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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$131,398
Monthly savings required$1,040

How much will it cost to send your child to Gordon College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $525,591.28 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $1,040.12 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$50,670.00
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 $1,040.12 $0.00 $0.00 $1,040.12
2 $1,040.12 $1,040.12 $0.00 $5.88 $2,086.12
3 $2,086.12 $1,040.12 $0.00 $11.80 $3,138.04
4 $3,138.04 $1,040.12 $0.00 $17.74 $4,195.90
5 $4,195.90 $1,040.12 $0.00 $23.72 $5,259.74
6 $5,259.74 $1,040.12 $0.00 $29.74 $6,329.60
7 $6,329.60 $1,040.12 $0.00 $35.79 $7,405.51
8 $7,405.51 $1,040.12 $0.00 $41.87 $8,487.50
9 $8,487.50 $1,040.12 $0.00 $47.99 $9,575.61
10 $9,575.61 $1,040.12 $0.00 $54.14 $10,669.87
11 $10,669.87 $1,040.12 $0.00 $60.33 $11,770.32
12 $11,770.32 $1,040.12 $0.00 $66.55 $12,876.99
13 $12,876.99 $1,040.12 $0.00 $72.81 $13,989.92
14 $13,989.92 $1,040.12 $0.00 $79.10 $15,109.14
15 $15,109.14 $1,040.12 $0.00 $85.43 $16,234.69
16 $16,234.69 $1,040.12 $0.00 $91.79 $17,366.60
17 $17,366.60 $1,040.12 $0.00 $98.19 $18,504.91
18 $18,504.91 $1,040.12 $0.00 $104.63 $19,649.66
19 $19,649.66 $1,040.12 $0.00 $111.10 $20,800.88
20 $20,800.88 $1,040.12 $0.00 $117.61 $21,958.61
21 $21,958.61 $1,040.12 $0.00 $124.16 $23,122.89
22 $23,122.89 $1,040.12 $0.00 $130.74 $24,293.75
23 $24,293.75 $1,040.12 $0.00 $137.36 $25,471.23
24 $25,471.23 $1,040.12 $0.00 $144.02 $26,655.37
25 $26,655.37 $1,040.12 $0.00 $150.71 $27,846.20
26 $27,846.20 $1,040.12 $0.00 $157.45 $29,043.77
27 $29,043.77 $1,040.12 $0.00 $164.22 $30,248.11
28 $30,248.11 $1,040.12 $0.00 $171.03 $31,459.26
29 $31,459.26 $1,040.12 $0.00 $177.88 $32,677.26
30 $32,677.26 $1,040.12 $0.00 $184.76 $33,902.14
31 $33,902.14 $1,040.12 $0.00 $191.69 $35,133.95
32 $35,133.95 $1,040.12 $0.00 $198.65 $36,372.72
33 $36,372.72 $1,040.12 $0.00 $205.66 $37,618.50
34 $37,618.50 $1,040.12 $0.00 $212.70 $38,871.32
35 $38,871.32 $1,040.12 $0.00 $219.78 $40,131.22
36 $40,131.22 $1,040.12 $0.00 $226.91 $41,398.25
37 $41,398.25 $1,040.12 $0.00 $234.07 $42,672.44
38 $42,672.44 $1,040.12 $0.00 $241.28 $43,953.84
39 $43,953.84 $1,040.12 $0.00 $248.52 $45,242.48
40 $45,242.48 $1,040.12 $0.00 $255.81 $46,538.41
41 $46,538.41 $1,040.12 $0.00 $263.13 $47,841.66
42 $47,841.66 $1,040.12 $0.00 $270.50 $49,152.28
43 $49,152.28 $1,040.12 $0.00 $277.91 $50,470.31
44 $50,470.31 $1,040.12 $0.00 $285.37 $51,795.80
45 $51,795.80 $1,040.12 $0.00 $292.86 $53,128.78
46 $53,128.78 $1,040.12 $0.00 $300.40 $54,469.30
47 $54,469.30 $1,040.12 $0.00 $307.98 $55,817.40
48 $55,817.40 $1,040.12 $0.00 $315.60 $57,173.12
49 $57,173.12 $1,040.12 $0.00 $323.27 $58,536.51
50 $58,536.51 $1,040.12 $0.00 $330.97 $59,907.60
51 $59,907.60 $1,040.12 $0.00 $338.73 $61,286.45
52 $61,286.45 $1,040.12 $0.00 $346.52 $62,673.09
53 $62,673.09 $1,040.12 $0.00 $354.36 $64,067.57
54 $64,067.57 $1,040.12 $0.00 $362.25 $65,469.94
55 $65,469.94 $1,040.12 $0.00 $370.18 $66,880.24
56 $66,880.24 $1,040.12 $0.00 $378.15 $68,298.51
57 $68,298.51 $1,040.12 $0.00 $386.17 $69,724.80
58 $69,724.80 $1,040.12 $0.00 $394.23 $71,159.15
59 $71,159.15 $1,040.12 $0.00 $402.34 $72,601.61
60 $72,601.61 $1,040.12 $0.00 $410.50 $74,052.23
61 $74,052.23 $1,040.12 $0.00 $418.70 $75,511.05
62 $75,511.05 $1,040.12 $0.00 $426.95 $76,978.12
63 $76,978.12 $1,040.12 $0.00 $435.25 $78,453.49
64 $78,453.49 $1,040.12 $0.00 $443.59 $79,937.20
65 $79,937.20 $1,040.12 $0.00 $451.98 $81,429.30
66 $81,429.30 $1,040.12 $0.00 $460.41 $82,929.83
67 $82,929.83 $1,040.12 $0.00 $468.90 $84,438.85
68 $84,438.85 $1,040.12 $0.00 $477.43 $85,956.40
69 $85,956.40 $1,040.12 $0.00 $486.01 $87,482.53
70 $87,482.53 $1,040.12 $0.00 $494.64 $89,017.29
71 $89,017.29 $1,040.12 $0.00 $503.32 $90,560.73
72 $90,560.73 $1,040.12 $0.00 $512.04 $92,112.89
73 $92,112.89 $1,040.12 $0.00 $520.82 $93,673.83
74 $93,673.83 $1,040.12 $0.00 $529.65 $95,243.60
75 $95,243.60 $1,040.12 $0.00 $538.52 $96,822.24
76 $96,822.24 $1,040.12 $0.00 $547.45 $98,409.81
77 $98,409.81 $1,040.12 $0.00 $556.42 $100,006.35
78 $100,006.35 $1,040.12 $0.00 $565.45 $101,611.92
79 $101,611.92 $1,040.12 $0.00 $574.53 $103,226.57
80 $103,226.57 $1,040.12 $0.00 $583.66 $104,850.35
81 $104,850.35 $1,040.12 $0.00 $592.84 $106,483.31
82 $106,483.31 $1,040.12 $0.00 $602.07 $108,125.50
83 $108,125.50 $1,040.12 $0.00 $611.36 $109,776.98
84 $109,776.98 $1,040.12 $0.00 $620.70 $111,437.80
85 $111,437.80 $1,040.12 $0.00 $630.09 $113,108.01
86 $113,108.01 $1,040.12 $0.00 $639.53 $114,787.66
87 $114,787.66 $1,040.12 $0.00 $649.03 $116,476.81
88 $116,476.81 $1,040.12 $0.00 $658.58 $118,175.51
89 $118,175.51 $1,040.12 $0.00 $668.18 $119,883.81
90 $119,883.81 $1,040.12 $0.00 $677.84 $121,601.77
91 $121,601.77 $1,040.12 $0.00 $687.55 $123,329.44
92 $123,329.44 $1,040.12 $0.00 $697.32 $125,066.88
93 $125,066.88 $1,040.12 $0.00 $707.15 $126,814.15
94 $126,814.15 $1,040.12 $0.00 $717.03 $128,571.30
95 $128,571.30 $1,040.12 $0.00 $726.96 $130,338.38
96 $130,338.38 $1,040.12 $0.00 $736.95 $132,115.45
97 $132,115.45 $1,040.12 $0.00 $747.00 $133,902.57
98 $133,902.57 $1,040.12 $0.00 $757.10 $135,699.79
99 $135,699.79 $1,040.12 $0.00 $767.27 $137,507.18
100 $137,507.18 $1,040.12 $0.00 $777.49 $139,324.79
101 $139,324.79 $1,040.12 $0.00 $787.76 $141,152.67
102 $141,152.67 $1,040.12 $0.00 $798.10 $142,990.89
103 $142,990.89 $1,040.12 $0.00 $808.49 $144,839.50
104 $144,839.50 $1,040.12 $0.00 $818.94 $146,698.56
105 $146,698.56 $1,040.12 $0.00 $829.45 $148,568.13
106 $148,568.13 $1,040.12 $0.00 $840.03 $150,448.28
107 $150,448.28 $1,040.12 $0.00 $850.66 $152,339.06
108 $152,339.06 $1,040.12 $0.00 $861.35 $154,240.53
109 $154,240.53 $1,040.12 $0.00 $872.10 $156,152.75
110 $156,152.75 $1,040.12 $0.00 $882.91 $158,075.78
111 $158,075.78 $1,040.12 $0.00 $893.78 $160,009.68
112 $160,009.68 $1,040.12 $0.00 $904.72 $161,954.52
113 $161,954.52 $1,040.12 $0.00 $915.71 $163,910.35
114 $163,910.35 $1,040.12 $0.00 $926.77 $165,877.24
115 $165,877.24 $1,040.12 $0.00 $937.89 $167,855.25
116 $167,855.25 $1,040.12 $0.00 $949.08 $169,844.45
117 $169,844.45 $1,040.12 $0.00 $960.33 $171,844.90
118 $171,844.90 $1,040.12 $0.00 $971.64 $173,856.66
119 $173,856.66 $1,040.12 $0.00 $983.01 $175,879.79
120 $175,879.79 $1,040.12 $0.00 $994.45 $177,914.36
121 $177,914.36 $1,040.12 $0.00 $1,005.95 $179,960.43
122 $179,960.43 $1,040.12 $0.00 $1,017.52 $182,018.07
123 $182,018.07 $1,040.12 $0.00 $1,029.16 $184,087.35
124 $184,087.35 $1,040.12 $0.00 $1,040.86 $186,168.33
125 $186,168.33 $1,040.12 $0.00 $1,052.62 $188,261.07
126 $188,261.07 $1,040.12 $0.00 $1,064.46 $190,365.65
127 $190,365.65 $1,040.12 $0.00 $1,076.36 $192,482.13
128 $192,482.13 $1,040.12 $0.00 $1,088.32 $194,610.57
129 $194,610.57 $1,040.12 $0.00 $1,100.36 $196,751.05
130 $196,751.05 $1,040.12 $0.00 $1,112.46 $198,903.63
131 $198,903.63 $1,040.12 $0.00 $1,124.63 $201,068.38
132 $201,068.38 $1,040.12 $0.00 $1,136.87 $203,245.37
133 $203,245.37 $1,040.12 $0.00 $1,149.18 $205,434.67
134 $205,434.67 $1,040.12 $0.00 $1,161.56 $207,636.35
135 $207,636.35 $1,040.12 $0.00 $1,174.01 $209,850.48
136 $209,850.48 $1,040.12 $0.00 $1,186.53 $212,077.13
137 $212,077.13 $1,040.12 $0.00 $1,199.11 $214,316.36
138 $214,316.36 $1,040.12 $0.00 $1,211.78 $216,568.26
139 $216,568.26 $1,040.12 $0.00 $1,224.51 $218,832.89
140 $218,832.89 $1,040.12 $0.00 $1,237.31 $221,110.32
141 $221,110.32 $1,040.12 $0.00 $1,250.19 $223,400.63
142 $223,400.63 $1,040.12 $0.00 $1,263.14 $225,703.89
143 $225,703.89 $1,040.12 $0.00 $1,276.16 $228,020.17
144 $228,020.17 $1,040.12 $0.00 $1,289.26 $230,349.55
145 $230,349.55 $1,040.12 $0.00 $1,302.43 $232,692.10
146 $232,692.10 $1,040.12 $0.00 $1,315.67 $235,047.89
147 $235,047.89 $1,040.12 $0.00 $1,328.99 $237,417.00
148 $237,417.00 $1,040.12 $0.00 $1,342.39 $239,799.51
149 $239,799.51 $1,040.12 $0.00 $1,355.86 $242,195.49
150 $242,195.49 $1,040.12 $0.00 $1,369.41 $244,605.02
151 $244,605.02 $1,040.12 $0.00 $1,383.03 $247,028.17
152 $247,028.17 $1,040.12 $0.00 $1,396.73 $249,465.02
153 $249,465.02 $1,040.12 $0.00 $1,410.51 $251,915.65
154 $251,915.65 $1,040.12 $0.00 $1,424.37 $254,380.14
155 $254,380.14 $1,040.12 $0.00 $1,438.30 $256,858.56
156 $256,858.56 $1,040.12 $0.00 $1,452.32 $259,351.00
157 $259,351.00 $1,040.12 $0.00 $1,466.41 $261,857.53
158 $261,857.53 $1,040.12 $0.00 $1,480.58 $264,378.23
159 $264,378.23 $1,040.12 $0.00 $1,494.83 $266,913.18
160 $266,913.18 $1,040.12 $0.00 $1,509.17 $269,462.47
161 $269,462.47 $1,040.12 $0.00 $1,523.58 $272,026.17
162 $272,026.17 $1,040.12 $0.00 $1,538.08 $274,604.37
163 $274,604.37 $1,040.12 $0.00 $1,552.65 $277,197.14
164 $277,197.14 $1,040.12 $0.00 $1,567.31 $279,804.57
165 $279,804.57 $1,040.12 $0.00 $1,582.06 $282,426.75
166 $282,426.75 $1,040.12 $0.00 $1,596.88 $285,063.75
167 $285,063.75 $1,040.12 $0.00 $1,611.79 $287,715.66
168 $287,715.66 $1,040.12 $0.00 $1,626.79 $290,382.57
169 $290,382.57 $1,040.12 $0.00 $1,641.87 $293,064.56
170 $293,064.56 $1,040.12 $0.00 $1,657.03 $295,761.71
171 $295,761.71 $1,040.12 $0.00 $1,672.28 $298,474.11
172 $298,474.11 $1,040.12 $0.00 $1,687.62 $301,201.85
173 $301,201.85 $1,040.12 $0.00 $1,703.04 $303,945.01
174 $303,945.01 $1,040.12 $0.00 $1,718.55 $306,703.68
175 $306,703.68 $1,040.12 $0.00 $1,734.15 $309,477.95
176 $309,477.95 $1,040.12 $0.00 $1,749.83 $312,267.90
177 $312,267.90 $1,040.12 $0.00 $1,765.61 $315,073.63
178 $315,073.63 $1,040.12 $0.00 $1,781.47 $317,895.22
179 $317,895.22 $1,040.12 $0.00 $1,797.43 $320,732.77
180 $320,732.77 $1,040.12 $0.00 $1,813.47 $323,586.36
181 $323,586.36 $1,040.12 $0.00 $1,829.60 $326,456.08
182 $326,456.08 $1,040.12 $0.00 $1,845.83 $329,342.03
183 $329,342.03 $1,040.12 $0.00 $1,862.15 $332,244.30
184 $332,244.30 $1,040.12 $0.00 $1,878.56 $335,162.98
185 $335,162.98 $1,040.12 $0.00 $1,895.06 $338,098.16
186 $338,098.16 $1,040.12 $0.00 $1,911.66 $341,049.94
187 $341,049.94 $1,040.12 $0.00 $1,928.35 $344,018.41
188 $344,018.41 $1,040.12 $0.00 $1,945.13 $347,003.66
189 $347,003.66 $1,040.12 $0.00 $1,962.01 $350,005.79
190 $350,005.79 $1,040.12 $0.00 $1,978.98 $353,024.89
191 $353,024.89 $1,040.12 $0.00 $1,996.05 $356,061.06
192 $356,061.06 $1,040.12 $0.00 $2,013.22 $359,114.40
193 $359,114.40 $1,040.12 $0.00 $2,030.49 $362,185.01
194 $362,185.01 $1,040.12 $0.00 $2,047.85 $365,272.98
195 $365,272.98 $1,040.12 $0.00 $2,065.31 $368,378.41
196 $368,378.41 $1,040.12 $0.00 $2,082.87 $371,501.40
197 $371,501.40 $1,040.12 $0.00 $2,100.52 $374,642.04
198 $374,642.04 $1,040.12 $0.00 $2,118.28 $377,800.44
199 $377,800.44 $1,040.12 $0.00 $2,136.14 $380,976.70
200 $380,976.70 $1,040.12 $0.00 $2,154.10 $384,170.92
201 $384,170.92 $1,040.12 $0.00 $2,172.16 $387,383.20
202 $387,383.20 $1,040.12 $0.00 $2,190.32 $390,613.64
203 $390,613.64 $1,040.12 $0.00 $2,208.59 $393,862.35
204 $393,862.35 $1,040.12 $0.00 $2,226.95 $397,129.42
205 $397,129.42 $1,040.12 $0.00 $2,245.43 $400,414.97
206 $400,414.97 $1,040.12 $0.00 $2,264.00 $403,719.09
207 $403,719.09 $1,040.12 $0.00 $2,282.69 $407,041.90
208 $407,041.90 $1,040.12 $0.00 $2,301.47 $410,383.49
209 $410,383.49 $1,040.12 $0.00 $2,320.37 $413,743.98
210 $413,743.98 $1,040.12 $0.00 $2,339.37 $417,123.47
211 $417,123.47 $1,040.12 $0.00 $2,358.48 $420,522.07
212 $420,522.07 $1,040.12 $0.00 $2,377.69 $423,939.88
213 $423,939.88 $1,040.12 $0.00 $2,397.02 $427,377.02
214 $427,377.02 $1,040.12 $0.00 $2,416.45 $430,833.59
215 $430,833.59 $1,040.12 $0.00 $2,436.00 $434,309.71
216 $434,309.71 $1,040.12 $0.00 $2,455.65 $437,805.48
217 $437,805.48 $1,040.12 $121,943.40 $2,475.42 $319,377.62
218 $319,377.62 $1,040.12 $0.00 $1,805.81 $322,223.55
219 $322,223.55 $1,040.12 $0.00 $1,821.90 $325,085.57
220 $325,085.57 $1,040.12 $0.00 $1,838.08 $327,963.77
221 $327,963.77 $1,040.12 $0.00 $1,854.35 $330,858.24
222 $330,858.24 $1,040.12 $0.00 $1,870.72 $333,769.08
223 $333,769.08 $1,040.12 $0.00 $1,887.18 $336,696.38
224 $336,696.38 $1,040.12 $0.00 $1,903.73 $339,640.23
225 $339,640.23 $1,040.12 $0.00 $1,920.38 $342,600.73
226 $342,600.73 $1,040.12 $0.00 $1,937.11 $345,577.96
227 $345,577.96 $1,040.12 $0.00 $1,953.95 $348,572.03
228 $348,572.03 $1,040.12 $0.00 $1,970.88 $351,583.03
229 $351,583.03 $1,040.12 $128,040.57 $1,987.90 $226,570.48
230 $226,570.48 $1,040.12 $0.00 $1,281.06 $228,891.66
231 $228,891.66 $1,040.12 $0.00 $1,294.19 $231,225.97
232 $231,225.97 $1,040.12 $0.00 $1,307.39 $233,573.48
233 $233,573.48 $1,040.12 $0.00 $1,320.66 $235,934.26
234 $235,934.26 $1,040.12 $0.00 $1,334.01 $238,308.39
235 $238,308.39 $1,040.12 $0.00 $1,347.43 $240,695.94
236 $240,695.94 $1,040.12 $0.00 $1,360.93 $243,096.99
237 $243,096.99 $1,040.12 $0.00 $1,374.51 $245,511.62
238 $245,511.62 $1,040.12 $0.00 $1,388.16 $247,939.90
239 $247,939.90 $1,040.12 $0.00 $1,401.89 $250,381.91
240 $250,381.91 $1,040.12 $0.00 $1,415.70 $252,837.73
241 $252,837.73 $1,040.12 $134,442.59 $1,429.58 $120,864.84
242 $120,864.84 $1,040.12 $0.00 $683.39 $122,588.35
243 $122,588.35 $1,040.12 $0.00 $693.13 $124,321.60
244 $124,321.60 $1,040.12 $0.00 $702.93 $126,064.65
245 $126,064.65 $1,040.12 $0.00 $712.79 $127,817.56
246 $127,817.56 $1,040.12 $0.00 $722.70 $129,580.38
247 $129,580.38 $1,040.12 $0.00 $732.67 $131,353.17
248 $131,353.17 $1,040.12 $0.00 $742.69 $133,135.98
249 $133,135.98 $1,040.12 $0.00 $752.77 $134,928.87
250 $134,928.87 $1,040.12 $0.00 $762.91 $136,731.90
251 $136,731.90 $1,040.12 $0.00 $773.10 $138,545.12
252 $138,545.12 $1,040.12 $0.00 $783.35 $140,368.59
253 $140,368.59 $0.00 $141,164.72 $793.66 ($2.47)