00 $298.23 $53,239.41
166 $53,239.41 $196.07 $0.00 $301.02 $53,736.50
167 $53,736.50 $196.07 $0.00 $303.83 $54,236.40
168 $54,236.40 $196.07 $0.00 $306.66 $54,739.13
169 $54,739.13 $196.07 $0.00 $309.50 $55,244.70
170 $55,244.70 $196.07 $0.00 $312.36 $55,753.13
171 $55,753.13 $196.07 $0.00 $315.24 $56,264.44
172 $56,264.44 $196.07 $0.00 $318.13 $56,778.64
173 $56,778.64 $196.07 $0.00 $321.03 $57,295.74
174 $57,295.74 $196.07 $0.00 $323.96 $57,815.77
175 $57,815.77 $196.07 $0.00 $326.90 $58,338.74
176 $58,338.74 $196.07 $0.00 $329.86 $58,864.67
177 $58,864.67 $196.07 $0.00 $332.83 $59,393.57
178 $59,393.57 $196.07 $0.00 $335.82 $59,925.46
179 $59,925.46 $196.07 $0.00 $338.83 $60,460.36
180 $60,460.36 $196.07 $0.00 $341.85 $60,998.28
181 $60,998.28 $196.07 $0.00 $344.89 $61,539.24
182 $61,539.24 $196.07 $0.00 $347.95 $62,083.26
183 $62,083.26 $196.07 $0.00 $351.03 $62,630.36
184 $62,630.36 $196.07 $0.00 $354.12 $63,180.55
185 $63,180.55 $196.07 $0.00 $357.23 $63,733.85
186 $63,733.85 $196.07 $0.00 $360.36 $64,290.28
187 $64,290.28 $196.07 $0.00 $363.51 $64,849.86
188 $64,849.86 $196.07 $0.00 $366.67 $65,412.60
189 $65,412.60 $196.07 $0.00 $369.85 $65,978.52
190 $65,978.52 $196.07 $0.00 $373.05 $66,547.64
191 $66,547.64 $196.07 $0.00 $376.27 $67,119.98
192 $67,119.98 $196.07 $0.00 $379.51 $67,695.56
193 $67,695.56 $196.07 $0.00 $382.76 $68,274.39
194 $68,274.39 $196.07 $0.00 $386.03 $68,856.49
195 $68,856.49 $196.07 $0.00 $389.32 $69,441.88
196 $69,441.88 $196.07 $0.00 $392.63 $70,030.58
197 $70,030.58 $196.07 $0.00 $395.96 $70,622.61
198 $70,622.61 $196.07 $0.00 $399.31 $71,217.99
199 $71,217.99 $196.07 $0.00 $402.68 $71,816.74
200 $71,816.74 $196.07 $0.00 $406.06 $72,418.87
201 $72,418.87 $196.07 $0.00 $409.47 $73,024.41
202 $73,024.41 $196.07 $0.00 $412.89 $73,633.37
203 $73,633.37 $196.07 $0.00 $416.33 $74,245.77
204 $74,245.77 $196.07 $0.00 $419.80 $74,861.64
205 $74,861.64 $196.07 $0.00 $423.28 $75,480.99
206 $75,480.99 $196.07 $0.00 $426.78 $76,103.84
207 $76,103.84 $196.07 $0.00 $430.30 $76,730.21
208 $76,730.21 $196.07 $0.00 $433.84 $77,360.12
209 $77,360.12 $196.07 $0.00 $437.41 $77,993.60
210 $77,993.60 $196.07 $0.00 $440.99 $78,630.66
211 $78,630.66 $196.07 $0.00 $444.59 $79,271.32
212 $79,271.32 $196.07 $0.00 $448.21 $79,915.60
213 $79,915.60 $196.07 $0.00 $451.85 $80,563.52
214 $80,563.52 $196.07 $0.00 $455.52 $81,215.11
215 $81,215.11 $196.07 $0.00 $459.20 $81,870.38
216 $81,870.38 $196.07 $0.00 $462.91 $82,529.36
217 $82,529.36 $196.07 $43,039.98 $466.63 $40,152.08
218 $40,152.08 $196.07 $0.00 $227.03 $40,575.18
219 $40,575.18 $196.07 $0.00 $229.42 $41,000.67
220 $41,000.67 $196.07 $0.00 $231.82 $41,428.56
221 $41,428.56 $196.07 $0.00 $234.24 $41,858.87
222 $41,858.87 $196.07 $0.00 $236.68 $42,291.62
223 $42,291.62 $196.07 $0.00 $239.12 $42,726.81
224 $42,726.81 $196.07 $0.00 $241.58 $43,164.46
225 $43,164.46 $196.07 $0.00 $244.06 $43,604.59
226 $43,604.59 $196.07 $0.00 $246.55 $44,047.21
227 $44,047.21 $196.07 $0.00 $249.05 $44,492.33
228 $44,492.33 $196.07 $0.00 $251.57 $44,939.97
229 $44,939.97 $0.00 $45,191.98 $254.10 $2.09