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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$144,714
Monthly savings required$1,146

How much will it cost to send your child to Luther College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $578,855.76 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,145.53 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$55,805.00
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 $1,145.53 $0.00 $0.00 $1,145.53
2 $1,145.53 $1,145.53 $0.00 $6.48 $2,297.54
3 $2,297.54 $1,145.53 $0.00 $12.99 $3,456.06
4 $3,456.06 $1,145.53 $0.00 $19.54 $4,621.13
5 $4,621.13 $1,145.53 $0.00 $26.13 $5,792.79
6 $5,792.79 $1,145.53 $0.00 $32.75 $6,971.07
7 $6,971.07 $1,145.53 $0.00 $39.42 $8,156.02
8 $8,156.02 $1,145.53 $0.00 $46.12 $9,347.67
9 $9,347.67 $1,145.53 $0.00 $52.85 $10,546.05
10 $10,546.05 $1,145.53 $0.00 $59.63 $11,751.21
11 $11,751.21 $1,145.53 $0.00 $66.44 $12,963.18
12 $12,963.18 $1,145.53 $0.00 $73.30 $14,182.01
13 $14,182.01 $1,145.53 $0.00 $80.19 $15,407.73
14 $15,407.73 $1,145.53 $0.00 $87.12 $16,640.38
15 $16,640.38 $1,145.53 $0.00 $94.09 $17,880.00
16 $17,880.00 $1,145.53 $0.00 $101.10 $19,126.63
17 $19,126.63 $1,145.53 $0.00 $108.14 $20,380.30
18 $20,380.30 $1,145.53 $0.00 $115.23 $21,641.06
19 $21,641.06 $1,145.53 $0.00 $122.36 $22,908.95
20 $22,908.95 $1,145.53 $0.00 $129.53 $24,184.01
21 $24,184.01 $1,145.53 $0.00 $136.74 $25,466.28
22 $25,466.28 $1,145.53 $0.00 $143.99 $26,755.80
23 $26,755.80 $1,145.53 $0.00 $151.28 $28,052.61
24 $28,052.61 $1,145.53 $0.00 $158.61 $29,356.75
25 $29,356.75 $1,145.53 $0.00 $165.99 $30,668.27
26 $30,668.27 $1,145.53 $0.00 $173.40 $31,987.20
27 $31,987.20 $1,145.53 $0.00 $180.86 $33,313.59
28 $33,313.59 $1,145.53 $0.00 $188.36 $34,647.48
29 $34,647.48 $1,145.53 $0.00 $195.90 $35,988.91
30 $35,988.91 $1,145.53 $0.00 $203.49 $37,337.93
31 $37,337.93 $1,145.53 $0.00 $211.11 $38,694.57
32 $38,694.57 $1,145.53 $0.00 $218.78 $40,058.88
33 $40,058.88 $1,145.53 $0.00 $226.50 $41,430.91
34 $41,430.91 $1,145.53 $0.00 $234.26 $42,810.70
35 $42,810.70 $1,145.53 $0.00 $242.06 $44,198.29
36 $44,198.29 $1,145.53 $0.00 $249.90 $45,593.72
37 $45,593.72 $1,145.53 $0.00 $257.79 $46,997.04
38 $46,997.04 $1,145.53 $0.00 $265.73 $48,408.30
39 $48,408.30 $1,145.53 $0.00 $273.71 $49,827.54
40 $49,827.54 $1,145.53 $0.00 $281.73 $51,254.80
41 $51,254.80 $1,145.53 $0.00 $289.80 $52,690.13
42 $52,690.13 $1,145.53 $0.00 $297.92 $54,133.58
43 $54,133.58 $1,145.53 $0.00 $306.08 $55,585.19
44 $55,585.19 $1,145.53 $0.00 $314.29 $57,045.01
45 $57,045.01 $1,145.53 $0.00 $322.54 $58,513.08
46 $58,513.08 $1,145.53 $0.00 $330.84 $59,989.45
47 $59,989.45 $1,145.53 $0.00 $339.19 $61,474.17
48 $61,474.17 $1,145.53 $0.00 $347.58 $62,967.28
49 $62,967.28 $1,145.53 $0.00 $356.03 $64,468.84
50 $64,468.84 $1,145.53 $0.00 $364.52 $65,978.89
51 $65,978.89 $1,145.53 $0.00 $373.05 $67,497.47
52 $67,497.47 $1,145.53 $0.00 $381.64 $69,024.64
53 $69,024.64 $1,145.53 $0.00 $390.28 $70,560.45
54 $70,560.45 $1,145.53 $0.00 $398.96 $72,104.94
55 $72,104.94 $1,145.53 $0.00 $407.69 $73,658.16
56 $73,658.16 $1,145.53 $0.00 $416.47 $75,220.16
57 $75,220.16 $1,145.53 $0.00 $425.31 $76,791.00
58 $76,791.00 $1,145.53 $0.00 $434.19 $78,370.72
59 $78,370.72 $1,145.53 $0.00 $443.12 $79,959.37
60 $79,959.37 $1,145.53 $0.00 $452.10 $81,557.00
61 $81,557.00 $1,145.53 $0.00 $461.14 $83,163.67
62 $83,163.67 $1,145.53 $0.00 $470.22 $84,779.42
63 $84,779.42 $1,145.53 $0.00 $479.36 $86,404.31
64 $86,404.31 $1,145.53 $0.00 $488.54 $88,038.38
65 $88,038.38 $1,145.53 $0.00 $497.78 $89,681.69
66 $89,681.69 $1,145.53 $0.00 $507.07 $91,334.29
67 $91,334.29 $1,145.53 $0.00 $516.42 $92,996.24
68 $92,996.24 $1,145.53 $0.00 $525.81 $94,667.58
69 $94,667.58 $1,145.53 $0.00 $535.26 $96,348.37
70 $96,348.37 $1,145.53 $0.00 $544.77 $98,038.67
71 $98,038.67 $1,145.53 $0.00 $554.32 $99,738.52
72 $99,738.52 $1,145.53 $0.00 $563.94 $101,447.99
73 $101,447.99 $1,145.53 $0.00 $573.60 $103,167.12
74 $103,167.12 $1,145.53 $0.00 $583.32 $104,895.97
75 $104,895.97 $1,145.53 $0.00 $593.10 $106,634.60
76 $106,634.60 $1,145.53 $0.00 $602.93 $108,383.06
77 $108,383.06 $1,145.53 $0.00 $612.81 $110,141.40
78 $110,141.40 $1,145.53 $0.00 $622.76 $111,909.69
79 $111,909.69 $1,145.53 $0.00 $632.75 $113,687.97
80 $113,687.97 $1,145.53 $0.00 $642.81 $115,476.31
81 $115,476.31 $1,145.53 $0.00 $652.92 $117,274.76
82 $117,274.76 $1,145.53 $0.00 $663.09 $119,083.38
83 $119,083.38 $1,145.53 $0.00 $673.31 $120,902.22
84 $120,902.22 $1,145.53 $0.00 $683.60 $122,731.35
85 $122,731.35 $1,145.53 $0.00 $693.94 $124,570.82
86 $124,570.82 $1,145.53 $0.00 $704.34 $126,420.69
87 $126,420.69 $1,145.53 $0.00 $714.80 $128,281.02
88 $128,281.02 $1,145.53 $0.00 $725.32 $130,151.87
89 $130,151.87 $1,145.53 $0.00 $735.90 $132,033.30
90 $132,033.30 $1,145.53 $0.00 $746.54 $133,925.37
91 $133,925.37 $1,145.53 $0.00 $757.23 $135,828.13
92 $135,828.13 $1,145.53 $0.00 $767.99 $137,741.65
93 $137,741.65 $1,145.53 $0.00 $778.81 $139,665.99
94 $139,665.99 $1,145.53 $0.00 $789.69 $141,601.21
95 $141,601.21 $1,145.53 $0.00 $800.63 $143,547.37
96 $143,547.37 $1,145.53 $0.00 $811.64 $145,504.54
97 $145,504.54 $1,145.53 $0.00 $822.70 $147,472.77
98 $147,472.77 $1,145.53 $0.00 $833.83 $149,452.13
99 $149,452.13 $1,145.53 $0.00 $845.02 $151,442.68
100 $151,442.68 $1,145.53 $0.00 $856.28 $153,444.49
101 $153,444.49 $1,145.53 $0.00 $867.60 $155,457.62
102 $155,457.62 $1,145.53 $0.00 $878.98 $157,482.13
103 $157,482.13 $1,145.53 $0.00 $890.43 $159,518.09
104 $159,518.09 $1,145.53 $0.00 $901.94 $161,565.56
105 $161,565.56 $1,145.53 $0.00 $913.52 $163,624.61
106 $163,624.61 $1,145.53 $0.00 $925.16 $165,695.30
107 $165,695.30 $1,145.53 $0.00 $936.87 $167,777.70
108 $167,777.70 $1,145.53 $0.00 $948.64 $169,871.87
109 $169,871.87 $1,145.53 $0.00 $960.48 $171,977.88
110 $171,977.88 $1,145.53 $0.00 $972.39 $174,095.80
111 $174,095.80 $1,145.53 $0.00 $984.36 $176,225.69
112 $176,225.69 $1,145.53 $0.00 $996.41 $178,367.63
113 $178,367.63 $1,145.53 $0.00 $1,008.52 $180,521.68
114 $180,521.68 $1,145.53 $0.00 $1,020.70 $182,687.91
115 $182,687.91 $1,145.53 $0.00 $1,032.94 $184,866.38
116 $184,866.38 $1,145.53 $0.00 $1,045.26 $187,057.17
117 $187,057.17 $1,145.53 $0.00 $1,057.65 $189,260.35
118 $189,260.35 $1,145.53 $0.00 $1,070.11 $191,475.99
119 $191,475.99 $1,145.53 $0.00 $1,082.63 $193,704.15
120 $193,704.15 $1,145.53 $0.00 $1,095.23 $195,944.91
121 $195,944.91 $1,145.53 $0.00 $1,107.90 $198,198.34
122 $198,198.34 $1,145.53 $0.00 $1,120.64 $200,464.51
123 $200,464.51 $1,145.53 $0.00 $1,133.46 $202,743.50
124 $202,743.50 $1,145.53 $0.00 $1,146.34 $205,035.37
125 $205,035.37 $1,145.53 $0.00 $1,159.30 $207,340.20
126 $207,340.20 $1,145.53 $0.00 $1,172.33 $209,658.06
127 $209,658.06 $1,145.53 $0.00 $1,185.44 $211,989.03
128 $211,989.03 $1,145.53 $0.00 $1,198.62 $214,333.18
129 $214,333.18 $1,145.53 $0.00 $1,211.87 $216,690.58
130 $216,690.58 $1,145.53 $0.00 $1,225.20 $219,061.31
131 $219,061.31 $1,145.53 $0.00 $1,238.60 $221,445.44
132 $221,445.44 $1,145.53 $0.00 $1,252.08 $223,843.05
133 $223,843.05 $1,145.53 $0.00 $1,265.64 $226,254.22
134 $226,254.22 $1,145.53 $0.00 $1,279.27 $228,679.02
135 $228,679.02 $1,145.53 $0.00 $1,292.98 $231,117.53
136 $231,117.53 $1,145.53 $0.00 $1,306.77 $233,569.83
137 $233,569.83 $1,145.53 $0.00 $1,320.64 $236,036.00
138 $236,036.00 $1,145.53 $0.00 $1,334.58 $238,516.11
139 $238,516.11 $1,145.53 $0.00 $1,348.60 $241,010.24
140 $241,010.24 $1,145.53 $0.00 $1,362.71 $243,518.48
141 $243,518.48 $1,145.53 $0.00 $1,376.89 $246,040.90
142 $246,040.90 $1,145.53 $0.00 $1,391.15 $248,577.58
143 $248,577.58 $1,145.53 $0.00 $1,405.49 $251,128.60
144 $251,128.60 $1,145.53 $0.00 $1,419.92 $253,694.05
145 $253,694.05 $1,145.53 $0.00 $1,434.42 $256,274.00
146 $256,274.00 $1,145.53 $0.00 $1,449.01 $258,868.54
147 $258,868.54 $1,145.53 $0.00 $1,463.68 $261,477.75
148 $261,477.75 $1,145.53 $0.00 $1,478.43 $264,101.71
149 $264,101.71 $1,145.53 $0.00 $1,493.27 $266,740.51
150 $266,740.51 $1,145.53 $0.00 $1,508.19 $269,394.23
151 $269,394.23 $1,145.53 $0.00 $1,523.19 $272,062.95
152 $272,062.95 $1,145.53 $0.00 $1,538.28 $274,746.76
153 $274,746.76 $1,145.53 $0.00 $1,553.46 $277,445.75
154 $277,445.75 $1,145.53 $0.00 $1,568.72 $280,160.00
155 $280,160.00 $1,145.53 $0.00 $1,584.07 $282,889.60
156 $282,889.60 $1,145.53 $0.00 $1,599.50 $285,634.63
157 $285,634.63 $1,145.53 $0.00 $1,615.02 $288,395.18
158 $288,395.18 $1,145.53 $0.00 $1,630.63 $291,171.34
159 $291,171.34 $1,145.53 $0.00 $1,646.33 $293,963.20
160 $293,963.20 $1,145.53 $0.00 $1,662.11 $296,770.84
161 $296,770.84 $1,145.53 $0.00 $1,677.99 $299,594.36
162 $299,594.36 $1,145.53 $0.00 $1,693.95 $302,433.84
163 $302,433.84 $1,145.53 $0.00 $1,710.00 $305,289.37
164 $305,289.37 $1,145.53 $0.00 $1,726.15 $308,161.05
165 $308,161.05 $1,145.53 $0.00 $1,742.39 $311,048.97
166 $311,048.97 $1,145.53 $0.00 $1,758.72 $313,953.22
167 $313,953.22 $1,145.53 $0.00 $1,775.14 $316,873.89
168 $316,873.89 $1,145.53 $0.00 $1,791.65 $319,811.07
169 $319,811.07 $1,145.53 $0.00 $1,808.26 $322,764.86
170 $322,764.86 $1,145.53 $0.00 $1,824.96 $325,735.35
171 $325,735.35 $1,145.53 $0.00 $1,841.76 $328,722.64
172 $328,722.64 $1,145.53 $0.00 $1,858.65 $331,726.82
173 $331,726.82 $1,145.53 $0.00 $1,875.63 $334,747.98
174 $334,747.98 $1,145.53 $0.00 $1,892.71 $337,786.22
175 $337,786.22 $1,145.53 $0.00 $1,909.89 $340,841.64
176 $340,841.64 $1,145.53 $0.00 $1,927.17 $343,914.34
177 $343,914.34 $1,145.53 $0.00 $1,944.54 $347,004.41
178 $347,004.41 $1,145.53 $0.00 $1,962.01 $350,111.95
179 $350,111.95 $1,145.53 $0.00 $1,979.58 $353,237.06
180 $353,237.06 $1,145.53 $0.00 $1,997.25 $356,379.84
181 $356,379.84 $1,145.53 $0.00 $2,015.02 $359,540.39
182 $359,540.39 $1,145.53 $0.00 $2,032.89 $362,718.81
183 $362,718.81 $1,145.53 $0.00 $2,050.86 $365,915.20
184 $365,915.20 $1,145.53 $0.00 $2,068.94 $369,129.67
185 $369,129.67 $1,145.53 $0.00 $2,087.11 $372,362.31
186 $372,362.31 $1,145.53 $0.00 $2,105.39 $375,613.23
187 $375,613.23 $1,145.53 $0.00 $2,123.77 $378,882.53
188 $378,882.53 $1,145.53 $0.00 $2,142.26 $382,170.32
189 $382,170.32 $1,145.53 $0.00 $2,160.85 $385,476.70
190 $385,476.70 $1,145.53 $0.00 $2,179.54 $388,801.77
191 $388,801.77 $1,145.53 $0.00 $2,198.34 $392,145.64
192 $392,145.64 $1,145.53 $0.00 $2,217.25 $395,508.42
193 $395,508.42 $1,145.53 $0.00 $2,236.26 $398,890.21
194 $398,890.21 $1,145.53 $0.00 $2,255.38 $402,291.12
195 $402,291.12 $1,145.53 $0.00 $2,274.61 $405,711.26
196 $405,711.26 $1,145.53 $0.00 $2,293.95 $409,150.74
197 $409,150.74 $1,145.53 $0.00 $2,313.40 $412,609.67
198 $412,609.67 $1,145.53 $0.00 $2,332.96 $416,088.16
199 $416,088.16 $1,145.53 $0.00 $2,352.62 $419,586.31
200 $419,586.31 $1,145.53 $0.00 $2,372.40 $423,104.24
201 $423,104.24 $1,145.53 $0.00 $2,392.29 $426,642.06
202 $426,642.06 $1,145.53 $0.00 $2,412.30 $430,199.89
203 $430,199.89 $1,145.53 $0.00 $2,432.41 $433,777.83
204 $433,777.83 $1,145.53 $0.00 $2,452.64 $437,376.00
205 $437,376.00 $1,145.53 $0.00 $2,472.99 $440,994.52
206 $440,994.52 $1,145.53 $0.00 $2,493.45 $444,633.50
207 $444,633.50 $1,145.53 $0.00 $2,514.02 $448,293.05
208 $448,293.05 $1,145.53 $0.00 $2,534.71 $451,973.29
209 $451,973.29 $1,145.53 $0.00 $2,555.52 $455,674.34
210 $455,674.34 $1,145.53 $0.00 $2,576.45 $459,396.32
211 $459,396.32 $1,145.53 $0.00 $2,597.49 $463,139.34
212 $463,139.34 $1,145.53 $0.00 $2,618.66 $466,903.53
213 $466,903.53 $1,145.53 $0.00 $2,639.94 $470,689.00
214 $470,689.00 $1,145.53 $0.00 $2,661.34 $474,495.87
215 $474,495.87 $1,145.53 $0.00 $2,682.87 $478,324.27
216 $478,324.27 $1,145.53 $0.00 $2,704.51 $482,174.31
217 $482,174.31 $1,145.53 $134,301.39 $2,726.28 $351,744.73
218 $351,744.73 $1,145.53 $0.00 $1,988.82 $354,879.08
219 $354,879.08 $1,145.53 $0.00 $2,006.54 $358,031.15
220 $358,031.15 $1,145.53 $0.00 $2,024.36 $361,201.04
221 $361,201.04 $1,145.53 $0.00 $2,042.28 $364,388.85
222 $364,388.85 $1,145.53 $0.00 $2,060.31 $367,594.69
223 $367,594.69 $1,145.53 $0.00 $2,078.43 $370,818.65
224 $370,818.65 $1,145.53 $0.00 $2,096.66 $374,060.84
225 $374,060.84 $1,145.53 $0.00 $2,114.99 $377,321.36
226 $377,321.36 $1,145.53 $0.00 $2,133.43 $380,600.32
227 $380,600.32 $1,145.53 $0.00 $2,151.97 $383,897.82
228 $383,897.82 $1,145.53 $0.00 $2,170.61 $387,213.96
229 $387,213.96 $1,145.53 $141,016.46 $2,189.36 $249,532.39
230 $249,532.39 $1,145.53 $0.00 $1,410.89 $252,088.81
231 $252,088.81 $1,145.53 $0.00 $1,425.35 $254,659.69
232 $254,659.69 $1,145.53 $0.00 $1,439.88 $257,245.10
233 $257,245.10 $1,145.53 $0.00 $1,454.50 $259,845.13
234 $259,845.13 $1,145.53 $0.00 $1,469.20 $262,459.86
235 $262,459.86 $1,145.53 $0.00 $1,483.99 $265,089.38
236 $265,089.38 $1,145.53 $0.00 $1,498.85 $267,733.76
237 $267,733.76 $1,145.53 $0.00 $1,513.81 $270,393.10
238 $270,393.10 $1,145.53 $0.00 $1,528.84 $273,067.47
239 $273,067.47 $1,145.53 $0.00 $1,543.96 $275,756.96
240 $275,756.96 $1,145.53 $0.00 $1,559.17 $278,461.66
241 $278,461.66 $1,145.53 $148,067.28 $1,574.46 $133,114.37
242 $133,114.37 $1,145.53 $0.00 $752.65 $135,012.55
243 $135,012.55 $1,145.53 $0.00 $763.38 $136,921.46
244 $136,921.46 $1,145.53 $0.00 $774.17 $138,841.16
245 $138,841.16 $1,145.53 $0.00 $785.03 $140,771.72
246 $140,771.72 $1,145.53 $0.00 $795.94 $142,713.19
247 $142,713.19 $1,145.53 $0.00 $806.92 $144,665.64
248 $144,665.64 $1,145.53 $0.00 $817.96 $146,629.13
249 $146,629.13 $1,145.53 $0.00 $829.06 $148,603.72
250 $148,603.72 $1,145.53 $0.00 $840.23 $150,589.48
251 $150,589.48 $1,145.53 $0.00 $851.45 $152,586.46
252 $152,586.46 $1,145.53 $0.00 $862.75 $154,594.74
253 $154,594.74 $0.00 $155,470.64 $874.10 ($1.80)