Savings Plan and Future Cost Estimation for Lake Michigan College

How much will it cost and what do you need to save?

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2041$54,146
Monthly savings required$241

How much will it cost to send your child to Lake Michigan College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $108,291.85 for students enrolling in 2041 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $240.64 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$21,950.00
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 $240.64 $0.00 $0.00 $240.64
2 $240.64 $240.64 $0.00 $1.36 $482.64
3 $482.64 $240.64 $0.00 $2.73 $726.01
4 $726.01 $240.64 $0.00 $4.10 $970.75
5 $970.75 $240.64 $0.00 $5.49 $1,216.88
6 $1,216.88 $240.64 $0.00 $6.88 $1,464.40
7 $1,464.40 $240.64 $0.00 $8.28 $1,713.32
8 $1,713.32 $240.64 $0.00 $9.69 $1,963.65
9 $1,963.65 $240.64 $0.00 $11.10 $2,215.39
10 $2,215.39 $240.64 $0.00 $12.53 $2,468.56
11 $2,468.56 $240.64 $0.00 $13.96 $2,723.16
12 $2,723.16 $240.64 $0.00 $15.40 $2,979.20
13 $2,979.20 $240.64 $0.00 $16.84 $3,236.68
14 $3,236.68 $240.64 $0.00 $18.30 $3,495.62
15 $3,495.62 $240.64 $0.00 $19.76 $3,756.02
16 $3,756.02 $240.64 $0.00 $21.24 $4,017.90
17 $4,017.90 $240.64 $0.00 $22.72 $4,281.26
18 $4,281.26 $240.64 $0.00 $24.21 $4,546.11
19 $4,546.11 $240.64 $0.00 $25.70 $4,812.45
20 $4,812.45 $240.64 $0.00 $27.21 $5,080.30
21 $5,080.30 $240.64 $0.00 $28.72 $5,349.66
22 $5,349.66 $240.64 $0.00 $30.25 $5,620.55
23 $5,620.55 $240.64 $0.00 $31.78 $5,892.97
24 $5,892.97 $240.64 $0.00 $33.32 $6,166.93
25 $6,166.93 $240.64 $0.00 $34.87 $6,442.44
26 $6,442.44 $240.64 $0.00 $36.43 $6,719.51
27 $6,719.51 $240.64 $0.00 $37.99 $6,998.14
28 $6,998.14 $240.64 $0.00 $39.57 $7,278.35
29 $7,278.35 $240.64 $0.00 $41.15 $7,560.14
30 $7,560.14 $240.64 $0.00 $42.75 $7,843.53
31 $7,843.53 $240.64 $0.00 $44.35 $8,128.52
32 $8,128.52 $240.64 $0.00 $45.96 $8,415.12
33 $8,415.12 $240.64 $0.00 $47.58 $8,703.34
34 $8,703.34 $240.64 $0.00 $49.21 $8,993.19
35 $8,993.19 $240.64 $0.00 $50.85 $9,284.68
36 $9,284.68 $240.64 $0.00 $52.50 $9,577.82
37 $9,577.82 $240.64 $0.00 $54.15 $9,872.61
38 $9,872.61 $240.64 $0.00 $55.82 $10,169.07
39 $10,169.07 $240.64 $0.00 $57.50 $10,467.21
40 $10,467.21 $240.64 $0.00 $59.18 $10,767.03
41 $10,767.03 $240.64 $0.00 $60.88 $11,068.55
42 $11,068.55 $240.64 $0.00 $62.58 $11,371.77
43 $11,371.77 $240.64 $0.00 $64.30 $11,676.71
44 $11,676.71 $240.64 $0.00 $66.02 $11,983.37
45 $11,983.37 $240.64 $0.00 $67.76 $12,291.77
46 $12,291.77 $240.64 $0.00 $69.50 $12,601.91
47 $12,601.91 $240.64 $0.00 $71.25 $12,913.80
48 $12,913.80 $240.64 $0.00 $73.02 $13,227.46
49 $13,227.46 $240.64 $0.00 $74.79 $13,542.89
50 $13,542.89 $240.64 $0.00 $76.57 $13,860.10
51 $13,860.10 $240.64 $0.00 $78.37 $14,179.11
52 $14,179.11 $240.64 $0.00 $80.17 $14,499.92
53 $14,499.92 $240.64 $0.00 $81.98 $14,822.54
54 $14,822.54 $240.64 $0.00 $83.81 $15,146.99
55 $15,146.99 $240.64 $0.00 $85.64 $15,473.27
56 $15,473.27 $240.64 $0.00 $87.49 $15,801.40
57 $15,801.40 $240.64 $0.00 $89.34 $16,131.38
58 $16,131.38 $240.64 $0.00 $91.21 $16,463.23
59 $16,463.23 $240.64 $0.00 $93.09 $16,796.96
60 $16,796.96 $240.64 $0.00 $94.97 $17,132.57
61 $17,132.57 $240.64 $0.00 $96.87 $17,470.08
62 $17,470.08 $240.64 $0.00 $98.78 $17,809.50
63 $17,809.50 $240.64 $0.00 $100.70 $18,150.84
64 $18,150.84 $240.64 $0.00 $102.63 $18,494.11
65 $18,494.11 $240.64 $0.00 $104.57 $18,839.32
66 $18,839.32 $240.64 $0.00 $106.52 $19,186.48
67 $19,186.48 $240.64 $0.00 $108.48 $19,535.60
68 $19,535.60 $240.64 $0.00 $110.46 $19,886.70
69 $19,886.70 $240.64 $0.00 $112.44 $20,239.78
70 $20,239.78 $240.64 $0.00 $114.44 $20,594.86
71 $20,594.86 $240.64 $0.00 $116.45 $20,951.95
72 $20,951.95 $240.64 $0.00 $118.47 $21,311.06
73 $21,311.06 $240.64 $0.00 $120.50 $21,672.20
74 $21,672.20 $240.64 $0.00 $122.54 $22,035.38
75 $22,035.38 $240.64 $0.00 $124.59 $22,400.61
76 $22,400.61 $240.64 $0.00 $126.66 $22,767.91
77 $22,767.91 $240.64 $0.00 $128.73 $23,137.28
78 $23,137.28 $240.64 $0.00 $130.82 $23,508.74
79 $23,508.74 $240.64 $0.00 $132.92 $23,882.30
80 $23,882.30 $240.64 $0.00 $135.03 $24,257.97
81 $24,257.97 $240.64 $0.00 $137.16 $24,635.77
82 $24,635.77 $240.64 $0.00 $139.29 $25,015.70
83 $25,015.70 $240.64 $0.00 $141.44 $25,397.78
84 $25,397.78 $240.64 $0.00 $143.60 $25,782.02
85 $25,782.02 $240.64 $0.00 $145.78 $26,168.44
86 $26,168.44 $240.64 $0.00 $147.96 $26,557.04
87 $26,557.04 $240.64 $0.00 $150.16 $26,947.84
88 $26,947.84 $240.64 $0.00 $152.37 $27,340.85
89 $27,340.85 $240.64 $0.00 $154.59 $27,736.08
90 $27,736.08 $240.64 $0.00 $156.82 $28,133.54
91 $28,133.54 $240.64 $0.00 $159.07 $28,533.25
92 $28,533.25 $240.64 $0.00 $161.33 $28,935.22
93 $28,935.22 $240.64 $0.00 $163.60 $29,339.46
94 $29,339.46 $240.64 $0.00 $165.89 $29,745.99
95 $29,745.99 $240.64 $0.00 $168.19 $30,154.82
96 $30,154.82 $240.64 $0.00 $170.50 $30,565.96
97 $30,565.96 $240.64 $0.00 $172.82 $30,979.42
98 $30,979.42 $240.64 $0.00 $175.16 $31,395.22
99 $31,395.22 $240.64 $0.00 $177.51 $31,813.37
100 $31,813.37 $240.64 $0.00 $179.88 $32,233.89
101 $32,233.89 $240.64 $0.00 $182.26 $32,656.79
102 $32,656.79 $240.64 $0.00 $184.65 $33,082.08
103 $33,082.08 $240.64 $0.00 $187.05 $33,509.77
104 $33,509.77 $240.64 $0.00 $189.47 $33,939.88
105 $33,939.88 $240.64 $0.00 $191.90 $34,372.42
106 $34,372.42 $240.64 $0.00 $194.35 $34,807.41
107 $34,807.41 $240.64 $0.00 $196.81 $35,244.86
108 $35,244.86 $240.64 $0.00 $199.28 $35,684.78
109 $35,684.78 $240.64 $0.00 $201.77 $36,127.19
110 $36,127.19 $240.64 $0.00 $204.27 $36,572.10
111 $36,572.10 $240.64 $0.00 $206.78 $37,019.52
112 $37,019.52 $240.64 $0.00 $209.31 $37,469.47
113 $37,469.47 $240.64 $0.00 $211.86 $37,921.97
114 $37,921.97 $240.64 $0.00 $214.42 $38,377.03
115 $38,377.03 $240.64 $0.00 $216.99 $38,834.66
116 $38,834.66 $240.64 $0.00 $219.58 $39,294.88
117 $39,294.88 $240.64 $0.00 $222.18 $39,757.70
118 $39,757.70 $240.64 $0.00 $224.80 $40,223.14
119 $40,223.14 $240.64 $0.00 $227.43 $40,691.21
120 $40,691.21 $240.64 $0.00 $230.07 $41,161.92
121 $41,161.92 $240.64 $0.00 $232.74 $41,635.30
122 $41,635.30 $240.64 $0.00 $235.41 $42,111.35
123 $42,111.35 $240.64 $0.00 $238.10 $42,590.09
124 $42,590.09 $240.64 $0.00 $240.81 $43,071.54
125 $43,071.54 $240.64 $0.00 $243.53 $43,555.71
126 $43,555.71 $240.64 $0.00 $246.27 $44,042.62
127 $44,042.62 $240.64 $0.00 $249.02 $44,532.28
128 $44,532.28 $240.64 $0.00 $251.79 $45,024.71
129 $45,024.71 $240.64 $0.00 $254.58 $45,519.93
130 $45,519.93 $240.64 $0.00 $257.38 $46,017.95
131 $46,017.95 $240.64 $0.00 $260.19 $46,518.78
132 $46,518.78 $240.64 $0.00 $263.02 $47,022.44
133 $47,022.44 $240.64 $0.00 $265.87 $47,528.95
134 $47,528.95 $240.64 $0.00 $268.74 $48,038.33
135 $48,038.33 $240.64 $0.00 $271.62 $48,550.59
136 $48,550.59 $240.64 $0.00 $274.51 $49,065.74
137 $49,065.74 $240.64 $0.00 $277.42 $49,583.80
138 $49,583.80 $240.64 $0.00 $280.35 $50,104.79
139 $50,104.79 $240.64 $0.00 $283.30 $50,628.73
140 $50,628.73 $240.64 $0.00 $286.26 $51,155.63
141 $51,155.63 $240.64 $0.00 $289.24 $51,685.51
142 $51,685.51 $240.64 $0.00 $292.24 $52,218.39
143 $52,218.39 $240.64 $0.00 $295.25 $52,754.28
144 $52,754.28 $240.64 $0.00 $298.28 $53,293.20
145 $53,293.20 $240.64 $0.00 $301.33 $53,835.17
146 $53,835.17 $240.64 $0.00 $304.39 $54,380.20
147 $54,380.20 $240.64 $0.00 $307.47 $54,928.31
148 $54,928.31 $240.64 $0.00 $310.57 $55,479.52
149 $55,479.52 $240.64 $0.00 $313.69 $56,033.85
150 $56,033.85 $240.64 $0.00 $316.82 $56,591.31
151 $56,591.31 $240.64 $0.00 $319.98 $57,151.93
152 $57,151.93 $240.64 $0.00 $323.15 $57,715.72
153 $57,715.72 $240.64 $0.00 $326.33 $58,282.69
154 $58,282.69 $240.64 $0.00 $329.54 $58,852.87
155 $58,852.87 $240.64 $0.00 $332.76 $59,426.27
156 $59,426.27 $240.64 $0.00 $336.00 $60,002.91
157 $60,002.91 $240.64 $0.00 $339.27 $60,582.82
158 $60,582.82 $240.64 $0.00 $342.54 $61,166.00
159 $61,166.00 $240.64 $0.00 $345.84 $61,752.48
160 $61,752.48 $240.64 $0.00 $349.16 $62,342.28
161 $62,342.28 $240.64 $0.00 $352.49 $62,935.41
162 $62,935.41 $240.64 $0.00 $355.85 $63,531.90
163 $63,531.90 $240.64 $0.00 $359.22 $64,131.76
164 $64,131.76 $240.64 $0.00 $362.61 $64,735.01
165 $64,735.01 $240.64 $0.00 $366.02 $65,341.67
166 $65,341.67 $240.64 $0.00 $369.45 $65,951.76
167 $65,951.76 $240.64 $0.00 $372.90 $66,565.30
168 $66,565.30 $240.64 $0.00 $376.37 $67,182.31
169 $67,182.31 $240.64 $0.00 $379.86 $67,802.81
170 $67,802.81 $240.64 $0.00 $383.37 $68,426.82
171 $68,426.82 $240.64 $0.00 $386.90 $69,054.36
172 $69,054.36 $240.64 $0.00 $390.44 $69,685.44
173 $69,685.44 $240.64 $0.00 $394.01 $70,320.09
174 $70,320.09 $240.64 $0.00 $397.60 $70,958.33
175 $70,958.33 $240.64 $0.00 $401.21 $71,600.18
176 $71,600.18 $240.64 $0.00 $404.84 $72,245.66
177 $72,245.66 $240.64 $0.00 $408.49 $72,894.79
178 $72,894.79 $240.64 $0.00 $412.16 $73,547.59
179 $73,547.59 $240.64 $0.00 $415.85 $74,204.08
180 $74,204.08 $240.64 $0.00 $419.56 $74,864.28
181 $74,864.28 $240.64 $0.00 $423.29 $75,528.21
182 $75,528.21 $240.64 $0.00 $427.05 $76,195.90
183 $76,195.90 $240.64 $0.00 $430.82 $76,867.36
184 $76,867.36 $240.64 $0.00 $434.62 $77,542.62
185 $77,542.62 $240.64 $0.00 $438.44 $78,221.70
186 $78,221.70 $240.64 $0.00 $442.28 $78,904.62
187 $78,904.62 $240.64 $0.00 $446.14 $79,591.40
188 $79,591.40 $240.64 $0.00 $450.02 $80,282.06
189 $80,282.06 $240.64 $0.00 $453.93 $80,976.63
190 $80,976.63 $240.64 $0.00 $457.85 $81,675.12
191 $81,675.12 $240.64 $0.00 $461.80 $82,377.56
192 $82,377.56 $240.64 $0.00 $465.77 $83,083.97
193 $83,083.97 $240.64 $0.00 $469.77 $83,794.38
194 $83,794.38 $240.64 $0.00 $473.79 $84,508.81
195 $84,508.81 $240.64 $0.00 $477.83 $85,227.28
196 $85,227.28 $240.64 $0.00 $481.89 $85,949.81
197 $85,949.81 $240.64 $0.00 $485.97 $86,676.42
198 $86,676.42 $240.64 $0.00 $490.08 $87,407.14
199 $87,407.14 $240.64 $0.00 $494.21 $88,141.99
200 $88,141.99 $240.64 $0.00 $498.37 $88,881.00
201 $88,881.00 $240.64 $0.00 $502.55 $89,624.19
202 $89,624.19 $240.64 $0.00 $506.75 $90,371.58
203 $90,371.58 $240.64 $0.00 $510.97 $91,123.19
204 $91,123.19 $240.64 $0.00 $515.22 $91,879.05
205 $91,879.05 $240.64 $0.00 $519.50 $92,639.19
206 $92,639.19 $240.64 $0.00 $523.80 $93,403.63
207 $93,403.63 $240.64 $0.00 $528.12 $94,172.39
208 $94,172.39 $240.64 $0.00 $532.46 $94,945.49
209 $94,945.49 $240.64 $0.00 $536.84 $95,722.97
210 $95,722.97 $240.64 $0.00 $541.23 $96,504.84
211 $96,504.84 $240.64 $0.00 $545.65 $97,291.13
212 $97,291.13 $240.64 $0.00 $550.10 $98,081.87
213 $98,081.87 $240.64 $0.00 $554.57 $98,877.08
214 $98,877.08 $240.64 $0.00 $559.07 $99,676.79
215 $99,676.79 $240.64 $0.00 $563.59 $100,481.02
216 $100,481.02 $240.64 $0.00 $568.13 $101,289.79
217 $101,289.79 $240.64 $52,825.29 $572.71 $49,277.85
218 $49,277.85 $240.64 $0.00 $278.62 $49,797.11
219 $49,797.11 $240.64 $0.00 $281.56 $50,319.31
220 $50,319.31 $240.64 $0.00 $284.51 $50,844.46
221 $50,844.46 $240.64 $0.00 $287.48 $51,372.58
222 $51,372.58 $240.64 $0.00 $290.47 $51,903.69
223 $51,903.69 $240.64 $0.00 $293.47 $52,437.80
224 $52,437.80 $240.64 $0.00 $296.49 $52,974.93
225 $52,974.93 $240.64 $0.00 $299.53 $53,515.10
226 $53,515.10 $240.64 $0.00 $302.58 $54,058.32
227 $54,058.32 $240.64 $0.00 $305.65 $54,604.61
228 $54,604.61 $240.64 $0.00 $308.74 $55,153.99
229 $55,153.99 $0.00 $55,466.56 $311.85 ($0.72)