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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$122,996
Monthly savings required$974

How much will it cost to send your child to Covenant College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $491,983.31 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $973.62 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$47,430.00
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 $973.62 $0.00 $0.00 $973.62
2 $973.62 $973.62 $0.00 $5.50 $1,952.74
3 $1,952.74 $973.62 $0.00 $11.04 $2,937.40
4 $2,937.40 $973.62 $0.00 $16.61 $3,927.63
5 $3,927.63 $973.62 $0.00 $22.21 $4,923.46
6 $4,923.46 $973.62 $0.00 $27.84 $5,924.92
7 $5,924.92 $973.62 $0.00 $33.50 $6,932.04
8 $6,932.04 $973.62 $0.00 $39.19 $7,944.85
9 $7,944.85 $973.62 $0.00 $44.92 $8,963.39
10 $8,963.39 $973.62 $0.00 $50.68 $9,987.69
11 $9,987.69 $973.62 $0.00 $56.47 $11,017.78
12 $11,017.78 $973.62 $0.00 $62.30 $12,053.70
13 $12,053.70 $973.62 $0.00 $68.15 $13,095.47
14 $13,095.47 $973.62 $0.00 $74.04 $14,143.13
15 $14,143.13 $973.62 $0.00 $79.97 $15,196.72
16 $15,196.72 $973.62 $0.00 $85.92 $16,256.26
17 $16,256.26 $973.62 $0.00 $91.92 $17,321.80
18 $17,321.80 $973.62 $0.00 $97.94 $18,393.36
19 $18,393.36 $973.62 $0.00 $104.00 $19,470.98
20 $19,470.98 $973.62 $0.00 $110.09 $20,554.69
21 $20,554.69 $973.62 $0.00 $116.22 $21,644.53
22 $21,644.53 $973.62 $0.00 $122.38 $22,740.53
23 $22,740.53 $973.62 $0.00 $128.58 $23,842.73
24 $23,842.73 $973.62 $0.00 $134.81 $24,951.16
25 $24,951.16 $973.62 $0.00 $141.08 $26,065.86
26 $26,065.86 $973.62 $0.00 $147.38 $27,186.86
27 $27,186.86 $973.62 $0.00 $153.72 $28,314.20
28 $28,314.20 $973.62 $0.00 $160.09 $29,447.91
29 $29,447.91 $973.62 $0.00 $166.50 $30,588.03
30 $30,588.03 $973.62 $0.00 $172.95 $31,734.60
31 $31,734.60 $973.62 $0.00 $179.43 $32,887.65
32 $32,887.65 $973.62 $0.00 $185.95 $34,047.22
33 $34,047.22 $973.62 $0.00 $192.51 $35,213.35
34 $35,213.35 $973.62 $0.00 $199.10 $36,386.07
35 $36,386.07 $973.62 $0.00 $205.73 $37,565.42
36 $37,565.42 $973.62 $0.00 $212.40 $38,751.44
37 $38,751.44 $973.62 $0.00 $219.11 $39,944.17
38 $39,944.17 $973.62 $0.00 $225.85 $41,143.64
39 $41,143.64 $973.62 $0.00 $232.63 $42,349.89
40 $42,349.89 $973.62 $0.00 $239.45 $43,562.96
41 $43,562.96 $973.62 $0.00 $246.31 $44,782.89
42 $44,782.89 $973.62 $0.00 $253.21 $46,009.72
43 $46,009.72 $973.62 $0.00 $260.15 $47,243.49
44 $47,243.49 $973.62 $0.00 $267.12 $48,484.23
45 $48,484.23 $973.62 $0.00 $274.14 $49,731.99
46 $49,731.99 $973.62 $0.00 $281.19 $50,986.80
47 $50,986.80 $973.62 $0.00 $288.29 $52,248.71
48 $52,248.71 $973.62 $0.00 $295.42 $53,517.75
49 $53,517.75 $973.62 $0.00 $302.60 $54,793.97
50 $54,793.97 $973.62 $0.00 $309.81 $56,077.40
51 $56,077.40 $973.62 $0.00 $317.07 $57,368.09
52 $57,368.09 $973.62 $0.00 $324.37 $58,666.08
53 $58,666.08 $973.62 $0.00 $331.71 $59,971.41
54 $59,971.41 $973.62 $0.00 $339.09 $61,284.12
55 $61,284.12 $973.62 $0.00 $346.51 $62,604.25
56 $62,604.25 $973.62 $0.00 $353.97 $63,931.84
57 $63,931.84 $973.62 $0.00 $361.48 $65,266.94
58 $65,266.94 $973.62 $0.00 $369.03 $66,609.59
59 $66,609.59 $973.62 $0.00 $376.62 $67,959.83
60 $67,959.83 $973.62 $0.00 $384.25 $69,317.70
61 $69,317.70 $973.62 $0.00 $391.93 $70,683.25
62 $70,683.25 $973.62 $0.00 $399.65 $72,056.52
63 $72,056.52 $973.62 $0.00 $407.42 $73,437.56
64 $73,437.56 $973.62 $0.00 $415.23 $74,826.41
65 $74,826.41 $973.62 $0.00 $423.08 $76,223.11
66 $76,223.11 $973.62 $0.00 $430.98 $77,627.71
67 $77,627.71 $973.62 $0.00 $438.92 $79,040.25
68 $79,040.25 $973.62 $0.00 $446.91 $80,460.78
69 $80,460.78 $973.62 $0.00 $454.94 $81,889.34
70 $81,889.34 $973.62 $0.00 $463.01 $83,325.97
71 $83,325.97 $973.62 $0.00 $471.14 $84,770.73
72 $84,770.73 $973.62 $0.00 $479.31 $86,223.66
73 $86,223.66 $973.62 $0.00 $487.52 $87,684.80
74 $87,684.80 $973.62 $0.00 $495.78 $89,154.20
75 $89,154.20 $973.62 $0.00 $504.09 $90,631.91
76 $90,631.91 $973.62 $0.00 $512.45 $92,117.98
77 $92,117.98 $973.62 $0.00 $520.85 $93,612.45
78 $93,612.45 $973.62 $0.00 $529.30 $95,115.37
79 $95,115.37 $973.62 $0.00 $537.80 $96,626.79
80 $96,626.79 $973.62 $0.00 $546.34 $98,146.75
81 $98,146.75 $973.62 $0.00 $554.94 $99,675.31
82 $99,675.31 $973.62 $0.00 $563.58 $101,212.51
83 $101,212.51 $973.62 $0.00 $572.27 $102,758.40
84 $102,758.40 $973.62 $0.00 $581.01 $104,313.03
85 $104,313.03 $973.62 $0.00 $589.80 $105,876.45
86 $105,876.45 $973.62 $0.00 $598.64 $107,448.71
87 $107,448.71 $973.62 $0.00 $607.53 $109,029.86
88 $109,029.86 $973.62 $0.00 $616.47 $110,619.95
89 $110,619.95 $973.62 $0.00 $625.46 $112,219.03
90 $112,219.03 $973.62 $0.00 $634.50 $113,827.15
91 $113,827.15 $973.62 $0.00 $643.60 $115,444.37
92 $115,444.37 $973.62 $0.00 $652.74 $117,070.73
93 $117,070.73 $973.62 $0.00 $661.93 $118,706.28
94 $118,706.28 $973.62 $0.00 $671.18 $120,351.08
95 $120,351.08 $973.62 $0.00 $680.48 $122,005.18
96 $122,005.18 $973.62 $0.00 $689.84 $123,668.64
97 $123,668.64 $973.62 $0.00 $699.24 $125,341.50
98 $125,341.50 $973.62 $0.00 $708.70 $127,023.82
99 $127,023.82 $973.62 $0.00 $718.21 $128,715.65
100 $128,715.65 $973.62 $0.00 $727.78 $130,417.05
101 $130,417.05 $973.62 $0.00 $737.40 $132,128.07
102 $132,128.07 $973.62 $0.00 $747.07 $133,848.76
103 $133,848.76 $973.62 $0.00 $756.80 $135,579.18
104 $135,579.18 $973.62 $0.00 $766.58 $137,319.38
105 $137,319.38 $973.62 $0.00 $776.42 $139,069.42
106 $139,069.42 $973.62 $0.00 $786.32 $140,829.36
107 $140,829.36 $973.62 $0.00 $796.27 $142,599.25
108 $142,599.25 $973.62 $0.00 $806.28 $144,379.15
109 $144,379.15 $973.62 $0.00 $816.34 $146,169.11
110 $146,169.11 $973.62 $0.00 $826.46 $147,969.19
111 $147,969.19 $973.62 $0.00 $836.64 $149,779.45
112 $149,779.45 $973.62 $0.00 $846.87 $151,599.94
113 $151,599.94 $973.62 $0.00 $857.17 $153,430.73
114 $153,430.73 $973.62 $0.00 $867.52 $155,271.87
115 $155,271.87 $973.62 $0.00 $877.93 $157,123.42
116 $157,123.42 $973.62 $0.00 $888.40 $158,985.44
117 $158,985.44 $973.62 $0.00 $898.93 $160,857.99
118 $160,857.99 $973.62 $0.00 $909.51 $162,741.12
119 $162,741.12 $973.62 $0.00 $920.16 $164,634.90
120 $164,634.90 $973.62 $0.00 $930.87 $166,539.39
121 $166,539.39 $973.62 $0.00 $941.64 $168,454.65
122 $168,454.65 $973.62 $0.00 $952.47 $170,380.74
123 $170,380.74 $973.62 $0.00 $963.36 $172,317.72
124 $172,317.72 $973.62 $0.00 $974.31 $174,265.65
125 $174,265.65 $973.62 $0.00 $985.32 $176,224.59
126 $176,224.59 $973.62 $0.00 $996.40 $178,194.61
127 $178,194.61 $973.62 $0.00 $1,007.54 $180,175.77
128 $180,175.77 $973.62 $0.00 $1,018.74 $182,168.13
129 $182,168.13 $973.62 $0.00 $1,030.01 $184,171.76
130 $184,171.76 $973.62 $0.00 $1,041.33 $186,186.71
131 $186,186.71 $973.62 $0.00 $1,052.73 $188,213.06
132 $188,213.06 $973.62 $0.00 $1,064.18 $190,250.86
133 $190,250.86 $973.62 $0.00 $1,075.71 $192,300.19
134 $192,300.19 $973.62 $0.00 $1,087.29 $194,361.10
135 $194,361.10 $973.62 $0.00 $1,098.95 $196,433.67
136 $196,433.67 $973.62 $0.00 $1,110.66 $198,517.95
137 $198,517.95 $973.62 $0.00 $1,122.45 $200,614.02
138 $200,614.02 $973.62 $0.00 $1,134.30 $202,721.94
139 $202,721.94 $973.62 $0.00 $1,146.22 $204,841.78
140 $204,841.78 $973.62 $0.00 $1,158.21 $206,973.61
141 $206,973.61 $973.62 $0.00 $1,170.26 $209,117.49
142 $209,117.49 $973.62 $0.00 $1,182.38 $211,273.49
143 $211,273.49 $973.62 $0.00 $1,194.57 $213,441.68
144 $213,441.68 $973.62 $0.00 $1,206.83 $215,622.13
145 $215,622.13 $973.62 $0.00 $1,219.16 $217,814.91
146 $217,814.91 $973.62 $0.00 $1,231.56 $220,020.09
147 $220,020.09 $973.62 $0.00 $1,244.03 $222,237.74
148 $222,237.74 $973.62 $0.00 $1,256.56 $224,467.92
149 $224,467.92 $973.62 $0.00 $1,269.17 $226,710.71
150 $226,710.71 $973.62 $0.00 $1,281.86 $228,966.19
151 $228,966.19 $973.62 $0.00 $1,294.61 $231,234.42
152 $231,234.42 $973.62 $0.00 $1,307.43 $233,515.47
153 $233,515.47 $973.62 $0.00 $1,320.33 $235,809.42
154 $235,809.42 $973.62 $0.00 $1,333.30 $238,116.34
155 $238,116.34 $973.62 $0.00 $1,346.34 $240,436.30
156 $240,436.30 $973.62 $0.00 $1,359.46 $242,769.38
157 $242,769.38 $973.62 $0.00 $1,372.65 $245,115.65
158 $245,115.65 $973.62 $0.00 $1,385.92 $247,475.19
159 $247,475.19 $973.62 $0.00 $1,399.26 $249,848.07
160 $249,848.07 $973.62 $0.00 $1,412.68 $252,234.37
161 $252,234.37 $973.62 $0.00 $1,426.17 $254,634.16
162 $254,634.16 $973.62 $0.00 $1,439.74 $257,047.52
163 $257,047.52 $973.62 $0.00 $1,453.38 $259,474.52
164 $259,474.52 $973.62 $0.00 $1,467.11 $261,915.25
165 $261,915.25 $973.62 $0.00 $1,480.91 $264,369.78
166 $264,369.78 $973.62 $0.00 $1,494.79 $266,838.19
167 $266,838.19 $973.62 $0.00 $1,508.74 $269,320.55
168 $269,320.55 $973.62 $0.00 $1,522.78 $271,816.95
169 $271,816.95 $973.62 $0.00 $1,536.89 $274,327.46
170 $274,327.46 $973.62 $0.00 $1,551.09 $276,852.17
171 $276,852.17 $973.62 $0.00 $1,565.36 $279,391.15
172 $279,391.15 $973.62 $0.00 $1,579.72 $281,944.49
173 $281,944.49 $973.62 $0.00 $1,594.16 $284,512.27
174 $284,512.27 $973.62 $0.00 $1,608.67 $287,094.56
175 $287,094.56 $973.62 $0.00 $1,623.27 $289,691.45
176 $289,691.45 $973.62 $0.00 $1,637.96 $292,303.03
177 $292,303.03 $973.62 $0.00 $1,652.72 $294,929.37
178 $294,929.37 $973.62 $0.00 $1,667.57 $297,570.56
179 $297,570.56 $973.62 $0.00 $1,682.51 $300,226.69
180 $300,226.69 $973.62 $0.00 $1,697.53 $302,897.84
181 $302,897.84 $973.62 $0.00 $1,712.63 $305,584.09
182 $305,584.09 $973.62 $0.00 $1,727.82 $308,285.53
183 $308,285.53 $973.62 $0.00 $1,743.09 $311,002.24
184 $311,002.24 $973.62 $0.00 $1,758.45 $313,734.31
185 $313,734.31 $973.62 $0.00 $1,773.90 $316,481.83
186 $316,481.83 $973.62 $0.00 $1,789.43 $319,244.88
187 $319,244.88 $973.62 $0.00 $1,805.06 $322,023.56
188 $322,023.56 $973.62 $0.00 $1,820.77 $324,817.95
189 $324,817.95 $973.62 $0.00 $1,836.57 $327,628.14
190 $327,628.14 $973.62 $0.00 $1,852.46 $330,454.22
191 $330,454.22 $973.62 $0.00 $1,868.44 $333,296.28
192 $333,296.28 $973.62 $0.00 $1,884.51 $336,154.41
193 $336,154.41 $973.62 $0.00 $1,900.67 $339,028.70
194 $339,028.70 $973.62 $0.00 $1,916.92 $341,919.24
195 $341,919.24 $973.62 $0.00 $1,933.26 $344,826.12
196 $344,826.12 $973.62 $0.00 $1,949.70 $347,749.44
197 $347,749.44 $973.62 $0.00 $1,966.23 $350,689.29
198 $350,689.29 $973.62 $0.00 $1,982.85 $353,645.76
199 $353,645.76 $973.62 $0.00 $1,999.56 $356,618.94
200 $356,618.94 $973.62 $0.00 $2,016.38 $359,608.94
201 $359,608.94 $973.62 $0.00 $2,033.28 $362,615.84
202 $362,615.84 $973.62 $0.00 $2,050.28 $365,639.74
203 $365,639.74 $973.62 $0.00 $2,067.38 $368,680.74
204 $368,680.74 $973.62 $0.00 $2,084.57 $371,738.93
205 $371,738.93 $973.62 $0.00 $2,101.87 $374,814.42
206 $374,814.42 $973.62 $0.00 $2,119.26 $377,907.30
207 $377,907.30 $973.62 $0.00 $2,136.74 $381,017.66
208 $381,017.66 $973.62 $0.00 $2,154.33 $384,145.61
209 $384,145.61 $973.62 $0.00 $2,172.02 $387,291.25
210 $387,291.25 $973.62 $0.00 $2,189.80 $390,454.67
211 $390,454.67 $973.62 $0.00 $2,207.69 $393,635.98
212 $393,635.98 $973.62 $0.00 $2,225.68 $396,835.28
213 $396,835.28 $973.62 $0.00 $2,243.76 $400,052.66
214 $400,052.66 $973.62 $0.00 $2,261.96 $403,288.24
215 $403,288.24 $973.62 $0.00 $2,280.25 $406,542.11
216 $406,542.11 $973.62 $0.00 $2,298.65 $409,814.38
217 $409,814.38 $973.62 $114,145.95 $2,317.15 $298,959.20
218 $298,959.20 $973.62 $0.00 $1,690.36 $301,623.18
219 $301,623.18 $973.62 $0.00 $1,705.42 $304,302.22
220 $304,302.22 $973.62 $0.00 $1,720.57 $306,996.41
221 $306,996.41 $973.62 $0.00 $1,735.80 $309,705.83
222 $309,705.83 $973.62 $0.00 $1,751.12 $312,430.57
223 $312,430.57 $973.62 $0.00 $1,766.53 $315,170.72
224 $315,170.72 $973.62 $0.00 $1,782.02 $317,926.36
225 $317,926.36 $973.62 $0.00 $1,797.60 $320,697.58
226 $320,697.58 $973.62 $0.00 $1,813.27 $323,484.47
227 $323,484.47 $973.62 $0.00 $1,829.03 $326,287.12
228 $326,287.12 $973.62 $0.00 $1,844.87 $329,105.61
229 $329,105.61 $973.62 $119,853.25 $1,860.81 $212,086.79
230 $212,086.79 $973.62 $0.00 $1,199.17 $214,259.58
231 $214,259.58 $973.62 $0.00 $1,211.45 $216,444.65
232 $216,444.65 $973.62 $0.00 $1,223.81 $218,642.08
233 $218,642.08 $973.62 $0.00 $1,236.23 $220,851.93
234 $220,851.93 $973.62 $0.00 $1,248.73 $223,074.28
235 $223,074.28 $973.62 $0.00 $1,261.29 $225,309.19
236 $225,309.19 $973.62 $0.00 $1,273.93 $227,556.74
237 $227,556.74 $973.62 $0.00 $1,286.64 $229,817.00
238 $229,817.00 $973.62 $0.00 $1,299.42 $232,090.04
239 $232,090.04 $973.62 $0.00 $1,312.27 $234,375.93
240 $234,375.93 $973.62 $0.00 $1,325.20 $236,674.75
241 $236,674.75 $973.62 $125,845.91 $1,338.19 $113,140.65
242 $113,140.65 $973.62 $0.00 $639.71 $114,753.98
243 $114,753.98 $973.62 $0.00 $648.84 $116,376.44
244 $116,376.44 $973.62 $0.00 $658.01 $118,008.07
245 $118,008.07 $973.62 $0.00 $667.23 $119,648.92
246 $119,648.92 $973.62 $0.00 $676.51 $121,299.05
247 $121,299.05 $973.62 $0.00 $685.84 $122,958.51
248 $122,958.51 $973.62 $0.00 $695.23 $124,627.36
249 $124,627.36 $973.62 $0.00 $704.66 $126,305.64
250 $126,305.64 $973.62 $0.00 $714.15 $127,993.41
251 $127,993.41 $973.62 $0.00 $723.69 $129,690.72
252 $129,690.72 $973.62 $0.00 $733.29 $131,397.63
253 $131,397.63 $0.00 $132,138.21 $742.94 $2.36