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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$52,419
Monthly savings required$233

How much will it cost to send your child to Garrett College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $104,838.35 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $232.96 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$21,250.00
Years until enrollment18
Annual Tuition Increase5%
Current Savings$0.00
After Tax Return on Savings7%
Years of enrollment2

Current Savings Shortfall

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Planned Savings Balance

College Savings Schedule

Month Begin Deposit Withdraw Interest End
1 $0.00 $232.96 $0.00 $0.00 $232.96
2 $232.96 $232.96 $0.00 $1.32 $467.24
3 $467.24 $232.96 $0.00 $2.64 $702.84
4 $702.84 $232.96 $0.00 $3.97 $939.77
5 $939.77 $232.96 $0.00 $5.31 $1,178.04
6 $1,178.04 $232.96 $0.00 $6.66 $1,417.66
7 $1,417.66 $232.96 $0.00 $8.02 $1,658.64
8 $1,658.64 $232.96 $0.00 $9.38 $1,900.98
9 $1,900.98 $232.96 $0.00 $10.75 $2,144.69
10 $2,144.69 $232.96 $0.00 $12.13 $2,389.78
11 $2,389.78 $232.96 $0.00 $13.51 $2,636.25
12 $2,636.25 $232.96 $0.00 $14.91 $2,884.12
13 $2,884.12 $232.96 $0.00 $16.31 $3,133.39
14 $3,133.39 $232.96 $0.00 $17.72 $3,384.07
15 $3,384.07 $232.96 $0.00 $19.13 $3,636.16
16 $3,636.16 $232.96 $0.00 $20.56 $3,889.68
17 $3,889.68 $232.96 $0.00 $21.99 $4,144.63
18 $4,144.63 $232.96 $0.00 $23.43 $4,401.02
19 $4,401.02 $232.96 $0.00 $24.88 $4,658.86
20 $4,658.86 $232.96 $0.00 $26.34 $4,918.16
21 $4,918.16 $232.96 $0.00 $27.81 $5,178.93
22 $5,178.93 $232.96 $0.00 $29.28 $5,441.17
23 $5,441.17 $232.96 $0.00 $30.77 $5,704.90
24 $5,704.90 $232.96 $0.00 $32.26 $5,970.12
25 $5,970.12 $232.96 $0.00 $33.76 $6,236.84
26 $6,236.84 $232.96 $0.00 $35.26 $6,505.06
27 $6,505.06 $232.96 $0.00 $36.78 $6,774.80
28 $6,774.80 $232.96 $0.00 $38.31 $7,046.07
29 $7,046.07 $232.96 $0.00 $39.84 $7,318.87
30 $7,318.87 $232.96 $0.00 $41.38 $7,593.21
31 $7,593.21 $232.96 $0.00 $42.93 $7,869.10
32 $7,869.10 $232.96 $0.00 $44.49 $8,146.55
33 $8,146.55 $232.96 $0.00 $46.06 $8,425.57
34 $8,425.57 $232.96 $0.00 $47.64 $8,706.17
35 $8,706.17 $232.96 $0.00 $49.23 $8,988.36
36 $8,988.36 $232.96 $0.00 $50.82 $9,272.14
37 $9,272.14 $232.96 $0.00 $52.43 $9,557.53
38 $9,557.53 $232.96 $0.00 $54.04 $9,844.53
39 $9,844.53 $232.96 $0.00 $55.66 $10,133.15
40 $10,133.15 $232.96 $0.00 $57.29 $10,423.40
41 $10,423.40 $232.96 $0.00 $58.94 $10,715.30
42 $10,715.30 $232.96 $0.00 $60.59 $11,008.85
43 $11,008.85 $232.96 $0.00 $62.25 $11,304.06
44 $11,304.06 $232.96 $0.00 $63.91 $11,600.93
45 $11,600.93 $232.96 $0.00 $65.59 $11,899.48
46 $11,899.48 $232.96 $0.00 $67.28 $12,199.72
47 $12,199.72 $232.96 $0.00 $68.98 $12,501.66
48 $12,501.66 $232.96 $0.00 $70.69 $12,805.31
49 $12,805.31 $232.96 $0.00 $72.40 $13,110.67
50 $13,110.67 $232.96 $0.00 $74.13 $13,417.76
51 $13,417.76 $232.96 $0.00 $75.87 $13,726.59
52 $13,726.59 $232.96 $0.00 $77.61 $14,037.16
53 $14,037.16 $232.96 $0.00 $79.37 $14,349.49
54 $14,349.49 $232.96 $0.00 $81.13 $14,663.58
55 $14,663.58 $232.96 $0.00 $82.91 $14,979.45
56 $14,979.45 $232.96 $0.00 $84.70 $15,297.11
57 $15,297.11 $232.96 $0.00 $86.49 $15,616.56
58 $15,616.56 $232.96 $0.00 $88.30 $15,937.82
59 $15,937.82 $232.96 $0.00 $90.11 $16,260.89
60 $16,260.89 $232.96 $0.00 $91.94 $16,585.79
61 $16,585.79 $232.96 $0.00 $93.78 $16,912.53
62 $16,912.53 $232.96 $0.00 $95.63 $17,241.12
63 $17,241.12 $232.96 $0.00 $97.48 $17,571.56
64 $17,571.56 $232.96 $0.00 $99.35 $17,903.87
65 $17,903.87 $232.96 $0.00 $101.23 $18,238.06
66 $18,238.06 $232.96 $0.00 $103.12 $18,574.14
67 $18,574.14 $232.96 $0.00 $105.02 $18,912.12
68 $18,912.12 $232.96 $0.00 $106.93 $19,252.01
69 $19,252.01 $232.96 $0.00 $108.85 $19,593.82
70 $19,593.82 $232.96 $0.00 $110.79 $19,937.57
71 $19,937.57 $232.96 $0.00 $112.73 $20,283.26
72 $20,283.26 $232.96 $0.00 $114.68 $20,630.90
73 $20,630.90 $232.96 $0.00 $116.65 $20,980.51
74 $20,980.51 $232.96 $0.00 $118.63 $21,332.10
75 $21,332.10 $232.96 $0.00 $120.61 $21,685.67
76 $21,685.67 $232.96 $0.00 $122.61 $22,041.24
77 $22,041.24 $232.96 $0.00 $124.62 $22,398.82
78 $22,398.82 $232.96 $0.00 $126.65 $22,758.43
79 $22,758.43 $232.96 $0.00 $128.68 $23,120.07
80 $23,120.07 $232.96 $0.00 $130.72 $23,483.75
81 $23,483.75 $232.96 $0.00 $132.78 $23,849.49
82 $23,849.49 $232.96 $0.00 $134.85 $24,217.30
83 $24,217.30 $232.96 $0.00 $136.93 $24,587.19
84 $24,587.19 $232.96 $0.00 $139.02 $24,959.17
85 $24,959.17 $232.96 $0.00 $141.12 $25,333.25
86 $25,333.25 $232.96 $0.00 $143.24 $25,709.45
87 $25,709.45 $232.96 $0.00 $145.36 $26,087.77
88 $26,087.77 $232.96 $0.00 $147.50 $26,468.23
89 $26,468.23 $232.96 $0.00 $149.66 $26,850.85
90 $26,850.85 $232.96 $0.00 $151.82 $27,235.63
91 $27,235.63 $232.96 $0.00 $153.99 $27,622.58
92 $27,622.58 $232.96 $0.00 $156.18 $28,011.72
93 $28,011.72 $232.96 $0.00 $158.38 $28,403.06
94 $28,403.06 $232.96 $0.00 $160.60 $28,796.62
95 $28,796.62 $232.96 $0.00 $162.82 $29,192.40
96 $29,192.40 $232.96 $0.00 $165.06 $29,590.42
97 $29,590.42 $232.96 $0.00 $167.31 $29,990.69
98 $29,990.69 $232.96 $0.00 $169.57 $30,393.22
99 $30,393.22 $232.96 $0.00 $171.85 $30,798.03
100 $30,798.03 $232.96 $0.00 $174.14 $31,205.13
101 $31,205.13 $232.96 $0.00 $176.44 $31,614.53
102 $31,614.53 $232.96 $0.00 $178.75 $32,026.24
103 $32,026.24 $232.96 $0.00 $181.08 $32,440.28
104 $32,440.28 $232.96 $0.00 $183.42 $32,856.66
105 $32,856.66 $232.96 $0.00 $185.78 $33,275.40
106 $33,275.40 $232.96 $0.00 $188.14 $33,696.50
107 $33,696.50 $232.96 $0.00 $190.52 $34,119.98
108 $34,119.98 $232.96 $0.00 $192.92 $34,545.86
109 $34,545.86 $232.96 $0.00 $195.33 $34,974.15
110 $34,974.15 $232.96 $0.00 $197.75 $35,404.86
111 $35,404.86 $232.96 $0.00 $200.18 $35,838.00
112 $35,838.00 $232.96 $0.00 $202.63 $36,273.59
113 $36,273.59 $232.96 $0.00 $205.10 $36,711.65
114 $36,711.65 $232.96 $0.00 $207.57 $37,152.18
115 $37,152.18 $232.96 $0.00 $210.06 $37,595.20
116 $37,595.20 $232.96 $0.00 $212.57 $38,040.73
117 $38,040.73 $232.96 $0.00 $215.09 $38,488.78
118 $38,488.78 $232.96 $0.00 $217.62 $38,939.36
119 $38,939.36 $232.96 $0.00 $220.17 $39,392.49
120 $39,392.49 $232.96 $0.00 $222.73 $39,848.18
121 $39,848.18 $232.96 $0.00 $225.31 $40,306.45
122 $40,306.45 $232.96 $0.00 $227.90 $40,767.31
123 $40,767.31 $232.96 $0.00 $230.50 $41,230.77
124 $41,230.77 $232.96 $0.00 $233.12 $41,696.85
125 $41,696.85 $232.96 $0.00 $235.76 $42,165.57
126 $42,165.57 $232.96 $0.00 $238.41 $42,636.94
127 $42,636.94 $232.96 $0.00 $241.08 $43,110.98
128 $43,110.98 $232.96 $0.00 $243.76 $43,587.70
129 $43,587.70 $232.96 $0.00 $246.45 $44,067.11
130 $44,067.11 $232.96 $0.00 $249.16 $44,549.23
131 $44,549.23 $232.96 $0.00 $251.89 $45,034.08
132 $45,034.08 $232.96 $0.00 $254.63 $45,521.67
133 $45,521.67 $232.96 $0.00 $257.39 $46,012.02
134 $46,012.02 $232.96 $0.00 $260.16 $46,505.14
135 $46,505.14 $232.96 $0.00 $262.95 $47,001.05
136 $47,001.05 $232.96 $0.00 $265.75 $47,499.76
137 $47,499.76 $232.96 $0.00 $268.57 $48,001.29
138 $48,001.29 $232.96 $0.00 $271.41 $48,505.66
139 $48,505.66 $232.96 $0.00 $274.26 $49,012.88
140 $49,012.88 $232.96 $0.00 $277.13 $49,522.97
141 $49,522.97 $232.96 $0.00 $280.01 $50,035.94
142 $50,035.94 $232.96 $0.00 $282.91 $50,551.81
143 $50,551.81 $232.96 $0.00 $285.83 $51,070.60
144 $51,070.60 $232.96 $0.00 $288.76 $51,592.32
145 $51,592.32 $232.96 $0.00 $291.71 $52,116.99
146 $52,116.99 $232.96 $0.00 $294.68 $52,644.63
147 $52,644.63 $232.96 $0.00 $297.66 $53,175.25
148 $53,175.25 $232.96 $0.00 $300.66 $53,708.87
149 $53,708.87 $232.96 $0.00 $303.68 $54,245.51
150 $54,245.51 $232.96 $0.00 $306.71 $54,785.18
151 $54,785.18 $232.96 $0.00 $309.76 $55,327.90
152 $55,327.90 $232.96 $0.00 $312.83 $55,873.69
153 $55,873.69 $232.96 $0.00 $315.92 $56,422.57
154 $56,422.57 $232.96 $0.00 $319.02 $56,974.55
155 $56,974.55 $232.96 $0.00 $322.14 $57,529.65
156 $57,529.65 $232.96 $0.00 $325.28 $58,087.89
157 $58,087.89 $232.96 $0.00 $328.44 $58,649.29
158 $58,649.29 $232.96 $0.00 $331.61 $59,213.86
159 $59,213.86 $232.96 $0.00 $334.80 $59,781.62
160 $59,781.62 $232.96 $0.00 $338.01 $60,352.59
161 $60,352.59 $232.96 $0.00 $341.24 $60,926.79
162 $60,926.79 $232.96 $0.00 $344.49 $61,504.24
163 $61,504.24 $232.96 $0.00 $347.75 $62,084.95
164 $62,084.95 $232.96 $0.00 $351.04 $62,668.95
165 $62,668.95 $232.96 $0.00 $354.34 $63,256.25
166 $63,256.25 $232.96 $0.00 $357.66 $63,846.87
167 $63,846.87 $232.96 $0.00 $361.00 $64,440.83
168 $64,440.83 $232.96 $0.00 $364.36 $65,038.15
169 $65,038.15 $232.96 $0.00 $367.74 $65,638.85
170 $65,638.85 $232.96 $0.00 $371.13 $66,242.94
171 $66,242.94 $232.96 $0.00 $374.55 $66,850.45
172 $66,850.45 $232.96 $0.00 $377.98 $67,461.39
173 $67,461.39 $232.96 $0.00 $381.44 $68,075.79
174 $68,075.79 $232.96 $0.00 $384.91 $68,693.66
175 $68,693.66 $232.96 $0.00 $388.40 $69,315.02
176 $69,315.02 $232.96 $0.00 $391.92 $69,939.90
177 $69,939.90 $232.96 $0.00 $395.45 $70,568.31
178 $70,568.31 $232.96 $0.00 $399.00 $71,200.27
179 $71,200.27 $232.96 $0.00 $402.58 $71,835.81
180 $71,835.81 $232.96 $0.00 $406.17 $72,474.94
181 $72,474.94 $232.96 $0.00 $409.78 $73,117.68
182 $73,117.68 $232.96 $0.00 $413.42 $73,764.06
183 $73,764.06 $232.96 $0.00 $417.07 $74,414.09
184 $74,414.09 $232.96 $0.00 $420.75 $75,067.80
185 $75,067.80 $232.96 $0.00 $424.44 $75,725.20
186 $75,725.20 $232.96 $0.00 $428.16 $76,386.32
187 $76,386.32 $232.96 $0.00 $431.90 $77,051.18
188 $77,051.18 $232.96 $0.00 $435.66 $77,719.80
189 $77,719.80 $232.96 $0.00 $439.44 $78,392.20
190 $78,392.20 $232.96 $0.00 $443.24 $79,068.40
191 $79,068.40 $232.96 $0.00 $447.06 $79,748.42
192 $79,748.42 $232.96 $0.00 $450.91 $80,432.29
193 $80,432.29 $232.96 $0.00 $454.78 $81,120.03
194 $81,120.03 $232.96 $0.00 $458.66 $81,811.65
195 $81,811.65 $232.96 $0.00 $462.57 $82,507.18
196 $82,507.18 $232.96 $0.00 $466.51 $83,206.65
197 $83,206.65 $232.96 $0.00 $470.46 $83,910.07
198 $83,910.07 $232.96 $0.00 $474.44 $84,617.47
199 $84,617.47 $232.96 $0.00 $478.44 $85,328.87
200 $85,328.87 $232.96 $0.00 $482.46 $86,044.29
201 $86,044.29 $232.96 $0.00 $486.51 $86,763.76
202 $86,763.76 $232.96 $0.00 $490.57 $87,487.29
203 $87,487.29 $232.96 $0.00 $494.67 $88,214.92
204 $88,214.92 $232.96 $0.00 $498.78 $88,946.66
205 $88,946.66 $232.96 $0.00 $502.92 $89,682.54
206 $89,682.54 $232.96 $0.00 $507.08 $90,422.58
207 $90,422.58 $232.96 $0.00 $511.26 $91,166.80
208 $91,166.80 $232.96 $0.00 $515.47 $91,915.23
209 $91,915.23 $232.96 $0.00 $519.70 $92,667.89
210 $92,667.89 $232.96 $0.00 $523.96 $93,424.81
211 $93,424.81 $232.96 $0.00 $528.24 $94,186.01
212 $94,186.01 $232.96 $0.00 $532.54 $94,951.51
213 $94,951.51 $232.96 $0.00 $536.87 $95,721.34
214 $95,721.34 $232.96 $0.00 $541.22 $96,495.52
215 $96,495.52 $232.96 $0.00 $545.60 $97,274.08
216 $97,274.08 $232.96 $0.00 $550.00 $98,057.04
217 $98,057.04 $232.96 $51,140.66 $554.43 $47,703.77
218 $47,703.77 $232.96 $0.00 $269.72 $48,206.45
219 $48,206.45 $232.96 $0.00 $272.57 $48,711.98
220 $48,711.98 $232.96 $0.00 $275.42 $49,220.36
221 $49,220.36 $232.96 $0.00 $278.30 $49,731.62
222 $49,731.62 $232.96 $0.00 $281.19 $50,245.77
223 $50,245.77 $232.96 $0.00 $284.10 $50,762.83
224 $50,762.83 $232.96 $0.00 $287.02 $51,282.81
225 $51,282.81 $232.96 $0.00 $289.96 $51,805.73
226 $51,805.73 $232.96 $0.00 $292.92 $52,331.61
227 $52,331.61 $232.96 $0.00 $295.89 $52,860.46
228 $52,860.46 $232.96 $0.00 $298.88 $53,392.30
229 $53,392.30 $0.00 $53,697.69 $301.89 ($3.50)