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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2037$123,603
Monthly savings required$978

How much will it cost to send your child to Millikin University in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $494,410.56 for students enrolling in 2037 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $978.43 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$47,664.00
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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Discover how much will you need to start saving now to afford Millikin University in the future.

Planned Savings Balance

College Savings Schedule

Month Begin Deposit Withdraw Interest End
1 $0.00 $978.43 $0.00 $0.00 $978.43
2 $978.43 $978.43 $0.00 $5.53 $1,962.39
3 $1,962.39 $978.43 $0.00 $11.10 $2,951.92
4 $2,951.92 $978.43 $0.00 $16.69 $3,947.04
5 $3,947.04 $978.43 $0.00 $22.32 $4,947.79
6 $4,947.79 $978.43 $0.00 $27.98 $5,954.20
7 $5,954.20 $978.43 $0.00 $33.67 $6,966.30
8 $6,966.30 $978.43 $0.00 $39.39 $7,984.12
9 $7,984.12 $978.43 $0.00 $45.14 $9,007.69
10 $9,007.69 $978.43 $0.00 $50.93 $10,037.05
11 $10,037.05 $978.43 $0.00 $56.75 $11,072.23
12 $11,072.23 $978.43 $0.00 $62.60 $12,113.26
13 $12,113.26 $978.43 $0.00 $68.49 $13,160.18
14 $13,160.18 $978.43 $0.00 $74.41 $14,213.02
15 $14,213.02 $978.43 $0.00 $80.36 $15,271.81
16 $15,271.81 $978.43 $0.00 $86.35 $16,336.59
17 $16,336.59 $978.43 $0.00 $92.37 $17,407.39
18 $17,407.39 $978.43 $0.00 $98.42 $18,484.24
19 $18,484.24 $978.43 $0.00 $104.51 $19,567.18
20 $19,567.18 $978.43 $0.00 $110.64 $20,656.25
21 $20,656.25 $978.43 $0.00 $116.79 $21,751.47
22 $21,751.47 $978.43 $0.00 $122.99 $22,852.89
23 $22,852.89 $978.43 $0.00 $129.21 $23,960.53
24 $23,960.53 $978.43 $0.00 $135.48 $25,074.44
25 $25,074.44 $978.43 $0.00 $141.77 $26,194.64
26 $26,194.64 $978.43 $0.00 $148.11 $27,321.18
27 $27,321.18 $978.43 $0.00 $154.48 $28,454.09
28 $28,454.09 $978.43 $0.00 $160.88 $29,593.40
29 $29,593.40 $978.43 $0.00 $167.33 $30,739.16
30 $30,739.16 $978.43 $0.00 $173.80 $31,891.39
31 $31,891.39 $978.43 $0.00 $180.32 $33,050.14
32 $33,050.14 $978.43 $0.00 $186.87 $34,215.44
33 $34,215.44 $978.43 $0.00 $193.46 $35,387.33
34 $35,387.33 $978.43 $0.00 $200.09 $36,565.85
35 $36,565.85 $978.43 $0.00 $206.75 $37,751.03
36 $37,751.03 $978.43 $0.00 $213.45 $38,942.91
37 $38,942.91 $978.43 $0.00 $220.19 $40,141.53
38 $40,141.53 $978.43 $0.00 $226.97 $41,346.93
39 $41,346.93 $978.43 $0.00 $233.78 $42,559.14
40 $42,559.14 $978.43 $0.00 $240.64 $43,778.21
41 $43,778.21 $978.43 $0.00 $247.53 $45,004.17
42 $45,004.17 $978.43 $0.00 $254.46 $46,237.06
43 $46,237.06 $978.43 $0.00 $261.43 $47,476.92
44 $47,476.92 $978.43 $0.00 $268.44 $48,723.79
45 $48,723.79 $978.43 $0.00 $275.49 $49,977.71
46 $49,977.71 $978.43 $0.00 $282.58 $51,238.72
47 $51,238.72 $978.43 $0.00 $289.71 $52,506.86
48 $52,506.86 $978.43 $0.00 $296.88 $53,782.17
49 $53,782.17 $978.43 $0.00 $304.09 $55,064.69
50 $55,064.69 $978.43 $0.00 $311.34 $56,354.46
51 $56,354.46 $978.43 $0.00 $318.64 $57,651.53
52 $57,651.53 $978.43 $0.00 $325.97 $58,955.93
53 $58,955.93 $978.43 $0.00 $333.35 $60,267.71
54 $60,267.71 $978.43 $0.00 $340.76 $61,586.90
55 $61,586.90 $978.43 $0.00 $348.22 $62,913.55
56 $62,913.55 $978.43 $0.00 $355.72 $64,247.70
57 $64,247.70 $978.43 $0.00 $363.27 $65,589.40
58 $65,589.40 $978.43 $0.00 $370.85 $66,938.68
59 $66,938.68 $978.43 $0.00 $378.48 $68,295.59
60 $68,295.59 $978.43 $0.00 $386.15 $69,660.17
61 $69,660.17 $978.43 $0.00 $393.87 $71,032.47
62 $71,032.47 $978.43 $0.00 $401.63 $72,412.53
63 $72,412.53 $978.43 $0.00 $409.43 $73,800.39
64 $73,800.39 $978.43 $0.00 $417.28 $75,196.10
65 $75,196.10 $978.43 $0.00 $425.17 $76,599.70
66 $76,599.70 $978.43 $0.00 $433.11 $78,011.24
67 $78,011.24 $978.43 $0.00 $441.09 $79,430.76
68 $79,430.76 $978.43 $0.00 $449.11 $80,858.30
69 $80,858.30 $978.43 $0.00 $457.18 $82,293.91
70 $82,293.91 $978.43 $0.00 $465.30 $83,737.64
71 $83,737.64 $978.43 $0.00 $473.46 $85,189.53
72 $85,189.53 $978.43 $0.00 $481.67 $86,649.63
73 $86,649.63 $978.43 $0.00 $489.93 $88,117.99
74 $88,117.99 $978.43 $0.00 $498.23 $89,594.65
75 $89,594.65 $978.43 $0.00 $506.58 $91,079.66
76 $91,079.66 $978.43 $0.00 $514.98 $92,573.07
77 $92,573.07 $978.43 $0.00 $523.42 $94,074.92
78 $94,074.92 $978.43 $0.00 $531.91 $95,585.26
79 $95,585.26 $978.43 $0.00 $540.45 $97,104.14
80 $97,104.14 $978.43 $0.00 $549.04 $98,631.61
81 $98,631.61 $978.43 $0.00 $557.68 $100,167.72
82 $100,167.72 $978.43 $0.00 $566.36 $101,712.51
83 $101,712.51 $978.43 $0.00 $575.10 $103,266.04
84 $103,266.04 $978.43 $0.00 $583.88 $104,828.35
85 $104,828.35 $978.43 $0.00 $592.71 $106,399.49
86 $106,399.49 $978.43 $0.00 $601.60 $107,979.52
87 $107,979.52 $978.43 $0.00 $610.53 $109,568.48
88 $109,568.48 $978.43 $0.00 $619.52 $111,166.43
89 $111,166.43 $978.43 $0.00 $628.55 $112,773.41
90 $112,773.41 $978.43 $0.00 $637.64 $114,389.48
91 $114,389.48 $978.43 $0.00 $646.77 $116,014.68
92 $116,014.68 $978.43 $0.00 $655.96 $117,649.07
93 $117,649.07 $978.43 $0.00 $665.20 $119,292.70
94 $119,292.70 $978.43 $0.00 $674.50 $120,945.63
95 $120,945.63 $978.43 $0.00 $683.84 $122,607.90
96 $122,607.90 $978.43 $0.00 $693.24 $124,279.57
97 $124,279.57 $978.43 $0.00 $702.69 $125,960.69
98 $125,960.69 $978.43 $0.00 $712.20 $127,651.32
99 $127,651.32 $978.43 $0.00 $721.76 $129,351.51
100 $129,351.51 $978.43 $0.00 $731.37 $131,061.31
101 $131,061.31 $978.43 $0.00 $741.04 $132,780.78
102 $132,780.78 $978.43 $0.00 $750.76 $134,509.97
103 $134,509.97 $978.43 $0.00 $760.54 $136,248.94
104 $136,248.94 $978.43 $0.00 $770.37 $137,997.74
105 $137,997.74 $978.43 $0.00 $780.26 $139,756.43
106 $139,756.43 $978.43 $0.00 $790.20 $141,525.06
107 $141,525.06 $978.43 $0.00 $800.20 $143,303.69
108 $143,303.69 $978.43 $0.00 $810.26 $145,092.38
109 $145,092.38 $978.43 $0.00 $820.37 $146,891.18
110 $146,891.18 $978.43 $0.00 $830.54 $148,700.15
111 $148,700.15 $978.43 $0.00 $840.77 $150,519.35
112 $150,519.35 $978.43 $0.00 $851.06 $152,348.84
113 $152,348.84 $978.43 $0.00 $861.40 $154,188.67
114 $154,188.67 $978.43 $0.00 $871.81 $156,038.91
115 $156,038.91 $978.43 $0.00 $882.27 $157,899.61
116 $157,899.61 $978.43 $0.00 $892.79 $159,770.83
117 $159,770.83 $978.43 $0.00 $903.37 $161,652.63
118 $161,652.63 $978.43 $0.00 $914.01 $163,545.07
119 $163,545.07 $978.43 $0.00 $924.71 $165,448.21
120 $165,448.21 $978.43 $0.00 $935.47 $167,362.11
121 $167,362.11 $978.43 $0.00 $946.29 $169,286.83
122 $169,286.83 $978.43 $0.00 $957.17 $171,222.43
123 $171,222.43 $978.43 $0.00 $968.12 $173,168.98
124 $173,168.98 $978.43 $0.00 $979.12 $175,126.53
125 $175,126.53 $978.43 $0.00 $990.19 $177,095.15
126 $177,095.15 $978.43 $0.00 $1,001.32 $179,074.90
127 $179,074.90 $978.43 $0.00 $1,012.52 $181,065.85
128 $181,065.85 $978.43 $0.00 $1,023.77 $183,068.05
129 $183,068.05 $978.43 $0.00 $1,035.09 $185,081.57
130 $185,081.57 $978.43 $0.00 $1,046.48 $187,106.48
131 $187,106.48 $978.43 $0.00 $1,057.93 $189,142.84
132 $189,142.84 $978.43 $0.00 $1,069.44 $191,190.71
133 $191,190.71 $978.43 $0.00 $1,081.02 $193,250.16
134 $193,250.16 $978.43 $0.00 $1,092.66 $195,321.25
135 $195,321.25 $978.43 $0.00 $1,104.37 $197,404.05
136 $197,404.05 $978.43 $0.00 $1,116.15 $199,498.63
137 $199,498.63 $978.43 $0.00 $1,127.99 $201,605.05
138 $201,605.05 $978.43 $0.00 $1,139.90 $203,723.38
139 $203,723.38 $978.43 $0.00 $1,151.88 $205,853.69
140 $205,853.69 $978.43 $0.00 $1,163.93 $207,996.05
141 $207,996.05 $978.43 $0.00 $1,176.04 $210,150.52
142 $210,150.52 $978.43 $0.00 $1,188.22 $212,317.17
143 $212,317.17 $978.43 $0.00 $1,200.47 $214,496.07
144 $214,496.07 $978.43 $0.00 $1,212.79 $216,687.29
145 $216,687.29 $978.43 $0.00 $1,225.18 $218,890.90
146 $218,890.90 $978.43 $0.00 $1,237.64 $221,106.97
147 $221,106.97 $978.43 $0.00 $1,250.17 $223,335.57
148 $223,335.57 $978.43 $0.00 $1,262.77 $225,576.77
149 $225,576.77 $978.43 $0.00 $1,275.44 $227,830.64
150 $227,830.64 $978.43 $0.00 $1,288.19 $230,097.26
151 $230,097.26 $978.43 $0.00 $1,301.00 $232,376.69
152 $232,376.69 $978.43 $0.00 $1,313.89 $234,669.01
153 $234,669.01 $978.43 $0.00 $1,326.85 $236,974.29
154 $236,974.29 $978.43 $0.00 $1,339.89 $239,292.61
155 $239,292.61 $978.43 $0.00 $1,353.00 $241,624.04
156 $241,624.04 $978.43 $0.00 $1,366.18 $243,968.65
157 $243,968.65 $978.43 $0.00 $1,379.43 $246,326.51
158 $246,326.51 $978.43 $0.00 $1,392.77 $248,697.71
159 $248,697.71 $978.43 $0.00 $1,406.17 $251,082.31
160 $251,082.31 $978.43 $0.00 $1,419.66 $253,480.40
161 $253,480.40 $978.43 $0.00 $1,433.22 $255,892.05
162 $255,892.05 $978.43 $0.00 $1,446.85 $258,317.33
163 $258,317.33 $978.43 $0.00 $1,460.56 $260,756.32
164 $260,756.32 $978.43 $0.00 $1,474.35 $263,209.10
165 $263,209.10 $978.43 $0.00 $1,488.22 $265,675.75
166 $265,675.75 $978.43 $0.00 $1,502.17 $268,156.35
167 $268,156.35 $978.43 $0.00 $1,516.19 $270,650.97
168 $270,650.97 $978.43 $0.00 $1,530.30 $273,159.70
169 $273,159.70 $978.43 $0.00 $1,544.48 $275,682.61
170 $275,682.61 $978.43 $0.00 $1,558.75 $278,219.79
171 $278,219.79 $978.43 $0.00 $1,573.10 $280,771.32
172 $280,771.32 $978.43 $0.00 $1,587.52 $283,337.27
173 $283,337.27 $978.43 $0.00 $1,602.03 $285,917.73
174 $285,917.73 $978.43 $0.00 $1,616.62 $288,512.78
175 $288,512.78 $978.43 $0.00 $1,631.29 $291,122.50
176 $291,122.50 $978.43 $0.00 $1,646.05 $293,746.98
177 $293,746.98 $978.43 $0.00 $1,660.89 $296,386.30
178 $296,386.30 $978.43 $0.00 $1,675.81 $299,040.54
179 $299,040.54 $978.43 $0.00 $1,690.82 $301,709.79
180 $301,709.79 $978.43 $0.00 $1,705.91 $304,394.13
181 $304,394.13 $978.43 $0.00 $1,721.09 $307,093.65
182 $307,093.65 $978.43 $0.00 $1,736.35 $309,808.43
183 $309,808.43 $978.43 $0.00 $1,751.70 $312,538.56
184 $312,538.56 $978.43 $0.00 $1,767.14 $315,284.13
185 $315,284.13 $978.43 $0.00 $1,782.66 $318,045.22
186 $318,045.22 $978.43 $0.00 $1,798.27 $320,821.92
187 $320,821.92 $978.43 $0.00 $1,813.97 $323,614.32
188 $323,614.32 $978.43 $0.00 $1,829.76 $326,422.51
189 $326,422.51 $978.43 $0.00 $1,845.64 $329,246.58
190 $329,246.58 $978.43 $0.00 $1,861.61 $332,086.62
191 $332,086.62 $978.43 $0.00 $1,877.67 $334,942.72
192 $334,942.72 $978.43 $0.00 $1,893.81 $337,814.96
193 $337,814.96 $978.43 $0.00 $1,910.05 $340,703.44
194 $340,703.44 $978.43 $0.00 $1,926.39 $343,608.26
195 $343,608.26 $978.43 $0.00 $1,942.81 $346,529.50
196 $346,529.50 $978.43 $0.00 $1,959.33 $349,467.26
197 $349,467.26 $978.43 $0.00 $1,975.94 $352,421.63
198 $352,421.63 $978.43 $0.00 $1,992.64 $355,392.70
199 $355,392.70 $978.43 $0.00 $2,009.44 $358,380.57
200 $358,380.57 $978.43 $0.00 $2,026.34 $361,385.34
201 $361,385.34 $978.43 $0.00 $2,043.33 $364,407.10
202 $364,407.10 $978.43 $0.00 $2,060.41 $367,445.94
203 $367,445.94 $978.43 $0.00 $2,077.59 $370,501.96
204 $370,501.96 $978.43 $0.00 $2,094.87 $373,575.26
205 $373,575.26 $978.43 $0.00 $2,112.25 $376,665.94
206 $376,665.94 $978.43 $0.00 $2,129.72 $379,774.09
207 $379,774.09 $978.43 $0.00 $2,147.30 $382,899.82
208 $382,899.82 $978.43 $0.00 $2,164.97 $386,043.22
209 $386,043.22 $978.43 $0.00 $2,182.74 $389,204.39
210 $389,204.39 $978.43 $0.00 $2,200.62 $392,383.44
211 $392,383.44 $978.43 $0.00 $2,218.59 $395,580.46
212 $395,580.46 $978.43 $0.00 $2,236.67 $398,795.56
213 $398,795.56 $978.43 $0.00 $2,254.85 $402,028.84
214 $402,028.84 $978.43 $0.00 $2,273.13 $405,280.40
215 $405,280.40 $978.43 $0.00 $2,291.51 $408,550.34
216 $408,550.34 $978.43 $0.00 $2,310.00 $411,838.77
217 $411,838.77 $978.43 $114,709.10 $2,328.60 $300,436.70
218 $300,436.70 $978.43 $0.00 $1,698.71 $303,113.84
219 $303,113.84 $978.43 $0.00 $1,713.85 $305,806.12
220 $305,806.12 $978.43 $0.00 $1,729.07 $308,513.62
221 $308,513.62 $978.43 $0.00 $1,744.38 $311,236.43
222 $311,236.43 $978.43 $0.00 $1,759.78 $313,974.64
223 $313,974.64 $978.43 $0.00 $1,775.26 $316,728.33
224 $316,728.33 $978.43 $0.00 $1,790.83 $319,497.59
225 $319,497.59 $978.43 $0.00 $1,806.49 $322,282.51
226 $322,282.51 $978.43 $0.00 $1,822.23 $325,083.17
227 $325,083.17 $978.43 $0.00 $1,838.07 $327,899.67
228 $327,899.67 $978.43 $0.00 $1,853.99 $330,732.09
229 $330,732.09 $978.43 $120,444.55 $1,870.01 $213,135.98
230 $213,135.98 $978.43 $0.00 $1,205.10 $215,319.51
231 $215,319.51 $978.43 $0.00 $1,217.45 $217,515.39
232 $217,515.39 $978.43 $0.00 $1,229.86 $219,723.68
233 $219,723.68 $978.43 $0.00 $1,242.35 $221,944.46
234 $221,944.46 $978.43 $0.00 $1,254.91 $224,177.80
235 $224,177.80 $978.43 $0.00 $1,267.53 $226,423.76
236 $226,423.76 $978.43 $0.00 $1,280.23 $228,682.42
237 $228,682.42 $978.43 $0.00 $1,293.00 $230,953.85
238 $230,953.85 $978.43 $0.00 $1,305.85 $233,238.13
239 $233,238.13 $978.43 $0.00 $1,318.76 $235,535.32
240 $235,535.32 $978.43 $0.00 $1,331.75 $237,845.50
241 $237,845.50 $978.43 $126,466.78 $1,344.81 $113,701.96
242 $113,701.96 $978.43 $0.00 $642.89 $115,323.28
243 $115,323.28 $978.43 $0.00 $652.05 $116,953.76
244 $116,953.76 $978.43 $0.00 $661.27 $118,593.46
245 $118,593.46 $978.43 $0.00 $670.54 $120,242.43
246 $120,242.43 $978.43 $0.00 $679.87 $121,900.73
247 $121,900.73 $978.43 $0.00 $689.24 $123,568.40
248 $123,568.40 $978.43 $0.00 $698.67 $125,245.50
249 $125,245.50 $978.43 $0.00 $708.16 $126,932.09
250 $126,932.09 $978.43 $0.00 $717.69 $128,628.21
251 $128,628.21 $978.43 $0.00 $727.28 $130,333.92
252 $130,333.92 $978.43 $0.00 $736.93 $132,049.28
253 $132,049.28 $0.00 $132,790.12 $746.63 $5.79