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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$54,062
Monthly savings required$240

How much will it cost to send your child to Jackson Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $108,124.11 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $240.27 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$21,916.00
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 $240.27 $0.00 $0.00 $240.27
2 $240.27 $240.27 $0.00 $1.36 $481.90
3 $481.90 $240.27 $0.00 $2.72 $724.89
4 $724.89 $240.27 $0.00 $4.10 $969.26
5 $969.26 $240.27 $0.00 $5.48 $1,215.01
6 $1,215.01 $240.27 $0.00 $6.87 $1,462.15
7 $1,462.15 $240.27 $0.00 $8.27 $1,710.69
8 $1,710.69 $240.27 $0.00 $9.67 $1,960.63
9 $1,960.63 $240.27 $0.00 $11.09 $2,211.99
10 $2,211.99 $240.27 $0.00 $12.51 $2,464.77
11 $2,464.77 $240.27 $0.00 $13.94 $2,718.98
12 $2,718.98 $240.27 $0.00 $15.37 $2,974.62
13 $2,974.62 $240.27 $0.00 $16.82 $3,231.71
14 $3,231.71 $240.27 $0.00 $18.27 $3,490.25
15 $3,490.25 $240.27 $0.00 $19.73 $3,750.25
16 $3,750.25 $240.27 $0.00 $21.20 $4,011.72
17 $4,011.72 $240.27 $0.00 $22.68 $4,274.67
18 $4,274.67 $240.27 $0.00 $24.17 $4,539.11
19 $4,539.11 $240.27 $0.00 $25.66 $4,805.04
20 $4,805.04 $240.27 $0.00 $27.17 $5,072.48
21 $5,072.48 $240.27 $0.00 $28.68 $5,341.43
22 $5,341.43 $240.27 $0.00 $30.20 $5,611.90
23 $5,611.90 $240.27 $0.00 $31.73 $5,883.90
24 $5,883.90 $240.27 $0.00 $33.27 $6,157.44
25 $6,157.44 $240.27 $0.00 $34.82 $6,432.53
26 $6,432.53 $240.27 $0.00 $36.37 $6,709.17
27 $6,709.17 $240.27 $0.00 $37.93 $6,987.37
28 $6,987.37 $240.27 $0.00 $39.51 $7,267.15
29 $7,267.15 $240.27 $0.00 $41.09 $7,548.51
30 $7,548.51 $240.27 $0.00 $42.68 $7,831.46
31 $7,831.46 $240.27 $0.00 $44.28 $8,116.01
32 $8,116.01 $240.27 $0.00 $45.89 $8,402.17
33 $8,402.17 $240.27 $0.00 $47.51 $8,689.95
34 $8,689.95 $240.27 $0.00 $49.13 $8,979.35
35 $8,979.35 $240.27 $0.00 $50.77 $9,270.39
36 $9,270.39 $240.27 $0.00 $52.42 $9,563.08
37 $9,563.08 $240.27 $0.00 $54.07 $9,857.42
38 $9,857.42 $240.27 $0.00 $55.74 $10,153.43
39 $10,153.43 $240.27 $0.00 $57.41 $10,451.11
40 $10,451.11 $240.27 $0.00 $59.09 $10,750.47
41 $10,750.47 $240.27 $0.00 $60.78 $11,051.52
42 $11,051.52 $240.27 $0.00 $62.49 $11,354.28
43 $11,354.28 $240.27 $0.00 $64.20 $11,658.75
44 $11,658.75 $240.27 $0.00 $65.92 $11,964.94
45 $11,964.94 $240.27 $0.00 $67.65 $12,272.86
46 $12,272.86 $240.27 $0.00 $69.39 $12,582.52
47 $12,582.52 $240.27 $0.00 $71.14 $12,893.93
48 $12,893.93 $240.27 $0.00 $72.90 $13,207.10
49 $13,207.10 $240.27 $0.00 $74.67 $13,522.04
50 $13,522.04 $240.27 $0.00 $76.46 $13,838.77
51 $13,838.77 $240.27 $0.00 $78.25 $14,157.29
52 $14,157.29 $240.27 $0.00 $80.05 $14,477.61
53 $14,477.61 $240.27 $0.00 $81.86 $14,799.74
54 $14,799.74 $240.27 $0.00 $83.68 $15,123.69
55 $15,123.69 $240.27 $0.00 $85.51 $15,449.47
56 $15,449.47 $240.27 $0.00 $87.35 $15,777.09
57 $15,777.09 $240.27 $0.00 $89.21 $16,106.57
58 $16,106.57 $240.27 $0.00 $91.07 $16,437.91
59 $16,437.91 $240.27 $0.00 $92.94 $16,771.12
60 $16,771.12 $240.27 $0.00 $94.83 $17,106.22
61 $17,106.22 $240.27 $0.00 $96.72 $17,443.21
62 $17,443.21 $240.27 $0.00 $98.63 $17,782.11
63 $17,782.11 $240.27 $0.00 $100.54 $18,122.92
64 $18,122.92 $240.27 $0.00 $102.47 $18,465.66
65 $18,465.66 $240.27 $0.00 $104.41 $18,810.34
66 $18,810.34 $240.27 $0.00 $106.36 $19,156.97
67 $19,156.97 $240.27 $0.00 $108.32 $19,505.56
68 $19,505.56 $240.27 $0.00 $110.29 $19,856.12
69 $19,856.12 $240.27 $0.00 $112.27 $20,208.66
70 $20,208.66 $240.27 $0.00 $114.26 $20,563.19
71 $20,563.19 $240.27 $0.00 $116.27 $20,919.73
72 $20,919.73 $240.27 $0.00 $118.28 $21,278.28
73 $21,278.28 $240.27 $0.00 $120.31 $21,638.86
74 $21,638.86 $240.27 $0.00 $122.35 $22,001.48
75 $22,001.48 $240.27 $0.00 $124.40 $22,366.15
76 $22,366.15 $240.27 $0.00 $126.46 $22,732.88
77 $22,732.88 $240.27 $0.00 $128.54 $23,101.69
78 $23,101.69 $240.27 $0.00 $130.62 $23,472.58
79 $23,472.58 $240.27 $0.00 $132.72 $23,845.57
80 $23,845.57 $240.27 $0.00 $134.83 $24,220.67
81 $24,220.67 $240.27 $0.00 $136.95 $24,597.89
82 $24,597.89 $240.27 $0.00 $139.08 $24,977.24
83 $24,977.24 $240.27 $0.00 $141.22 $25,358.73
84 $25,358.73 $240.27 $0.00 $143.38 $25,742.38
85 $25,742.38 $240.27 $0.00 $145.55 $26,128.20
86 $26,128.20 $240.27 $0.00 $147.73 $26,516.20
87 $26,516.20 $240.27 $0.00 $149.93 $26,906.40
88 $26,906.40 $240.27 $0.00 $152.13 $27,298.80
89 $27,298.80 $240.27 $0.00 $154.35 $27,693.42
90 $27,693.42 $240.27 $0.00 $156.58 $28,090.27
91 $28,090.27 $240.27 $0.00 $158.83 $28,489.37
92 $28,489.37 $240.27 $0.00 $161.08 $28,890.72
93 $28,890.72 $240.27 $0.00 $163.35 $29,294.34
94 $29,294.34 $240.27 $0.00 $165.63 $29,700.24
95 $29,700.24 $240.27 $0.00 $167.93 $30,108.44
96 $30,108.44 $240.27 $0.00 $170.24 $30,518.95
97 $30,518.95 $240.27 $0.00 $172.56 $30,931.78
98 $30,931.78 $240.27 $0.00 $174.89 $31,346.94
99 $31,346.94 $240.27 $0.00 $177.24 $31,764.45
100 $31,764.45 $240.27 $0.00 $179.60 $32,184.32
101 $32,184.32 $240.27 $0.00 $181.97 $32,606.56
102 $32,606.56 $240.27 $0.00 $184.36 $33,031.19
103 $33,031.19 $240.27 $0.00 $186.76 $33,458.22
104 $33,458.22 $240.27 $0.00 $189.18 $33,887.67
105 $33,887.67 $240.27 $0.00 $191.61 $34,319.55
106 $34,319.55 $240.27 $0.00 $194.05 $34,753.87
107 $34,753.87 $240.27 $0.00 $196.50 $35,190.64
108 $35,190.64 $240.27 $0.00 $198.97 $35,629.88
109 $35,629.88 $240.27 $0.00 $201.46 $36,071.61
110 $36,071.61 $240.27 $0.00 $203.95 $36,515.83
111 $36,515.83 $240.27 $0.00 $206.47 $36,962.57
112 $36,962.57 $240.27 $0.00 $208.99 $37,411.83
113 $37,411.83 $240.27 $0.00 $211.53 $37,863.63
114 $37,863.63 $240.27 $0.00 $214.09 $38,317.99
115 $38,317.99 $240.27 $0.00 $216.66 $38,774.92
116 $38,774.92 $240.27 $0.00 $219.24 $39,234.43
117 $39,234.43 $240.27 $0.00 $221.84 $39,696.54
118 $39,696.54 $240.27 $0.00 $224.45 $40,161.26
119 $40,161.26 $240.27 $0.00 $227.08 $40,628.61
120 $40,628.61 $240.27 $0.00 $229.72 $41,098.60
121 $41,098.60 $240.27 $0.00 $232.38 $41,571.25
122 $41,571.25 $240.27 $0.00 $235.05 $42,046.57
123 $42,046.57 $240.27 $0.00 $237.74 $42,524.58
124 $42,524.58 $240.27 $0.00 $240.44 $43,005.29
125 $43,005.29 $240.27 $0.00 $243.16 $43,488.72
126 $43,488.72 $240.27 $0.00 $245.89 $43,974.88
127 $43,974.88 $240.27 $0.00 $248.64 $44,463.79
128 $44,463.79 $240.27 $0.00 $251.40 $44,955.46
129 $44,955.46 $240.27 $0.00 $254.18 $45,449.91
130 $45,449.91 $240.27 $0.00 $256.98 $45,947.16
131 $45,947.16 $240.27 $0.00 $259.79 $46,447.22
132 $46,447.22 $240.27 $0.00 $262.62 $46,950.11
133 $46,950.11 $240.27 $0.00 $265.46 $47,455.84
134 $47,455.84 $240.27 $0.00 $268.32 $47,964.43
135 $47,964.43 $240.27 $0.00 $271.20 $48,475.90
136 $48,475.90 $240.27 $0.00 $274.09 $48,990.26
137 $48,990.26 $240.27 $0.00 $277.00 $49,507.53
138 $49,507.53 $240.27 $0.00 $279.92 $50,027.72
139 $50,027.72 $240.27 $0.00 $282.86 $50,550.85
140 $50,550.85 $240.27 $0.00 $285.82 $51,076.94
141 $51,076.94 $240.27 $0.00 $288.80 $51,606.01
142 $51,606.01 $240.27 $0.00 $291.79 $52,138.07
143 $52,138.07 $240.27 $0.00 $294.80 $52,673.14
144 $52,673.14 $240.27 $0.00 $297.82 $53,211.23
145 $53,211.23 $240.27 $0.00 $300.86 $53,752.36
146 $53,752.36 $240.27 $0.00 $303.92 $54,296.55
147 $54,296.55 $240.27 $0.00 $307.00 $54,843.82
148 $54,843.82 $240.27 $0.00 $310.09 $55,394.18
149 $55,394.18 $240.27 $0.00 $313.21 $55,947.66
150 $55,947.66 $240.27 $0.00 $316.34 $56,504.27
151 $56,504.27 $240.27 $0.00 $319.48 $57,064.02
152 $57,064.02 $240.27 $0.00 $322.65 $57,626.94
153 $57,626.94 $240.27 $0.00 $325.83 $58,193.04
154 $58,193.04 $240.27 $0.00 $329.03 $58,762.34
155 $58,762.34 $240.27 $0.00 $332.25 $59,334.86
156 $59,334.86 $240.27 $0.00 $335.49 $59,910.62
157 $59,910.62 $240.27 $0.00 $338.74 $60,489.63
158 $60,489.63 $240.27 $0.00 $342.02 $61,071.92
159 $61,071.92 $240.27 $0.00 $345.31 $61,657.50
160 $61,657.50 $240.27 $0.00 $348.62 $62,246.39
161 $62,246.39 $240.27 $0.00 $351.95 $62,838.61
162 $62,838.61 $240.27 $0.00 $355.30 $63,434.18
163 $63,434.18 $240.27 $0.00 $358.67 $64,033.12
164 $64,033.12 $240.27 $0.00 $362.05 $64,635.44
165 $64,635.44 $240.27 $0.00 $365.46 $65,241.17
166 $65,241.17 $240.27 $0.00 $368.88 $65,850.32
167 $65,850.32 $240.27 $0.00 $372.33 $66,462.92
168 $66,462.92 $240.27 $0.00 $375.79 $67,078.98
169 $67,078.98 $240.27 $0.00 $379.27 $67,698.52
170 $67,698.52 $240.27 $0.00 $382.78 $68,321.57
171 $68,321.57 $240.27 $0.00 $386.30 $68,948.14
172 $68,948.14 $240.27 $0.00 $389.84 $69,578.25
173 $69,578.25 $240.27 $0.00 $393.41 $70,211.93
174 $70,211.93 $240.27 $0.00 $396.99 $70,849.19
175 $70,849.19 $240.27 $0.00 $400.59 $71,490.05
176 $71,490.05 $240.27 $0.00 $404.22 $72,134.54
177 $72,134.54 $240.27 $0.00 $407.86 $72,782.67
178 $72,782.67 $240.27 $0.00 $411.52 $73,434.46
179 $73,434.46 $240.27 $0.00 $415.21 $74,089.94
180 $74,089.94 $240.27 $0.00 $418.92 $74,749.13
181 $74,749.13 $240.27 $0.00 $422.64 $75,412.04
182 $75,412.04 $240.27 $0.00 $426.39 $76,078.70
183 $76,078.70 $240.27 $0.00 $430.16 $76,749.13
184 $76,749.13 $240.27 $0.00 $433.95 $77,423.35
185 $77,423.35 $240.27 $0.00 $437.76 $78,101.38
186 $78,101.38 $240.27 $0.00 $441.60 $78,783.25
187 $78,783.25 $240.27 $0.00 $445.45 $79,468.97
188 $79,468.97 $240.27 $0.00 $449.33 $80,158.57
189 $80,158.57 $240.27 $0.00 $453.23 $80,852.07
190 $80,852.07 $240.27 $0.00 $457.15 $81,549.49
191 $81,549.49 $240.27 $0.00 $461.09 $82,250.85
192 $82,250.85 $240.27 $0.00 $465.06 $82,956.18
193 $82,956.18 $240.27 $0.00 $469.05 $83,665.50
194 $83,665.50 $240.27 $0.00 $473.06 $84,378.83
195 $84,378.83 $240.27 $0.00 $477.09 $85,096.19
196 $85,096.19 $240.27 $0.00 $481.15 $85,817.61
197 $85,817.61 $240.27 $0.00 $485.23 $86,543.11
198 $86,543.11 $240.27 $0.00 $489.33 $87,272.71
199 $87,272.71 $240.27 $0.00 $493.45 $88,006.43
200 $88,006.43 $240.27 $0.00 $497.60 $88,744.30
201 $88,744.30 $240.27 $0.00 $501.77 $89,486.34
202 $89,486.34 $240.27 $0.00 $505.97 $90,232.58
203 $90,232.58 $240.27 $0.00 $510.19 $90,983.04
204 $90,983.04 $240.27 $0.00 $514.43 $91,737.74
205 $91,737.74 $240.27 $0.00 $518.70 $92,496.71
206 $92,496.71 $240.27 $0.00 $522.99 $93,259.97
207 $93,259.97 $240.27 $0.00 $527.31 $94,027.55
208 $94,027.55 $240.27 $0.00 $531.65 $94,799.47
209 $94,799.47 $240.27 $0.00 $536.01 $95,575.75
210 $95,575.75 $240.27 $0.00 $540.40 $96,356.42
211 $96,356.42 $240.27 $0.00 $544.81 $97,141.50
212 $97,141.50 $240.27 $0.00 $549.25 $97,931.02
213 $97,931.02 $240.27 $0.00 $553.72 $98,725.01
214 $98,725.01 $240.27 $0.00 $558.21 $99,523.49
215 $99,523.49 $240.27 $0.00 $562.72 $100,326.48
216 $100,326.48 $240.27 $0.00 $567.26 $101,134.01
217 $101,134.01 $240.27 $52,743.47 $571.83 $49,202.64
218 $49,202.64 $240.27 $0.00 $278.20 $49,721.11
219 $49,721.11 $240.27 $0.00 $281.13 $50,242.51
220 $50,242.51 $240.27 $0.00 $284.08 $50,766.86
221 $50,766.86 $240.27 $0.00 $287.04 $51,294.17
222 $51,294.17 $240.27 $0.00 $290.02 $51,824.46
223 $51,824.46 $240.27 $0.00 $293.02 $52,357.75
224 $52,357.75 $240.27 $0.00 $296.04 $52,894.06
225 $52,894.06 $240.27 $0.00 $299.07 $53,433.40
226 $53,433.40 $240.27 $0.00 $302.12 $53,975.79
227 $53,975.79 $240.27 $0.00 $305.19 $54,521.25
228 $54,521.25 $240.27 $0.00 $308.27 $55,069.79
229 $55,069.79 $0.00 $55,380.64 $311.37 $0.52