Savings Plan and Future Cost Estimation for Spelman College

How much will it cost and what do you need to save?

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2040$141,952
Monthly savings required$1,124

How much will it cost to send your child to Spelman College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $567,808.70 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,123.67 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$54,740.00
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 $1,123.67 $0.00 $0.00 $1,123.67
2 $1,123.67 $1,123.67 $0.00 $6.35 $2,253.69
3 $2,253.69 $1,123.67 $0.00 $12.74 $3,390.10
4 $3,390.10 $1,123.67 $0.00 $19.17 $4,532.94
5 $4,532.94 $1,123.67 $0.00 $25.63 $5,682.24
6 $5,682.24 $1,123.67 $0.00 $32.13 $6,838.04
7 $6,838.04 $1,123.67 $0.00 $38.66 $8,000.37
8 $8,000.37 $1,123.67 $0.00 $45.24 $9,169.28
9 $9,169.28 $1,123.67 $0.00 $51.84 $10,344.79
10 $10,344.79 $1,123.67 $0.00 $58.49 $11,526.95
11 $11,526.95 $1,123.67 $0.00 $65.18 $12,715.80
12 $12,715.80 $1,123.67 $0.00 $71.90 $13,911.37
13 $13,911.37 $1,123.67 $0.00 $78.66 $15,113.70
14 $15,113.70 $1,123.67 $0.00 $85.46 $16,322.83
15 $16,322.83 $1,123.67 $0.00 $92.29 $17,538.79
16 $17,538.79 $1,123.67 $0.00 $99.17 $18,761.63
17 $18,761.63 $1,123.67 $0.00 $106.08 $19,991.38
18 $19,991.38 $1,123.67 $0.00 $113.03 $21,228.08
19 $21,228.08 $1,123.67 $0.00 $120.03 $22,471.78
20 $22,471.78 $1,123.67 $0.00 $127.06 $23,722.51
21 $23,722.51 $1,123.67 $0.00 $134.13 $24,980.31
22 $24,980.31 $1,123.67 $0.00 $141.24 $26,245.22
23 $26,245.22 $1,123.67 $0.00 $148.39 $27,517.28
24 $27,517.28 $1,123.67 $0.00 $155.59 $28,796.54
25 $28,796.54 $1,123.67 $0.00 $162.82 $30,083.03
26 $30,083.03 $1,123.67 $0.00 $170.09 $31,376.79
27 $31,376.79 $1,123.67 $0.00 $177.41 $32,677.87
28 $32,677.87 $1,123.67 $0.00 $184.77 $33,986.31
29 $33,986.31 $1,123.67 $0.00 $192.16 $35,302.14
30 $35,302.14 $1,123.67 $0.00 $199.60 $36,625.41
31 $36,625.41 $1,123.67 $0.00 $207.09 $37,956.17
32 $37,956.17 $1,123.67 $0.00 $214.61 $39,294.45
33 $39,294.45 $1,123.67 $0.00 $222.18 $40,640.30
34 $40,640.30 $1,123.67 $0.00 $229.79 $41,993.76
35 $41,993.76 $1,123.67 $0.00 $237.44 $43,354.87
36 $43,354.87 $1,123.67 $0.00 $245.13 $44,723.67
37 $44,723.67 $1,123.67 $0.00 $252.87 $46,100.21
38 $46,100.21 $1,123.67 $0.00 $260.66 $47,484.54
39 $47,484.54 $1,123.67 $0.00 $268.48 $48,876.69
40 $48,876.69 $1,123.67 $0.00 $276.36 $50,276.72
41 $50,276.72 $1,123.67 $0.00 $284.27 $51,684.66
42 $51,684.66 $1,123.67 $0.00 $292.23 $53,100.56
43 $53,100.56 $1,123.67 $0.00 $300.24 $54,524.47
44 $54,524.47 $1,123.67 $0.00 $308.29 $55,956.43
45 $55,956.43 $1,123.67 $0.00 $316.39 $57,396.49
46 $57,396.49 $1,123.67 $0.00 $324.53 $58,844.69
47 $58,844.69 $1,123.67 $0.00 $332.72 $60,301.08
48 $60,301.08 $1,123.67 $0.00 $340.95 $61,765.70
49 $61,765.70 $1,123.67 $0.00 $349.23 $63,238.60
50 $63,238.60 $1,123.67 $0.00 $357.56 $64,719.83
51 $64,719.83 $1,123.67 $0.00 $365.94 $66,209.44
52 $66,209.44 $1,123.67 $0.00 $374.36 $67,707.47
53 $67,707.47 $1,123.67 $0.00 $382.83 $69,213.97
54 $69,213.97 $1,123.67 $0.00 $391.35 $70,728.99
55 $70,728.99 $1,123.67 $0.00 $399.91 $72,252.57
56 $72,252.57 $1,123.67 $0.00 $408.53 $73,784.77
57 $73,784.77 $1,123.67 $0.00 $417.19 $75,325.63
58 $75,325.63 $1,123.67 $0.00 $425.90 $76,875.20
59 $76,875.20 $1,123.67 $0.00 $434.66 $78,433.53
60 $78,433.53 $1,123.67 $0.00 $443.47 $80,000.67
61 $80,000.67 $1,123.67 $0.00 $452.34 $81,576.68
62 $81,576.68 $1,123.67 $0.00 $461.25 $83,161.60
63 $83,161.60 $1,123.67 $0.00 $470.21 $84,755.48
64 $84,755.48 $1,123.67 $0.00 $479.22 $86,358.37
65 $86,358.37 $1,123.67 $0.00 $488.28 $87,970.32
66 $87,970.32 $1,123.67 $0.00 $497.40 $89,591.39
67 $89,591.39 $1,123.67 $0.00 $506.56 $91,221.62
68 $91,221.62 $1,123.67 $0.00 $515.78 $92,861.07
69 $92,861.07 $1,123.67 $0.00 $525.05 $94,509.79
70 $94,509.79 $1,123.67 $0.00 $534.37 $96,167.83
71 $96,167.83 $1,123.67 $0.00 $543.75 $97,835.25
72 $97,835.25 $1,123.67 $0.00 $553.17 $99,512.09
73 $99,512.09 $1,123.67 $0.00 $562.66 $101,198.42
74 $101,198.42 $1,123.67 $0.00 $572.19 $102,894.28
75 $102,894.28 $1,123.67 $0.00 $581.78 $104,599.73
76 $104,599.73 $1,123.67 $0.00 $591.42 $106,314.82
77 $106,314.82 $1,123.67 $0.00 $601.12 $108,039.61
78 $108,039.61 $1,123.67 $0.00 $610.87 $109,774.15
79 $109,774.15 $1,123.67 $0.00 $620.68 $111,518.50
80 $111,518.50 $1,123.67 $0.00 $630.54 $113,272.71
81 $113,272.71 $1,123.67 $0.00 $640.46 $115,036.84
82 $115,036.84 $1,123.67 $0.00 $650.44 $116,810.95
83 $116,810.95 $1,123.67 $0.00 $660.47 $118,595.09
84 $118,595.09 $1,123.67 $0.00 $670.55 $120,389.31
85 $120,389.31 $1,123.67 $0.00 $680.70 $122,193.68
86 $122,193.68 $1,123.67 $0.00 $690.90 $124,008.25
87 $124,008.25 $1,123.67 $0.00 $701.16 $125,833.08
88 $125,833.08 $1,123.67 $0.00 $711.48 $127,668.23
89 $127,668.23 $1,123.67 $0.00 $721.85 $129,513.75
90 $129,513.75 $1,123.67 $0.00 $732.29 $131,369.71
91 $131,369.71 $1,123.67 $0.00 $742.78 $133,236.16
92 $133,236.16 $1,123.67 $0.00 $753.34 $135,113.17
93 $135,113.17 $1,123.67 $0.00 $763.95 $137,000.79
94 $137,000.79 $1,123.67 $0.00 $774.62 $138,899.08
95 $138,899.08 $1,123.67 $0.00 $785.36 $140,808.11
96 $140,808.11 $1,123.67 $0.00 $796.15 $142,727.93
97 $142,727.93 $1,123.67 $0.00 $807.00 $144,658.60
98 $144,658.60 $1,123.67 $0.00 $817.92 $146,600.19
99 $146,600.19 $1,123.67 $0.00 $828.90 $148,552.76
100 $148,552.76 $1,123.67 $0.00 $839.94 $150,516.37
101 $150,516.37 $1,123.67 $0.00 $851.04 $152,491.08
102 $152,491.08 $1,123.67 $0.00 $862.21 $154,476.96
103 $154,476.96 $1,123.67 $0.00 $873.44 $156,474.07
104 $156,474.07 $1,123.67 $0.00 $884.73 $158,482.47
105 $158,482.47 $1,123.67 $0.00 $896.08 $160,502.22
106 $160,502.22 $1,123.67 $0.00 $907.50 $162,533.39
107 $162,533.39 $1,123.67 $0.00 $918.99 $164,576.05
108 $164,576.05 $1,123.67 $0.00 $930.54 $166,630.26
109 $166,630.26 $1,123.67 $0.00 $942.15 $168,696.08
110 $168,696.08 $1,123.67 $0.00 $953.83 $170,773.58
111 $170,773.58 $1,123.67 $0.00 $965.58 $172,862.83
112 $172,862.83 $1,123.67 $0.00 $977.39 $174,963.89
113 $174,963.89 $1,123.67 $0.00 $989.27 $177,076.83
114 $177,076.83 $1,123.67 $0.00 $1,001.22 $179,201.72
115 $179,201.72 $1,123.67 $0.00 $1,013.23 $181,338.62
116 $181,338.62 $1,123.67 $0.00 $1,025.31 $183,487.60
117 $183,487.60 $1,123.67 $0.00 $1,037.47 $185,648.74
118 $185,648.74 $1,123.67 $0.00 $1,049.68 $187,822.09
119 $187,822.09 $1,123.67 $0.00 $1,061.97 $190,007.73
120 $190,007.73 $1,123.67 $0.00 $1,074.33 $192,205.73
121 $192,205.73 $1,123.67 $0.00 $1,086.76 $194,416.16
122 $194,416.16 $1,123.67 $0.00 $1,099.26 $196,639.09
123 $196,639.09 $1,123.67 $0.00 $1,111.83 $198,874.59
124 $198,874.59 $1,123.67 $0.00 $1,124.47 $201,122.73
125 $201,122.73 $1,123.67 $0.00 $1,137.18 $203,383.58
126 $203,383.58 $1,123.67 $0.00 $1,149.96 $205,657.21
127 $205,657.21 $1,123.67 $0.00 $1,162.82 $207,943.70
128 $207,943.70 $1,123.67 $0.00 $1,175.74 $210,243.11
129 $210,243.11 $1,123.67 $0.00 $1,188.75 $212,555.53
130 $212,555.53 $1,123.67 $0.00 $1,201.82 $214,881.02
131 $214,881.02 $1,123.67 $0.00 $1,214.97 $217,219.66
132 $217,219.66 $1,123.67 $0.00 $1,228.19 $219,571.52
133 $219,571.52 $1,123.67 $0.00 $1,241.49 $221,936.68
134 $221,936.68 $1,123.67 $0.00 $1,254.86 $224,315.21
135 $224,315.21 $1,123.67 $0.00 $1,268.31 $226,707.19
136 $226,707.19 $1,123.67 $0.00 $1,281.84 $229,112.70
137 $229,112.70 $1,123.67 $0.00 $1,295.44 $231,531.81
138 $231,531.81 $1,123.67 $0.00 $1,309.11 $233,964.59
139 $233,964.59 $1,123.67 $0.00 $1,322.87 $236,411.13
140 $236,411.13 $1,123.67 $0.00 $1,336.70 $238,871.50
141 $238,871.50 $1,123.67 $0.00 $1,350.61 $241,345.78
142 $241,345.78 $1,123.67 $0.00 $1,364.60 $243,834.05
143 $243,834.05 $1,123.67 $0.00 $1,378.67 $246,336.39
144 $246,336.39 $1,123.67 $0.00 $1,392.82 $248,852.88
145 $248,852.88 $1,123.67 $0.00 $1,407.05 $251,383.60
146 $251,383.60 $1,123.67 $0.00 $1,421.36 $253,928.63
147 $253,928.63 $1,123.67 $0.00 $1,435.75 $256,488.05
148 $256,488.05 $1,123.67 $0.00 $1,450.22 $259,061.94
149 $259,061.94 $1,123.67 $0.00 $1,464.77 $261,650.38
150 $261,650.38 $1,123.67 $0.00 $1,479.41 $264,253.46
151 $264,253.46 $1,123.67 $0.00 $1,494.13 $266,871.26
152 $266,871.26 $1,123.67 $0.00 $1,508.93 $269,503.86
153 $269,503.86 $1,123.67 $0.00 $1,523.81 $272,151.34
154 $272,151.34 $1,123.67 $0.00 $1,538.78 $274,813.79
155 $274,813.79 $1,123.67 $0.00 $1,553.84 $277,491.30
156 $277,491.30 $1,123.67 $0.00 $1,568.98 $280,183.95
157 $280,183.95 $1,123.67 $0.00 $1,584.20 $282,891.82
158 $282,891.82 $1,123.67 $0.00 $1,599.51 $285,615.00
159 $285,615.00 $1,123.67 $0.00 $1,614.91 $288,353.58
160 $288,353.58 $1,123.67 $0.00 $1,630.39 $291,107.64
161 $291,107.64 $1,123.67 $0.00 $1,645.96 $293,877.27
162 $293,877.27 $1,123.67 $0.00 $1,661.62 $296,662.56
163 $296,662.56 $1,123.67 $0.00 $1,677.37 $299,463.60
164 $299,463.60 $1,123.67 $0.00 $1,693.21 $302,280.48
165 $302,280.48 $1,123.67 $0.00 $1,709.14 $305,113.29
166 $305,113.29 $1,123.67 $0.00 $1,725.15 $307,962.11
167 $307,962.11 $1,123.67 $0.00 $1,741.26 $310,827.04
168 $310,827.04 $1,123.67 $0.00 $1,757.46 $313,708.17
169 $313,708.17 $1,123.67 $0.00 $1,773.75 $316,605.59
170 $316,605.59 $1,123.67 $0.00 $1,790.13 $319,519.39
171 $319,519.39 $1,123.67 $0.00 $1,806.61 $322,449.67
172 $322,449.67 $1,123.67 $0.00 $1,823.18 $325,396.52
173 $325,396.52 $1,123.67 $0.00 $1,839.84 $328,360.03
174 $328,360.03 $1,123.67 $0.00 $1,856.60 $331,340.30
175 $331,340.30 $1,123.67 $0.00 $1,873.45 $334,337.42
176 $334,337.42 $1,123.67 $0.00 $1,890.39 $337,351.48
177 $337,351.48 $1,123.67 $0.00 $1,907.43 $340,382.58
178 $340,382.58 $1,123.67 $0.00 $1,924.57 $343,430.82
179 $343,430.82 $1,123.67 $0.00 $1,941.81 $346,496.30
180 $346,496.30 $1,123.67 $0.00 $1,959.14 $349,579.11
181 $349,579.11 $1,123.67 $0.00 $1,976.57 $352,679.35
182 $352,679.35 $1,123.67 $0.00 $1,994.10 $355,797.12
183 $355,797.12 $1,123.67 $0.00 $2,011.73 $358,932.52
184 $358,932.52 $1,123.67 $0.00 $2,029.46 $362,085.65
185 $362,085.65 $1,123.67 $0.00 $2,047.28 $365,256.60
186 $365,256.60 $1,123.67 $0.00 $2,065.21 $368,445.48
187 $368,445.48 $1,123.67 $0.00 $2,083.24 $371,652.39
188 $371,652.39 $1,123.67 $0.00 $2,101.38 $374,877.44
189 $374,877.44 $1,123.67 $0.00 $2,119.61 $378,120.72
190 $378,120.72 $1,123.67 $0.00 $2,137.95 $381,382.34
191 $381,382.34 $1,123.67 $0.00 $2,156.39 $384,662.40
192 $384,662.40 $1,123.67 $0.00 $2,174.94 $387,961.01
193 $387,961.01 $1,123.67 $0.00 $2,193.59 $391,278.27
194 $391,278.27 $1,123.67 $0.00 $2,212.34 $394,614.28
195 $394,614.28 $1,123.67 $0.00 $2,231.21 $397,969.16
196 $397,969.16 $1,123.67 $0.00 $2,250.18 $401,343.01
197 $401,343.01 $1,123.67 $0.00 $2,269.25 $404,735.93
198 $404,735.93 $1,123.67 $0.00 $2,288.44 $408,148.04
199 $408,148.04 $1,123.67 $0.00 $2,307.73 $411,579.44
200 $411,579.44 $1,123.67 $0.00 $2,327.13 $415,030.24
201 $415,030.24 $1,123.67 $0.00 $2,346.64 $418,500.55
202 $418,500.55 $1,123.67 $0.00 $2,366.26 $421,990.48
203 $421,990.48 $1,123.67 $0.00 $2,386.00 $425,500.15
204 $425,500.15 $1,123.67 $0.00 $2,405.84 $429,029.66
205 $429,029.66 $1,123.67 $0.00 $2,425.80 $432,579.13
206 $432,579.13 $1,123.67 $0.00 $2,445.87 $436,148.67
207 $436,148.67 $1,123.67 $0.00 $2,466.05 $439,738.39
208 $439,738.39 $1,123.67 $0.00 $2,486.34 $443,348.40
209 $443,348.40 $1,123.67 $0.00 $2,506.76 $446,978.83
210 $446,978.83 $1,123.67 $0.00 $2,527.28 $450,629.78
211 $450,629.78 $1,123.67 $0.00 $2,547.93 $454,301.38
212 $454,301.38 $1,123.67 $0.00 $2,568.69 $457,993.74
213 $457,993.74 $1,123.67 $0.00 $2,589.56 $461,706.97
214 $461,706.97 $1,123.67 $0.00 $2,610.56 $465,441.20
215 $465,441.20 $1,123.67 $0.00 $2,631.67 $469,196.54
216 $469,196.54 $1,123.67 $0.00 $2,652.91 $472,973.12
217 $472,973.12 $1,123.67 $131,738.34 $2,674.26 $345,032.71
218 $345,032.71 $1,123.67 $0.00 $1,950.87 $348,107.25
219 $348,107.25 $1,123.67 $0.00 $1,968.25 $351,199.17
220 $351,199.17 $1,123.67 $0.00 $1,985.73 $354,308.57
221 $354,308.57 $1,123.67 $0.00 $2,003.31 $357,435.55
222 $357,435.55 $1,123.67 $0.00 $2,020.99 $360,580.21
223 $360,580.21 $1,123.67 $0.00 $2,038.77 $363,742.65
224 $363,742.65 $1,123.67 $0.00 $2,056.65 $366,922.97
225 $366,922.97 $1,123.67 $0.00 $2,074.64 $370,121.28
226 $370,121.28 $1,123.67 $0.00 $2,092.72 $373,337.67
227 $373,337.67 $1,123.67 $0.00 $2,110.91 $376,572.25
228 $376,572.25 $1,123.67 $0.00 $2,129.19 $379,825.11
229 $379,825.11 $1,123.67 $138,325.25 $2,147.59 $244,771.12
230 $244,771.12 $1,123.67 $0.00 $1,383.97 $247,278.76
231 $247,278.76 $1,123.67 $0.00 $1,398.15 $249,800.58
232 $249,800.58 $1,123.67 $0.00 $1,412.41 $252,336.66
233 $252,336.66 $1,123.67 $0.00 $1,426.75 $254,887.08
234 $254,887.08 $1,123.67 $0.00 $1,441.17 $257,451.92
235 $257,451.92 $1,123.67 $0.00 $1,455.67 $260,031.26
236 $260,031.26 $1,123.67 $0.00 $1,470.25 $262,625.18
237 $262,625.18 $1,123.67 $0.00 $1,484.92 $265,233.77
238 $265,233.77 $1,123.67 $0.00 $1,499.67 $267,857.11
239 $267,857.11 $1,123.67 $0.00 $1,514.50 $270,495.28
240 $270,495.28 $1,123.67 $0.00 $1,529.42 $273,148.37
241 $273,148.37 $1,123.67 $145,241.52 $1,544.42 $130,574.94
242 $130,574.94 $1,123.67 $0.00 $738.29 $132,436.90
243 $132,436.90 $1,123.67 $0.00 $748.82 $134,309.39
244 $134,309.39 $1,123.67 $0.00 $759.40 $136,192.46
245 $136,192.46 $1,123.67 $0.00 $770.05 $138,086.18
246 $138,086.18 $1,123.67 $0.00 $780.76 $139,990.61
247 $139,990.61 $1,123.67 $0.00 $791.53 $141,905.81
248 $141,905.81 $1,123.67 $0.00 $802.36 $143,831.84
249 $143,831.84 $1,123.67 $0.00 $813.25 $145,768.76
250 $145,768.76 $1,123.67 $0.00 $824.20 $147,716.63
251 $147,716.63 $1,123.67 $0.00 $835.21 $149,675.51
252 $149,675.51 $1,123.67 $0.00 $846.29 $151,645.47
253 $151,645.47 $0.00 $152,503.59 $857.43 ($0.69)