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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$48,105
Monthly savings required$214

How much will it cost to send your child to Grand Rapids Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $96,209.54 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $213.79 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$19,501.00
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 $213.79 $0.00 $0.00 $213.79
2 $213.79 $213.79 $0.00 $1.21 $428.79
3 $428.79 $213.79 $0.00 $2.42 $645.00
4 $645.00 $213.79 $0.00 $3.65 $862.44
5 $862.44 $213.79 $0.00 $4.88 $1,081.11
6 $1,081.11 $213.79 $0.00 $6.11 $1,301.01
7 $1,301.01 $213.79 $0.00 $7.36 $1,522.16
8 $1,522.16 $213.79 $0.00 $8.61 $1,744.56
9 $1,744.56 $213.79 $0.00 $9.86 $1,968.21
10 $1,968.21 $213.79 $0.00 $11.13 $2,193.13
11 $2,193.13 $213.79 $0.00 $12.40 $2,419.32
12 $2,419.32 $213.79 $0.00 $13.68 $2,646.79
13 $2,646.79 $213.79 $0.00 $14.97 $2,875.55
14 $2,875.55 $213.79 $0.00 $16.26 $3,105.60
15 $3,105.60 $213.79 $0.00 $17.56 $3,336.95
16 $3,336.95 $213.79 $0.00 $18.87 $3,569.61
17 $3,569.61 $213.79 $0.00 $20.18 $3,803.58
18 $3,803.58 $213.79 $0.00 $21.51 $4,038.88
19 $4,038.88 $213.79 $0.00 $22.84 $4,275.51
20 $4,275.51 $213.79 $0.00 $24.17 $4,513.47
21 $4,513.47 $213.79 $0.00 $25.52 $4,752.78
22 $4,752.78 $213.79 $0.00 $26.87 $4,993.44
23 $4,993.44 $213.79 $0.00 $28.23 $5,235.46
24 $5,235.46 $213.79 $0.00 $29.60 $5,478.85
25 $5,478.85 $213.79 $0.00 $30.98 $5,723.62
26 $5,723.62 $213.79 $0.00 $32.36 $5,969.77
27 $5,969.77 $213.79 $0.00 $33.75 $6,217.31
28 $6,217.31 $213.79 $0.00 $35.15 $6,466.25
29 $6,466.25 $213.79 $0.00 $36.56 $6,716.60
30 $6,716.60 $213.79 $0.00 $37.98 $6,968.37
31 $6,968.37 $213.79 $0.00 $39.40 $7,221.56
32 $7,221.56 $213.79 $0.00 $40.83 $7,476.18
33 $7,476.18 $213.79 $0.00 $42.27 $7,732.24
34 $7,732.24 $213.79 $0.00 $43.72 $7,989.75
35 $7,989.75 $213.79 $0.00 $45.18 $8,248.72
36 $8,248.72 $213.79 $0.00 $46.64 $8,509.15
37 $8,509.15 $213.79 $0.00 $48.11 $8,771.05
38 $8,771.05 $213.79 $0.00 $49.59 $9,034.43
39 $9,034.43 $213.79 $0.00 $51.08 $9,299.30
40 $9,299.30 $213.79 $0.00 $52.58 $9,565.67
41 $9,565.67 $213.79 $0.00 $54.09 $9,833.55
42 $9,833.55 $213.79 $0.00 $55.60 $10,102.94
43 $10,102.94 $213.79 $0.00 $57.12 $10,373.85
44 $10,373.85 $213.79 $0.00 $58.66 $10,646.30
45 $10,646.30 $213.79 $0.00 $60.20 $10,920.29
46 $10,920.29 $213.79 $0.00 $61.74 $11,195.82
47 $11,195.82 $213.79 $0.00 $63.30 $11,472.91
48 $11,472.91 $213.79 $0.00 $64.87 $11,751.57
49 $11,751.57 $213.79 $0.00 $66.45 $12,031.81
50 $12,031.81 $213.79 $0.00 $68.03 $12,313.63
51 $12,313.63 $213.79 $0.00 $69.62 $12,597.04
52 $12,597.04 $213.79 $0.00 $71.23 $12,882.06
53 $12,882.06 $213.79 $0.00 $72.84 $13,168.69
54 $13,168.69 $213.79 $0.00 $74.46 $13,456.94
55 $13,456.94 $213.79 $0.00 $76.09 $13,746.82
56 $13,746.82 $213.79 $0.00 $77.73 $14,038.34
57 $14,038.34 $213.79 $0.00 $79.37 $14,331.50
58 $14,331.50 $213.79 $0.00 $81.03 $14,626.32
59 $14,626.32 $213.79 $0.00 $82.70 $14,922.81
60 $14,922.81 $213.79 $0.00 $84.38 $15,220.98
61 $15,220.98 $213.79 $0.00 $86.06 $15,520.83
62 $15,520.83 $213.79 $0.00 $87.76 $15,822.38
63 $15,822.38 $213.79 $0.00 $89.46 $16,125.63
64 $16,125.63 $213.79 $0.00 $91.18 $16,430.60
65 $16,430.60 $213.79 $0.00 $92.90 $16,737.29
66 $16,737.29 $213.79 $0.00 $94.64 $17,045.72
67 $17,045.72 $213.79 $0.00 $96.38 $17,355.89
68 $17,355.89 $213.79 $0.00 $98.13 $17,667.81
69 $17,667.81 $213.79 $0.00 $99.90 $17,981.50
70 $17,981.50 $213.79 $0.00 $101.67 $18,296.96
71 $18,296.96 $213.79 $0.00 $103.45 $18,614.20
72 $18,614.20 $213.79 $0.00 $105.25 $18,933.24
73 $18,933.24 $213.79 $0.00 $107.05 $19,254.08
74 $19,254.08 $213.79 $0.00 $108.87 $19,576.74
75 $19,576.74 $213.79 $0.00 $110.69 $19,901.22
76 $19,901.22 $213.79 $0.00 $112.52 $20,227.53
77 $20,227.53 $213.79 $0.00 $114.37 $20,555.69
78 $20,555.69 $213.79 $0.00 $116.22 $20,885.70
79 $20,885.70 $213.79 $0.00 $118.09 $21,217.58
80 $21,217.58 $213.79 $0.00 $119.97 $21,551.34
81 $21,551.34 $213.79 $0.00 $121.85 $21,886.98
82 $21,886.98 $213.79 $0.00 $123.75 $22,224.52
83 $22,224.52 $213.79 $0.00 $125.66 $22,563.97
84 $22,563.97 $213.79 $0.00 $127.58 $22,905.34
85 $22,905.34 $213.79 $0.00 $129.51 $23,248.64
86 $23,248.64 $213.79 $0.00 $131.45 $23,593.88
87 $23,593.88 $213.79 $0.00 $133.40 $23,941.07
88 $23,941.07 $213.79 $0.00 $135.37 $24,290.23
89 $24,290.23 $213.79 $0.00 $137.34 $24,641.36
90 $24,641.36 $213.79 $0.00 $139.33 $24,994.48
91 $24,994.48 $213.79 $0.00 $141.32 $25,349.59
92 $25,349.59 $213.79 $0.00 $143.33 $25,706.71
93 $25,706.71 $213.79 $0.00 $145.35 $26,065.85
94 $26,065.85 $213.79 $0.00 $147.38 $26,427.02
95 $26,427.02 $213.79 $0.00 $149.42 $26,790.23
96 $26,790.23 $213.79 $0.00 $151.48 $27,155.50
97 $27,155.50 $213.79 $0.00 $153.54 $27,522.83
98 $27,522.83 $213.79 $0.00 $155.62 $27,892.24
99 $27,892.24 $213.79 $0.00 $157.71 $28,263.74
100 $28,263.74 $213.79 $0.00 $159.81 $28,637.34
101 $28,637.34 $213.79 $0.00 $161.92 $29,013.05
102 $29,013.05 $213.79 $0.00 $164.04 $29,390.88
103 $29,390.88 $213.79 $0.00 $166.18 $29,770.85
104 $29,770.85 $213.79 $0.00 $168.33 $30,152.97
105 $30,152.97 $213.79 $0.00 $170.49 $30,537.25
106 $30,537.25 $213.79 $0.00 $172.66 $30,923.70
107 $30,923.70 $213.79 $0.00 $174.85 $31,312.34
108 $31,312.34 $213.79 $0.00 $177.04 $31,703.17
109 $31,703.17 $213.79 $0.00 $179.25 $32,096.21
110 $32,096.21 $213.79 $0.00 $181.48 $32,491.48
111 $32,491.48 $213.79 $0.00 $183.71 $32,888.98
112 $32,888.98 $213.79 $0.00 $185.96 $33,288.73
113 $33,288.73 $213.79 $0.00 $188.22 $33,690.74
114 $33,690.74 $213.79 $0.00 $190.49 $34,095.02
115 $34,095.02 $213.79 $0.00 $192.78 $34,501.59
116 $34,501.59 $213.79 $0.00 $195.08 $34,910.46
117 $34,910.46 $213.79 $0.00 $197.39 $35,321.64
118 $35,321.64 $213.79 $0.00 $199.71 $35,735.14
119 $35,735.14 $213.79 $0.00 $202.05 $36,150.98
120 $36,150.98 $213.79 $0.00 $204.40 $36,569.17
121 $36,569.17 $213.79 $0.00 $206.77 $36,989.73
122 $36,989.73 $213.79 $0.00 $209.15 $37,412.67
123 $37,412.67 $213.79 $0.00 $211.54 $37,838.00
124 $37,838.00 $213.79 $0.00 $213.94 $38,265.73
125 $38,265.73 $213.79 $0.00 $216.36 $38,695.88
126 $38,695.88 $213.79 $0.00 $218.79 $39,128.46
127 $39,128.46 $213.79 $0.00 $221.24 $39,563.49
128 $39,563.49 $213.79 $0.00 $223.70 $40,000.98
129 $40,000.98 $213.79 $0.00 $226.17 $40,440.94
130 $40,440.94 $213.79 $0.00 $228.66 $40,883.39
131 $40,883.39 $213.79 $0.00 $231.16 $41,328.34
132 $41,328.34 $213.79 $0.00 $233.68 $41,775.81
133 $41,775.81 $213.79 $0.00 $236.21 $42,225.81
134 $42,225.81 $213.79 $0.00 $238.75 $42,678.35
135 $42,678.35 $213.79 $0.00 $241.31 $43,133.45
136 $43,133.45 $213.79 $0.00 $243.88 $43,591.12
137 $43,591.12 $213.79 $0.00 $246.47 $44,051.38
138 $44,051.38 $213.79 $0.00 $249.07 $44,514.24
139 $44,514.24 $213.79 $0.00 $251.69 $44,979.72
140 $44,979.72 $213.79 $0.00 $254.32 $45,447.83
141 $45,447.83 $213.79 $0.00 $256.97 $45,918.59
142 $45,918.59 $213.79 $0.00 $259.63 $46,392.01
143 $46,392.01 $213.79 $0.00 $262.31 $46,868.11
144 $46,868.11 $213.79 $0.00 $265.00 $47,346.90
145 $47,346.90 $213.79 $0.00 $267.71 $47,828.40
146 $47,828.40 $213.79 $0.00 $270.43 $48,312.62
147 $48,312.62 $213.79 $0.00 $273.17 $48,799.58
148 $48,799.58 $213.79 $0.00 $275.92 $49,289.29
149 $49,289.29 $213.79 $0.00 $278.69 $49,781.77
150 $49,781.77 $213.79 $0.00 $281.47 $50,277.03
151 $50,277.03 $213.79 $0.00 $284.27 $50,775.09
152 $50,775.09 $213.79 $0.00 $287.09 $51,275.97
153 $51,275.97 $213.79 $0.00 $289.92 $51,779.68
154 $51,779.68 $213.79 $0.00 $292.77 $52,286.24
155 $52,286.24 $213.79 $0.00 $295.63 $52,795.66
156 $52,795.66 $213.79 $0.00 $298.51 $53,307.96
157 $53,307.96 $213.79 $0.00 $301.41 $53,823.16
158 $53,823.16 $213.79 $0.00 $304.32 $54,341.27
159 $54,341.27 $213.79 $0.00 $307.25 $54,862.31
160 $54,862.31 $213.79 $0.00 $310.20 $55,386.30
161 $55,386.30 $213.79 $0.00 $313.16 $55,913.25
162 $55,913.25 $213.79 $0.00 $316.14 $56,443.18
163 $56,443.18 $213.79 $0.00 $319.14 $56,976.11
164 $56,976.11 $213.79 $0.00 $322.15 $57,512.05
165 $57,512.05 $213.79 $0.00 $325.18 $58,051.02
166 $58,051.02 $213.79 $0.00 $328.23 $58,593.04
167 $58,593.04 $213.79 $0.00 $331.29 $59,138.12
168 $59,138.12 $213.79 $0.00 $334.38 $59,686.29
169 $59,686.29 $213.79 $0.00 $337.47 $60,237.55
170 $60,237.55 $213.79 $0.00 $340.59 $60,791.93
171 $60,791.93 $213.79 $0.00 $343.73 $61,349.45
172 $61,349.45 $213.79 $0.00 $346.88 $61,910.12
173 $61,910.12 $213.79 $0.00 $350.05 $62,473.96
174 $62,473.96 $213.79 $0.00 $353.24 $63,040.99
175 $63,040.99 $213.79 $0.00 $356.44 $63,611.22
176 $63,611.22 $213.79 $0.00 $359.67 $64,184.68
177 $64,184.68 $213.79 $0.00 $362.91 $64,761.38
178 $64,761.38 $213.79 $0.00 $366.17 $65,341.34
179 $65,341.34 $213.79 $0.00 $369.45 $65,924.58
180 $65,924.58 $213.79 $0.00 $372.75 $66,511.12
181 $66,511.12 $213.79 $0.00 $376.06 $67,100.97
182 $67,100.97 $213.79 $0.00 $379.40 $67,694.16
183 $67,694.16 $213.79 $0.00 $382.75 $68,290.70
184 $68,290.70 $213.79 $0.00 $386.13 $68,890.62
185 $68,890.62 $213.79 $0.00 $389.52 $69,493.93
186 $69,493.93 $213.79 $0.00 $392.93 $70,100.65
187 $70,100.65 $213.79 $0.00 $396.36 $70,710.80
188 $70,710.80 $213.79 $0.00 $399.81 $71,324.40
189 $71,324.40 $213.79 $0.00 $403.28 $71,941.47
190 $71,941.47 $213.79 $0.00 $406.77 $72,562.03
191 $72,562.03 $213.79 $0.00 $410.28 $73,186.10
192 $73,186.10 $213.79 $0.00 $413.80 $73,813.69
193 $73,813.69 $213.79 $0.00 $417.35 $74,444.83
194 $74,444.83 $213.79 $0.00 $420.92 $75,079.54
195 $75,079.54 $213.79 $0.00 $424.51 $75,717.84
196 $75,717.84 $213.79 $0.00 $428.12 $76,359.75
197 $76,359.75 $213.79 $0.00 $431.75 $77,005.29
198 $77,005.29 $213.79 $0.00 $435.40 $77,654.48
199 $77,654.48 $213.79 $0.00 $439.07 $78,307.34
200 $78,307.34 $213.79 $0.00 $442.76 $78,963.89
201 $78,963.89 $213.79 $0.00 $446.47 $79,624.15
202 $79,624.15 $213.79 $0.00 $450.21 $80,288.15
203 $80,288.15 $213.79 $0.00 $453.96 $80,955.90
204 $80,955.90 $213.79 $0.00 $457.74 $81,627.43
205 $81,627.43 $213.79 $0.00 $461.53 $82,302.75
206 $82,302.75 $213.79 $0.00 $465.35 $82,981.89
207 $82,981.89 $213.79 $0.00 $469.19 $83,664.87
208 $83,664.87 $213.79 $0.00 $473.05 $84,351.71
209 $84,351.71 $213.79 $0.00 $476.94 $85,042.44
210 $85,042.44 $213.79 $0.00 $480.84 $85,737.07
211 $85,737.07 $213.79 $0.00 $484.77 $86,435.63
212 $86,435.63 $213.79 $0.00 $488.72 $87,138.14
213 $87,138.14 $213.79 $0.00 $492.69 $87,844.62
214 $87,844.62 $213.79 $0.00 $496.69 $88,555.10
215 $88,555.10 $213.79 $0.00 $500.70 $89,269.59
216 $89,269.59 $213.79 $0.00 $504.74 $89,988.12
217 $89,988.12 $213.79 $46,931.48 $508.81 $43,779.24
218 $43,779.24 $213.79 $0.00 $247.53 $44,240.56
219 $44,240.56 $213.79 $0.00 $250.14 $44,704.49
220 $44,704.49 $213.79 $0.00 $252.77 $45,171.05
221 $45,171.05 $213.79 $0.00 $255.40 $45,640.24
222 $45,640.24 $213.79 $0.00 $258.06 $46,112.09
223 $46,112.09 $213.79 $0.00 $260.72 $46,586.60
224 $46,586.60 $213.79 $0.00 $263.41 $47,063.80
225 $47,063.80 $213.79 $0.00 $266.11 $47,543.70
226 $47,543.70 $213.79 $0.00 $268.82 $48,026.31
227 $48,026.31 $213.79 $0.00 $271.55 $48,511.65
228 $48,511.65 $213.79 $0.00 $274.29 $48,999.73
229 $48,999.73 $0.00 $49,278.06 $277.05 ($1.28)