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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$77,309
Monthly savings required$612

How much will it cost to send your child to Florida Memorial University in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $309,234.80 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $611.96 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$29,812.00
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 $611.96 $0.00 $0.00 $611.96
2 $611.96 $611.96 $0.00 $3.46 $1,227.38
3 $1,227.38 $611.96 $0.00 $6.94 $1,846.28
4 $1,846.28 $611.96 $0.00 $10.44 $2,468.68
5 $2,468.68 $611.96 $0.00 $13.96 $3,094.60
6 $3,094.60 $611.96 $0.00 $17.50 $3,724.06
7 $3,724.06 $611.96 $0.00 $21.06 $4,357.08
8 $4,357.08 $611.96 $0.00 $24.64 $4,993.68
9 $4,993.68 $611.96 $0.00 $28.23 $5,633.87
10 $5,633.87 $611.96 $0.00 $31.85 $6,277.68
11 $6,277.68 $611.96 $0.00 $35.49 $6,925.13
12 $6,925.13 $611.96 $0.00 $39.16 $7,576.25
13 $7,576.25 $611.96 $0.00 $42.84 $8,231.05
14 $8,231.05 $611.96 $0.00 $46.54 $8,889.55
15 $8,889.55 $611.96 $0.00 $50.26 $9,551.77
16 $9,551.77 $611.96 $0.00 $54.01 $10,217.74
17 $10,217.74 $611.96 $0.00 $57.77 $10,887.47
18 $10,887.47 $611.96 $0.00 $61.56 $11,560.99
19 $11,560.99 $611.96 $0.00 $65.37 $12,238.32
20 $12,238.32 $611.96 $0.00 $69.20 $12,919.48
21 $12,919.48 $611.96 $0.00 $73.05 $13,604.49
22 $13,604.49 $611.96 $0.00 $76.92 $14,293.37
23 $14,293.37 $611.96 $0.00 $80.82 $14,986.15
24 $14,986.15 $611.96 $0.00 $84.73 $15,682.84
25 $15,682.84 $611.96 $0.00 $88.67 $16,383.47
26 $16,383.47 $611.96 $0.00 $92.63 $17,088.06
27 $17,088.06 $611.96 $0.00 $96.62 $17,796.64
28 $17,796.64 $611.96 $0.00 $100.62 $18,509.22
29 $18,509.22 $611.96 $0.00 $104.65 $19,225.83
30 $19,225.83 $611.96 $0.00 $108.71 $19,946.50
31 $19,946.50 $611.96 $0.00 $112.78 $20,671.24
32 $20,671.24 $611.96 $0.00 $116.88 $21,400.08
33 $21,400.08 $611.96 $0.00 $121.00 $22,133.04
34 $22,133.04 $611.96 $0.00 $125.14 $22,870.14
35 $22,870.14 $611.96 $0.00 $129.31 $23,611.41
36 $23,611.41 $611.96 $0.00 $133.50 $24,356.87
37 $24,356.87 $611.96 $0.00 $137.72 $25,106.55
38 $25,106.55 $611.96 $0.00 $141.96 $25,860.47
39 $25,860.47 $611.96 $0.00 $146.22 $26,618.65
40 $26,618.65 $611.96 $0.00 $150.51 $27,381.12
41 $27,381.12 $611.96 $0.00 $154.82 $28,147.90
42 $28,147.90 $611.96 $0.00 $159.15 $28,919.01
43 $28,919.01 $611.96 $0.00 $163.51 $29,694.48
44 $29,694.48 $611.96 $0.00 $167.90 $30,474.34
45 $30,474.34 $611.96 $0.00 $172.31 $31,258.61
46 $31,258.61 $611.96 $0.00 $176.74 $32,047.31
47 $32,047.31 $611.96 $0.00 $181.20 $32,840.47
48 $32,840.47 $611.96 $0.00 $185.68 $33,638.11
49 $33,638.11 $611.96 $0.00 $190.19 $34,440.26
50 $34,440.26 $611.96 $0.00 $194.73 $35,246.95
51 $35,246.95 $611.96 $0.00 $199.29 $36,058.20
52 $36,058.20 $611.96 $0.00 $203.88 $36,874.04
53 $36,874.04 $611.96 $0.00 $208.49 $37,694.49
54 $37,694.49 $611.96 $0.00 $213.13 $38,519.58
55 $38,519.58 $611.96 $0.00 $217.80 $39,349.34
56 $39,349.34 $611.96 $0.00 $222.49 $40,183.79
57 $40,183.79 $611.96 $0.00 $227.20 $41,022.95
58 $41,022.95 $611.96 $0.00 $231.95 $41,866.86
59 $41,866.86 $611.96 $0.00 $236.72 $42,715.54
60 $42,715.54 $611.96 $0.00 $241.52 $43,569.02
61 $43,569.02 $611.96 $0.00 $246.35 $44,427.33
62 $44,427.33 $611.96 $0.00 $251.20 $45,290.49
63 $45,290.49 $611.96 $0.00 $256.08 $46,158.53
64 $46,158.53 $611.96 $0.00 $260.99 $47,031.48
65 $47,031.48 $611.96 $0.00 $265.92 $47,909.36
66 $47,909.36 $611.96 $0.00 $270.89 $48,792.21
67 $48,792.21 $611.96 $0.00 $275.88 $49,680.05
68 $49,680.05 $611.96 $0.00 $280.90 $50,572.91
69 $50,572.91 $611.96 $0.00 $285.95 $51,470.82
70 $51,470.82 $611.96 $0.00 $291.02 $52,373.80
71 $52,373.80 $611.96 $0.00 $296.13 $53,281.89
72 $53,281.89 $611.96 $0.00 $301.26 $54,195.11
73 $54,195.11 $611.96 $0.00 $306.43 $55,113.50
74 $55,113.50 $611.96 $0.00 $311.62 $56,037.08
75 $56,037.08 $611.96 $0.00 $316.84 $56,965.88
76 $56,965.88 $611.96 $0.00 $322.09 $57,899.93
77 $57,899.93 $611.96 $0.00 $327.37 $58,839.26
78 $58,839.26 $611.96 $0.00 $332.69 $59,783.91
79 $59,783.91 $611.96 $0.00 $338.03 $60,733.90
80 $60,733.90 $611.96 $0.00 $343.40 $61,689.26
81 $61,689.26 $611.96 $0.00 $348.80 $62,650.02
82 $62,650.02 $611.96 $0.00 $354.23 $63,616.21
83 $63,616.21 $611.96 $0.00 $359.70 $64,587.87
84 $64,587.87 $611.96 $0.00 $365.19 $65,565.02
85 $65,565.02 $611.96 $0.00 $370.71 $66,547.69
86 $66,547.69 $611.96 $0.00 $376.27 $67,535.92
87 $67,535.92 $611.96 $0.00 $381.86 $68,529.74
88 $68,529.74 $611.96 $0.00 $387.48 $69,529.18
89 $69,529.18 $611.96 $0.00 $393.13 $70,534.27
90 $70,534.27 $611.96 $0.00 $398.81 $71,545.04
91 $71,545.04 $611.96 $0.00 $404.53 $72,561.53
92 $72,561.53 $611.96 $0.00 $410.27 $73,583.76
93 $73,583.76 $611.96 $0.00 $416.05 $74,611.77
94 $74,611.77 $611.96 $0.00 $421.87 $75,645.60
95 $75,645.60 $611.96 $0.00 $427.71 $76,685.27
96 $76,685.27 $611.96 $0.00 $433.59 $77,730.82
97 $77,730.82 $611.96 $0.00 $439.50 $78,782.28
98 $78,782.28 $611.96 $0.00 $445.45 $79,839.69
99 $79,839.69 $611.96 $0.00 $451.43 $80,903.08
100 $80,903.08 $611.96 $0.00 $457.44 $81,972.48
101 $81,972.48 $611.96 $0.00 $463.48 $83,047.92
102 $83,047.92 $611.96 $0.00 $469.57 $84,129.45
103 $84,129.45 $611.96 $0.00 $475.68 $85,217.09
104 $85,217.09 $611.96 $0.00 $481.83 $86,310.88
105 $86,310.88 $611.96 $0.00 $488.01 $87,410.85
106 $87,410.85 $611.96 $0.00 $494.23 $88,517.04
107 $88,517.04 $611.96 $0.00 $500.49 $89,629.49
108 $89,629.49 $611.96 $0.00 $506.78 $90,748.23
109 $90,748.23 $611.96 $0.00 $513.10 $91,873.29
110 $91,873.29 $611.96 $0.00 $519.46 $93,004.71
111 $93,004.71 $611.96 $0.00 $525.86 $94,142.53
112 $94,142.53 $611.96 $0.00 $532.30 $95,286.79
113 $95,286.79 $611.96 $0.00 $538.77 $96,437.52
114 $96,437.52 $611.96 $0.00 $545.27 $97,594.75
115 $97,594.75 $611.96 $0.00 $551.81 $98,758.52
116 $98,758.52 $611.96 $0.00 $558.40 $99,928.88
117 $99,928.88 $611.96 $0.00 $565.01 $101,105.85
118 $101,105.85 $611.96 $0.00 $571.67 $102,289.48
119 $102,289.48 $611.96 $0.00 $578.36 $103,479.80
120 $103,479.80 $611.96 $0.00 $585.09 $104,676.85
121 $104,676.85 $611.96 $0.00 $591.86 $105,880.67
122 $105,880.67 $611.96 $0.00 $598.66 $107,091.29
123 $107,091.29 $611.96 $0.00 $605.51 $108,308.76
124 $108,308.76 $611.96 $0.00 $612.39 $109,533.11
125 $109,533.11 $611.96 $0.00 $619.32 $110,764.39
126 $110,764.39 $611.96 $0.00 $626.28 $112,002.63
127 $112,002.63 $611.96 $0.00 $633.28 $113,247.87
128 $113,247.87 $611.96 $0.00 $640.32 $114,500.15
129 $114,500.15 $611.96 $0.00 $647.40 $115,759.51
130 $115,759.51 $611.96 $0.00 $654.52 $117,025.99
131 $117,025.99 $611.96 $0.00 $661.68 $118,299.63
132 $118,299.63 $611.96 $0.00 $668.88 $119,580.47
133 $119,580.47 $611.96 $0.00 $676.13 $120,868.56
134 $120,868.56 $611.96 $0.00 $683.41 $122,163.93
135 $122,163.93 $611.96 $0.00 $690.73 $123,466.62
136 $123,466.62 $611.96 $0.00 $698.10 $124,776.68
137 $124,776.68 $611.96 $0.00 $705.51 $126,094.15
138 $126,094.15 $611.96 $0.00 $712.95 $127,419.06
139 $127,419.06 $611.96 $0.00 $720.45 $128,751.47
140 $128,751.47 $611.96 $0.00 $727.98 $130,091.41
141 $130,091.41 $611.96 $0.00 $735.56 $131,438.93
142 $131,438.93 $611.96 $0.00 $743.17 $132,794.06
143 $132,794.06 $611.96 $0.00 $750.84 $134,156.86
144 $134,156.86 $611.96 $0.00 $758.54 $135,527.36
145 $135,527.36 $611.96 $0.00 $766.29 $136,905.61
146 $136,905.61 $611.96 $0.00 $774.08 $138,291.65
147 $138,291.65 $611.96 $0.00 $781.92 $139,685.53
148 $139,685.53 $611.96 $0.00 $789.80 $141,087.29
149 $141,087.29 $611.96 $0.00 $797.73 $142,496.98
150 $142,496.98 $611.96 $0.00 $805.70 $143,914.64
151 $143,914.64 $611.96 $0.00 $813.71 $145,340.31
152 $145,340.31 $611.96 $0.00 $821.78 $146,774.05
153 $146,774.05 $611.96 $0.00 $829.88 $148,215.89
154 $148,215.89 $611.96 $0.00 $838.03 $149,665.88
155 $149,665.88 $611.96 $0.00 $846.23 $151,124.07
156 $151,124.07 $611.96 $0.00 $854.48 $152,590.51
157 $152,590.51 $611.96 $0.00 $862.77 $154,065.24
158 $154,065.24 $611.96 $0.00 $871.11 $155,548.31
159 $155,548.31 $611.96 $0.00 $879.49 $157,039.76
160 $157,039.76 $611.96 $0.00 $887.93 $158,539.65
161 $158,539.65 $611.96 $0.00 $896.41 $160,048.02
162 $160,048.02 $611.96 $0.00 $904.93 $161,564.91
163 $161,564.91 $611.96 $0.00 $913.51 $163,090.38
164 $163,090.38 $611.96 $0.00 $922.14 $164,624.48
165 $164,624.48 $611.96 $0.00 $930.81 $166,167.25
166 $166,167.25 $611.96 $0.00 $939.53 $167,718.74
167 $167,718.74 $611.96 $0.00 $948.31 $169,279.01
168 $169,279.01 $611.96 $0.00 $957.13 $170,848.10
169 $170,848.10 $611.96 $0.00 $966.00 $172,426.06
170 $172,426.06 $611.96 $0.00 $974.92 $174,012.94
171 $174,012.94 $611.96 $0.00 $983.89 $175,608.79
172 $175,608.79 $611.96 $0.00 $992.92 $177,213.67
173 $177,213.67 $611.96 $0.00 $1,001.99 $178,827.62
174 $178,827.62 $611.96 $0.00 $1,011.12 $180,450.70
175 $180,450.70 $611.96 $0.00 $1,020.29 $182,082.95
176 $182,082.95 $611.96 $0.00 $1,029.52 $183,724.43
177 $183,724.43 $611.96 $0.00 $1,038.80 $185,375.19
178 $185,375.19 $611.96 $0.00 $1,048.14 $187,035.29
179 $187,035.29 $611.96 $0.00 $1,057.52 $188,704.77
180 $188,704.77 $611.96 $0.00 $1,066.96 $190,383.69
181 $190,383.69 $611.96 $0.00 $1,076.46 $192,072.11
182 $192,072.11 $611.96 $0.00 $1,086.00 $193,770.07
183 $193,770.07 $611.96 $0.00 $1,095.60 $195,477.63
184 $195,477.63 $611.96 $0.00 $1,105.26 $197,194.85
185 $197,194.85 $611.96 $0.00 $1,114.97 $198,921.78
186 $198,921.78 $611.96 $0.00 $1,124.73 $200,658.47
187 $200,658.47 $611.96 $0.00 $1,134.55 $202,404.98
188 $202,404.98 $611.96 $0.00 $1,144.43 $204,161.37
189 $204,161.37 $611.96 $0.00 $1,154.36 $205,927.69
190 $205,927.69 $611.96 $0.00 $1,164.35 $207,704.00
191 $207,704.00 $611.96 $0.00 $1,174.39 $209,490.35
192 $209,490.35 $611.96 $0.00 $1,184.49 $211,286.80
193 $211,286.80 $611.96 $0.00 $1,194.65 $213,093.41
194 $213,093.41 $611.96 $0.00 $1,204.86 $214,910.23
195 $214,910.23 $611.96 $0.00 $1,215.13 $216,737.32
196 $216,737.32 $611.96 $0.00 $1,225.46 $218,574.74
197 $218,574.74 $611.96 $0.00 $1,235.85 $220,422.55
198 $220,422.55 $611.96 $0.00 $1,246.30 $222,280.81
199 $222,280.81 $611.96 $0.00 $1,256.81 $224,149.58
200 $224,149.58 $611.96 $0.00 $1,267.37 $226,028.91
201 $226,028.91 $611.96 $0.00 $1,278.00 $227,918.87
202 $227,918.87 $611.96 $0.00 $1,288.69 $229,819.52
203 $229,819.52 $611.96 $0.00 $1,299.43 $231,730.91
204 $231,730.91 $611.96 $0.00 $1,310.24 $233,653.11
205 $233,653.11 $611.96 $0.00 $1,321.11 $235,586.18
206 $235,586.18 $611.96 $0.00 $1,332.04 $237,530.18
207 $237,530.18 $611.96 $0.00 $1,343.03 $239,485.17
208 $239,485.17 $611.96 $0.00 $1,354.08 $241,451.21
209 $241,451.21 $611.96 $0.00 $1,365.20 $243,428.37
210 $243,428.37 $611.96 $0.00 $1,376.38 $245,416.71
211 $245,416.71 $611.96 $0.00 $1,387.62 $247,416.29
212 $247,416.29 $611.96 $0.00 $1,398.93 $249,427.18
213 $249,427.18 $611.96 $0.00 $1,410.30 $251,449.44
214 $251,449.44 $611.96 $0.00 $1,421.73 $253,483.13
215 $253,483.13 $611.96 $0.00 $1,433.23 $255,528.32
216 $255,528.32 $611.96 $0.00 $1,444.79 $257,585.07
217 $257,585.07 $611.96 $71,746.13 $1,456.42 $187,907.32
218 $187,907.32 $611.96 $0.00 $1,062.46 $189,581.74
219 $189,581.74 $611.96 $0.00 $1,071.92 $191,265.62
220 $191,265.62 $611.96 $0.00 $1,081.44 $192,959.02
221 $192,959.02 $611.96 $0.00 $1,091.02 $194,662.00
222 $194,662.00 $611.96 $0.00 $1,100.65 $196,374.61
223 $196,374.61 $611.96 $0.00 $1,110.33 $198,096.90
224 $198,096.90 $611.96 $0.00 $1,120.07 $199,828.93
225 $199,828.93 $611.96 $0.00 $1,129.86 $201,570.75
226 $201,570.75 $611.96 $0.00 $1,139.71 $203,322.42
227 $203,322.42 $611.96 $0.00 $1,149.61 $205,083.99
228 $205,083.99 $611.96 $0.00 $1,159.57 $206,855.52
229 $206,855.52 $611.96 $75,333.44 $1,169.59 $133,303.63
230 $133,303.63 $611.96 $0.00 $753.72 $134,669.31
231 $134,669.31 $611.96 $0.00 $761.44 $136,042.71
232 $136,042.71 $611.96 $0.00 $769.21 $137,423.88
233 $137,423.88 $611.96 $0.00 $777.01 $138,812.85
234 $138,812.85 $611.96 $0.00 $784.87 $140,209.68
235 $140,209.68 $611.96 $0.00 $792.77 $141,614.41
236 $141,614.41 $611.96 $0.00 $800.71 $143,027.08
237 $143,027.08 $611.96 $0.00 $808.70 $144,447.74
238 $144,447.74 $611.96 $0.00 $816.73 $145,876.43
239 $145,876.43 $611.96 $0.00 $824.81 $147,313.20
240 $147,313.20 $611.96 $0.00 $832.93 $148,758.09
241 $148,758.09 $611.96 $79,100.11 $841.10 $71,111.04
242 $71,111.04 $611.96 $0.00 $402.07 $72,125.07
243 $72,125.07 $611.96 $0.00 $407.81 $73,144.84
244 $73,144.84 $611.96 $0.00 $413.57 $74,170.37
245 $74,170.37 $611.96 $0.00 $419.37 $75,201.70
246 $75,201.70 $611.96 $0.00 $425.20 $76,238.86
247 $76,238.86 $611.96 $0.00 $431.07 $77,281.89
248 $77,281.89 $611.96 $0.00 $436.96 $78,330.81
249 $78,330.81 $611.96 $0.00 $442.89 $79,385.66
250 $79,385.66 $611.96 $0.00 $448.86 $80,446.48
251 $80,446.48 $611.96 $0.00 $454.86 $81,513.30
252 $81,513.30 $611.96 $0.00 $460.89 $82,586.15
253 $82,586.15 $0.00 $83,055.12 $466.95 ($2.02)