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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2037$73,569
Monthly savings required$582

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 $294,277.18 for students enrolling in 2037 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $582.37 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$28,370.00
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 $582.37 $0.00 $0.00 $582.37
2 $582.37 $582.37 $0.00 $3.29 $1,168.03
3 $1,168.03 $582.37 $0.00 $6.60 $1,757.00
4 $1,757.00 $582.37 $0.00 $9.93 $2,349.30
5 $2,349.30 $582.37 $0.00 $13.28 $2,944.95
6 $2,944.95 $582.37 $0.00 $16.65 $3,543.97
7 $3,543.97 $582.37 $0.00 $20.04 $4,146.38
8 $4,146.38 $582.37 $0.00 $23.44 $4,752.19
9 $4,752.19 $582.37 $0.00 $26.87 $5,361.43
10 $5,361.43 $582.37 $0.00 $30.31 $5,974.11
11 $5,974.11 $582.37 $0.00 $33.78 $6,590.26
12 $6,590.26 $582.37 $0.00 $37.26 $7,209.89
13 $7,209.89 $582.37 $0.00 $40.77 $7,833.03
14 $7,833.03 $582.37 $0.00 $44.29 $8,459.69
15 $8,459.69 $582.37 $0.00 $47.83 $9,089.89
16 $9,089.89 $582.37 $0.00 $51.40 $9,723.66
17 $9,723.66 $582.37 $0.00 $54.98 $10,361.01
18 $10,361.01 $582.37 $0.00 $58.58 $11,001.96
19 $11,001.96 $582.37 $0.00 $62.21 $11,646.54
20 $11,646.54 $582.37 $0.00 $65.85 $12,294.76
21 $12,294.76 $582.37 $0.00 $69.52 $12,946.65
22 $12,946.65 $582.37 $0.00 $73.20 $13,602.22
23 $13,602.22 $582.37 $0.00 $76.91 $14,261.50
24 $14,261.50 $582.37 $0.00 $80.64 $14,924.51
25 $14,924.51 $582.37 $0.00 $84.39 $15,591.27
26 $15,591.27 $582.37 $0.00 $88.16 $16,261.80
27 $16,261.80 $582.37 $0.00 $91.95 $16,936.12
28 $16,936.12 $582.37 $0.00 $95.76 $17,614.25
29 $17,614.25 $582.37 $0.00 $99.59 $18,296.21
30 $18,296.21 $582.37 $0.00 $103.45 $18,982.03
31 $18,982.03 $582.37 $0.00 $107.33 $19,671.73
32 $19,671.73 $582.37 $0.00 $111.23 $20,365.33
33 $20,365.33 $582.37 $0.00 $115.15 $21,062.85
34 $21,062.85 $582.37 $0.00 $119.09 $21,764.31
35 $21,764.31 $582.37 $0.00 $123.06 $22,469.74
36 $22,469.74 $582.37 $0.00 $127.05 $23,179.16
37 $23,179.16 $582.37 $0.00 $131.06 $23,892.59
38 $23,892.59 $582.37 $0.00 $135.09 $24,610.05
39 $24,610.05 $582.37 $0.00 $139.15 $25,331.57
40 $25,331.57 $582.37 $0.00 $143.23 $26,057.17
41 $26,057.17 $582.37 $0.00 $147.33 $26,786.87
42 $26,786.87 $582.37 $0.00 $151.46 $27,520.70
43 $27,520.70 $582.37 $0.00 $155.61 $28,258.68
44 $28,258.68 $582.37 $0.00 $159.78 $29,000.83
45 $29,000.83 $582.37 $0.00 $163.97 $29,747.17
46 $29,747.17 $582.37 $0.00 $168.19 $30,497.73
47 $30,497.73 $582.37 $0.00 $172.44 $31,252.54
48 $31,252.54 $582.37 $0.00 $176.71 $32,011.62
49 $32,011.62 $582.37 $0.00 $181.00 $32,774.99
50 $32,774.99 $582.37 $0.00 $185.31 $33,542.67
51 $33,542.67 $582.37 $0.00 $189.66 $34,314.70
52 $34,314.70 $582.37 $0.00 $194.02 $35,091.09
53 $35,091.09 $582.37 $0.00 $198.41 $35,871.87
54 $35,871.87 $582.37 $0.00 $202.82 $36,657.06
55 $36,657.06 $582.37 $0.00 $207.26 $37,446.69
56 $37,446.69 $582.37 $0.00 $211.73 $38,240.79
57 $38,240.79 $582.37 $0.00 $216.22 $39,039.38
58 $39,039.38 $582.37 $0.00 $220.73 $39,842.48
59 $39,842.48 $582.37 $0.00 $225.28 $40,650.13
60 $40,650.13 $582.37 $0.00 $229.84 $41,462.34
61 $41,462.34 $582.37 $0.00 $234.43 $42,279.14
62 $42,279.14 $582.37 $0.00 $239.05 $43,100.56
63 $43,100.56 $582.37 $0.00 $243.70 $43,926.63
64 $43,926.63 $582.37 $0.00 $248.37 $44,757.37
65 $44,757.37 $582.37 $0.00 $253.06 $45,592.80
66 $45,592.80 $582.37 $0.00 $257.79 $46,432.96
67 $46,432.96 $582.37 $0.00 $262.54 $47,277.87
68 $47,277.87 $582.37 $0.00 $267.32 $48,127.56
69 $48,127.56 $582.37 $0.00 $272.12 $48,982.05
70 $48,982.05 $582.37 $0.00 $276.95 $49,841.37
71 $49,841.37 $582.37 $0.00 $281.81 $50,705.55
72 $50,705.55 $582.37 $0.00 $286.70 $51,574.62
73 $51,574.62 $582.37 $0.00 $291.61 $52,448.60
74 $52,448.60 $582.37 $0.00 $296.55 $53,327.52
75 $53,327.52 $582.37 $0.00 $301.52 $54,211.41
76 $54,211.41 $582.37 $0.00 $306.52 $55,100.30
77 $55,100.30 $582.37 $0.00 $311.55 $55,994.22
78 $55,994.22 $582.37 $0.00 $316.60 $56,893.19
79 $56,893.19 $582.37 $0.00 $321.68 $57,797.24
80 $57,797.24 $582.37 $0.00 $326.79 $58,706.40
81 $58,706.40 $582.37 $0.00 $331.93 $59,620.70
82 $59,620.70 $582.37 $0.00 $337.10 $60,540.17
83 $60,540.17 $582.37 $0.00 $342.30 $61,464.84
84 $61,464.84 $582.37 $0.00 $347.53 $62,394.74
85 $62,394.74 $582.37 $0.00 $352.79 $63,329.90
86 $63,329.90 $582.37 $0.00 $358.08 $64,270.35
87 $64,270.35 $582.37 $0.00 $363.39 $65,216.11
88 $65,216.11 $582.37 $0.00 $368.74 $66,167.22
89 $66,167.22 $582.37 $0.00 $374.12 $67,123.71
90 $67,123.71 $582.37 $0.00 $379.53 $68,085.61
91 $68,085.61 $582.37 $0.00 $384.97 $69,052.95
92 $69,052.95 $582.37 $0.00 $390.44 $70,025.76
93 $70,025.76 $582.37 $0.00 $395.94 $71,004.07
94 $71,004.07 $582.37 $0.00 $401.47 $71,987.91
95 $71,987.91 $582.37 $0.00 $407.03 $72,977.31
96 $72,977.31 $582.37 $0.00 $412.62 $73,972.30
97 $73,972.30 $582.37 $0.00 $418.25 $74,972.92
98 $74,972.92 $582.37 $0.00 $423.91 $75,979.20
99 $75,979.20 $582.37 $0.00 $429.60 $76,991.17
100 $76,991.17 $582.37 $0.00 $435.32 $78,008.86
101 $78,008.86 $582.37 $0.00 $441.07 $79,032.30
102 $79,032.30 $582.37 $0.00 $446.86 $80,061.53
103 $80,061.53 $582.37 $0.00 $452.68 $81,096.58
104 $81,096.58 $582.37 $0.00 $458.53 $82,137.48
105 $82,137.48 $582.37 $0.00 $464.42 $83,184.27
106 $83,184.27 $582.37 $0.00 $470.34 $84,236.98
107 $84,236.98 $582.37 $0.00 $476.29 $85,295.64
108 $85,295.64 $582.37 $0.00 $482.27 $86,360.28
109 $86,360.28 $582.37 $0.00 $488.29 $87,430.94
110 $87,430.94 $582.37 $0.00 $494.35 $88,507.66
111 $88,507.66 $582.37 $0.00 $500.44 $89,590.47
112 $89,590.47 $582.37 $0.00 $506.56 $90,679.40
113 $90,679.40 $582.37 $0.00 $512.71 $91,774.48
114 $91,774.48 $582.37 $0.00 $518.91 $92,875.76
115 $92,875.76 $582.37 $0.00 $525.13 $93,983.26
116 $93,983.26 $582.37 $0.00 $531.40 $95,097.03
117 $95,097.03 $582.37 $0.00 $537.69 $96,217.09
118 $96,217.09 $582.37 $0.00 $544.03 $97,343.49
119 $97,343.49 $582.37 $0.00 $550.39 $98,476.25
120 $98,476.25 $582.37 $0.00 $556.80 $99,615.42
121 $99,615.42 $582.37 $0.00 $563.24 $100,761.03
122 $100,761.03 $582.37 $0.00 $569.72 $101,913.12
123 $101,913.12 $582.37 $0.00 $576.23 $103,071.72
124 $103,071.72 $582.37 $0.00 $582.78 $104,236.87
125 $104,236.87 $582.37 $0.00 $589.37 $105,408.61
126 $105,408.61 $582.37 $0.00 $596.00 $106,586.98
127 $106,586.98 $582.37 $0.00 $602.66 $107,772.01
128 $107,772.01 $582.37 $0.00 $609.36 $108,963.74
129 $108,963.74 $582.37 $0.00 $616.10 $110,162.21
130 $110,162.21 $582.37 $0.00 $622.87 $111,367.45
131 $111,367.45 $582.37 $0.00 $629.69 $112,579.51
132 $112,579.51 $582.37 $0.00 $636.54 $113,798.42
133 $113,798.42 $582.37 $0.00 $643.43 $115,024.22
134 $115,024.22 $582.37 $0.00 $650.36 $116,256.95
135 $116,256.95 $582.37 $0.00 $657.33 $117,496.65
136 $117,496.65 $582.37 $0.00 $664.34 $118,743.36
137 $118,743.36 $582.37 $0.00 $671.39 $119,997.12
138 $119,997.12 $582.37 $0.00 $678.48 $121,257.97
139 $121,257.97 $582.37 $0.00 $685.61 $122,525.95
140 $122,525.95 $582.37 $0.00 $692.78 $123,801.10
141 $123,801.10 $582.37 $0.00 $699.99 $125,083.46
142 $125,083.46 $582.37 $0.00 $707.24 $126,373.07
143 $126,373.07 $582.37 $0.00 $714.53 $127,669.97
144 $127,669.97 $582.37 $0.00 $721.86 $128,974.20
145 $128,974.20 $582.37 $0.00 $729.24 $130,285.81
146 $130,285.81 $582.37 $0.00 $736.65 $131,604.83
147 $131,604.83 $582.37 $0.00 $744.11 $132,931.31
148 $132,931.31 $582.37 $0.00 $751.61 $134,265.29
149 $134,265.29 $582.37 $0.00 $759.16 $135,606.82
150 $135,606.82 $582.37 $0.00 $766.74 $136,955.93
151 $136,955.93 $582.37 $0.00 $774.37 $138,312.67
152 $138,312.67 $582.37 $0.00 $782.04 $139,677.08
153 $139,677.08 $582.37 $0.00 $789.75 $141,049.20
154 $141,049.20 $582.37 $0.00 $797.51 $142,429.08
155 $142,429.08 $582.37 $0.00 $805.31 $143,816.76
156 $143,816.76 $582.37 $0.00 $813.16 $145,212.29
157 $145,212.29 $582.37 $0.00 $821.05 $146,615.71
158 $146,615.71 $582.37 $0.00 $828.99 $148,027.07
159 $148,027.07 $582.37 $0.00 $836.97 $149,446.41
160 $149,446.41 $582.37 $0.00 $844.99 $150,873.77
161 $150,873.77 $582.37 $0.00 $853.06 $152,309.20
162 $152,309.20 $582.37 $0.00 $861.18 $153,752.75
163 $153,752.75 $582.37 $0.00 $869.34 $155,204.46
164 $155,204.46 $582.37 $0.00 $877.55 $156,664.38
165 $156,664.38 $582.37 $0.00 $885.80 $158,132.55
166 $158,132.55 $582.37 $0.00 $894.10 $159,609.02
167 $159,609.02 $582.37 $0.00 $902.45 $161,093.84
168 $161,093.84 $582.37 $0.00 $910.85 $162,587.06
169 $162,587.06 $582.37 $0.00 $919.29 $164,088.72
170 $164,088.72 $582.37 $0.00 $927.78 $165,598.87
171 $165,598.87 $582.37 $0.00 $936.32 $167,117.56
172 $167,117.56 $582.37 $0.00 $944.91 $168,644.84
173 $168,644.84 $582.37 $0.00 $953.54 $170,180.75
174 $170,180.75 $582.37 $0.00 $962.23 $171,725.35
175 $171,725.35 $582.37 $0.00 $970.96 $173,278.68
176 $173,278.68 $582.37 $0.00 $979.74 $174,840.79
177 $174,840.79 $582.37 $0.00 $988.58 $176,411.74
178 $176,411.74 $582.37 $0.00 $997.46 $177,991.57
179 $177,991.57 $582.37 $0.00 $1,006.39 $179,580.33
180 $179,580.33 $582.37 $0.00 $1,015.37 $181,178.07
181 $181,178.07 $582.37 $0.00 $1,024.41 $182,784.85
182 $182,784.85 $582.37 $0.00 $1,033.49 $184,400.71
183 $184,400.71 $582.37 $0.00 $1,042.63 $186,025.71
184 $186,025.71 $582.37 $0.00 $1,051.82 $187,659.90
185 $187,659.90 $582.37 $0.00 $1,061.06 $189,303.33
186 $189,303.33 $582.37 $0.00 $1,070.35 $190,956.05
187 $190,956.05 $582.37 $0.00 $1,079.69 $192,618.11
188 $192,618.11 $582.37 $0.00 $1,089.09 $194,289.57
189 $194,289.57 $582.37 $0.00 $1,098.54 $195,970.48
190 $195,970.48 $582.37 $0.00 $1,108.05 $197,660.90
191 $197,660.90 $582.37 $0.00 $1,117.60 $199,360.87
192 $199,360.87 $582.37 $0.00 $1,127.22 $201,070.46
193 $201,070.46 $582.37 $0.00 $1,136.88 $202,789.71
194 $202,789.71 $582.37 $0.00 $1,146.60 $204,518.68
195 $204,518.68 $582.37 $0.00 $1,156.38 $206,257.43
196 $206,257.43 $582.37 $0.00 $1,166.21 $208,006.01
197 $208,006.01 $582.37 $0.00 $1,176.10 $209,764.48
198 $209,764.48 $582.37 $0.00 $1,186.04 $211,532.89
199 $211,532.89 $582.37 $0.00 $1,196.04 $213,311.30
200 $213,311.30 $582.37 $0.00 $1,206.09 $215,099.76
201 $215,099.76 $582.37 $0.00 $1,216.21 $216,898.34
202 $216,898.34 $582.37 $0.00 $1,226.37 $218,707.08
203 $218,707.08 $582.37 $0.00 $1,236.60 $220,526.05
204 $220,526.05 $582.37 $0.00 $1,246.89 $222,355.31
205 $222,355.31 $582.37 $0.00 $1,257.23 $224,194.91
206 $224,194.91 $582.37 $0.00 $1,267.63 $226,044.91
207 $226,044.91 $582.37 $0.00 $1,278.09 $227,905.37
208 $227,905.37 $582.37 $0.00 $1,288.61 $229,776.35
209 $229,776.35 $582.37 $0.00 $1,299.19 $231,657.91
210 $231,657.91 $582.37 $0.00 $1,309.83 $233,550.11
211 $233,550.11 $582.37 $0.00 $1,320.53 $235,453.01
212 $235,453.01 $582.37 $0.00 $1,331.29 $237,366.67
213 $237,366.67 $582.37 $0.00 $1,342.11 $239,291.15
214 $239,291.15 $582.37 $0.00 $1,352.99 $241,226.51
215 $241,226.51 $582.37 $0.00 $1,363.93 $243,172.81
216 $243,172.81 $582.37 $0.00 $1,374.93 $245,130.11
217 $245,130.11 $582.37 $68,275.79 $1,386.00 $178,822.69
218 $178,822.69 $582.37 $0.00 $1,011.09 $180,416.15
219 $180,416.15 $582.37 $0.00 $1,020.10 $182,018.62
220 $182,018.62 $582.37 $0.00 $1,029.16 $183,630.15
221 $183,630.15 $582.37 $0.00 $1,038.27 $185,250.79
222 $185,250.79 $582.37 $0.00 $1,047.43 $186,880.59
223 $186,880.59 $582.37 $0.00 $1,056.65 $188,519.61
224 $188,519.61 $582.37 $0.00 $1,065.92 $190,167.90
225 $190,167.90 $582.37 $0.00 $1,075.24 $191,825.51
226 $191,825.51 $582.37 $0.00 $1,084.61 $193,492.49
227 $193,492.49 $582.37 $0.00 $1,094.03 $195,168.89
228 $195,168.89 $582.37 $0.00 $1,103.51 $196,854.77
229 $196,854.77 $582.37 $71,689.58 $1,113.05 $126,860.61
230 $126,860.61 $582.37 $0.00 $717.29 $128,160.27
231 $128,160.27 $582.37 $0.00 $724.64 $129,467.28
232 $129,467.28 $582.37 $0.00 $732.03 $130,781.68
233 $130,781.68 $582.37 $0.00 $739.46 $132,103.51
234 $132,103.51 $582.37 $0.00 $746.93 $133,432.81
235 $133,432.81 $582.37 $0.00 $754.45 $134,769.63
236 $134,769.63 $582.37 $0.00 $762.01 $136,114.01
237 $136,114.01 $582.37 $0.00 $769.61 $137,465.99
238 $137,465.99 $582.37 $0.00 $777.25 $138,825.61
239 $138,825.61 $582.37 $0.00 $784.94 $140,192.92
240 $140,192.92 $582.37 $0.00 $792.67 $141,567.96
241 $141,567.96 $582.37 $75,274.06 $800.45 $67,676.72
242 $67,676.72 $582.37 $0.00 $382.65 $68,641.74
243 $68,641.74 $582.37 $0.00 $388.11 $69,612.22
244 $69,612.22 $582.37 $0.00 $393.60 $70,588.19
245 $70,588.19 $582.37 $0.00 $399.12 $71,569.68
246 $71,569.68 $582.37 $0.00 $404.67 $72,556.72
247 $72,556.72 $582.37 $0.00 $410.25 $73,549.34
248 $73,549.34 $582.37 $0.00 $415.86 $74,547.57
249 $74,547.57 $582.37 $0.00 $421.50 $75,551.44
250 $75,551.44 $582.37 $0.00 $427.18 $76,560.99
251 $76,560.99 $582.37 $0.00 $432.89 $77,576.25
252 $77,576.25 $582.37 $0.00 $438.63 $78,597.25
253 $78,597.25 $0.00 $79,037.76 $444.40 $3.89