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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$55,091
Monthly savings required$245

How much will it cost to send your child to Northwestern Michigan College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $110,181.41 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $244.84 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$22,333.00
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 $244.84 $0.00 $0.00 $244.84
2 $244.84 $244.84 $0.00 $1.38 $491.06
3 $491.06 $244.84 $0.00 $2.78 $738.68
4 $738.68 $244.84 $0.00 $4.18 $987.70
5 $987.70 $244.84 $0.00 $5.58 $1,238.12
6 $1,238.12 $244.84 $0.00 $7.00 $1,489.96
7 $1,489.96 $244.84 $0.00 $8.42 $1,743.22
8 $1,743.22 $244.84 $0.00 $9.86 $1,997.92
9 $1,997.92 $244.84 $0.00 $11.30 $2,254.06
10 $2,254.06 $244.84 $0.00 $12.74 $2,511.64
11 $2,511.64 $244.84 $0.00 $14.20 $2,770.68
12 $2,770.68 $244.84 $0.00 $15.67 $3,031.19
13 $3,031.19 $244.84 $0.00 $17.14 $3,293.17
14 $3,293.17 $244.84 $0.00 $18.62 $3,556.63
15 $3,556.63 $244.84 $0.00 $20.11 $3,821.58
16 $3,821.58 $244.84 $0.00 $21.61 $4,088.03
17 $4,088.03 $244.84 $0.00 $23.11 $4,355.98
18 $4,355.98 $244.84 $0.00 $24.63 $4,625.45
19 $4,625.45 $244.84 $0.00 $26.15 $4,896.44
20 $4,896.44 $244.84 $0.00 $27.69 $5,168.97
21 $5,168.97 $244.84 $0.00 $29.23 $5,443.04
22 $5,443.04 $244.84 $0.00 $30.78 $5,718.66
23 $5,718.66 $244.84 $0.00 $32.33 $5,995.83
24 $5,995.83 $244.84 $0.00 $33.90 $6,274.57
25 $6,274.57 $244.84 $0.00 $35.48 $6,554.89
26 $6,554.89 $244.84 $0.00 $37.06 $6,836.79
27 $6,836.79 $244.84 $0.00 $38.66 $7,120.29
28 $7,120.29 $244.84 $0.00 $40.26 $7,405.39
29 $7,405.39 $244.84 $0.00 $41.87 $7,692.10
30 $7,692.10 $244.84 $0.00 $43.49 $7,980.43
31 $7,980.43 $244.84 $0.00 $45.12 $8,270.39
32 $8,270.39 $244.84 $0.00 $46.76 $8,561.99
33 $8,561.99 $244.84 $0.00 $48.41 $8,855.24
34 $8,855.24 $244.84 $0.00 $50.07 $9,150.15
35 $9,150.15 $244.84 $0.00 $51.74 $9,446.73
36 $9,446.73 $244.84 $0.00 $53.41 $9,744.98
37 $9,744.98 $244.84 $0.00 $55.10 $10,044.92
38 $10,044.92 $244.84 $0.00 $56.80 $10,346.56
39 $10,346.56 $244.84 $0.00 $58.50 $10,649.90
40 $10,649.90 $244.84 $0.00 $60.22 $10,954.96
41 $10,954.96 $244.84 $0.00 $61.94 $11,261.74
42 $11,261.74 $244.84 $0.00 $63.68 $11,570.26
43 $11,570.26 $244.84 $0.00 $65.42 $11,880.52
44 $11,880.52 $244.84 $0.00 $67.17 $12,192.53
45 $12,192.53 $244.84 $0.00 $68.94 $12,506.31
46 $12,506.31 $244.84 $0.00 $70.71 $12,821.86
47 $12,821.86 $244.84 $0.00 $72.50 $13,139.20
48 $13,139.20 $244.84 $0.00 $74.29 $13,458.33
49 $13,458.33 $244.84 $0.00 $76.10 $13,779.27
50 $13,779.27 $244.84 $0.00 $77.91 $14,102.02
51 $14,102.02 $244.84 $0.00 $79.73 $14,426.59
52 $14,426.59 $244.84 $0.00 $81.57 $14,753.00
53 $14,753.00 $244.84 $0.00 $83.42 $15,081.26
54 $15,081.26 $244.84 $0.00 $85.27 $15,411.37
55 $15,411.37 $244.84 $0.00 $87.14 $15,743.35
56 $15,743.35 $244.84 $0.00 $89.02 $16,077.21
57 $16,077.21 $244.84 $0.00 $90.90 $16,412.95
58 $16,412.95 $244.84 $0.00 $92.80 $16,750.59
59 $16,750.59 $244.84 $0.00 $94.71 $17,090.14
60 $17,090.14 $244.84 $0.00 $96.63 $17,431.61
61 $17,431.61 $244.84 $0.00 $98.56 $17,775.01
62 $17,775.01 $244.84 $0.00 $100.50 $18,120.35
63 $18,120.35 $244.84 $0.00 $102.46 $18,467.65
64 $18,467.65 $244.84 $0.00 $104.42 $18,816.91
65 $18,816.91 $244.84 $0.00 $106.39 $19,168.14
66 $19,168.14 $244.84 $0.00 $108.38 $19,521.36
67 $19,521.36 $244.84 $0.00 $110.38 $19,876.58
68 $19,876.58 $244.84 $0.00 $112.39 $20,233.81
69 $20,233.81 $244.84 $0.00 $114.40 $20,593.05
70 $20,593.05 $244.84 $0.00 $116.44 $20,954.33
71 $20,954.33 $244.84 $0.00 $118.48 $21,317.65
72 $21,317.65 $244.84 $0.00 $120.53 $21,683.02
73 $21,683.02 $244.84 $0.00 $122.60 $22,050.46
74 $22,050.46 $244.84 $0.00 $124.68 $22,419.98
75 $22,419.98 $244.84 $0.00 $126.77 $22,791.59
76 $22,791.59 $244.84 $0.00 $128.87 $23,165.30
77 $23,165.30 $244.84 $0.00 $130.98 $23,541.12
78 $23,541.12 $244.84 $0.00 $133.10 $23,919.06
79 $23,919.06 $244.84 $0.00 $135.24 $24,299.14
80 $24,299.14 $244.84 $0.00 $137.39 $24,681.37
81 $24,681.37 $244.84 $0.00 $139.55 $25,065.76
82 $25,065.76 $244.84 $0.00 $141.73 $25,452.33
83 $25,452.33 $244.84 $0.00 $143.91 $25,841.08
84 $25,841.08 $244.84 $0.00 $146.11 $26,232.03
85 $26,232.03 $244.84 $0.00 $148.32 $26,625.19
86 $26,625.19 $244.84 $0.00 $150.54 $27,020.57
87 $27,020.57 $244.84 $0.00 $152.78 $27,418.19
88 $27,418.19 $244.84 $0.00 $155.03 $27,818.06
89 $27,818.06 $244.84 $0.00 $157.29 $28,220.19
90 $28,220.19 $244.84 $0.00 $159.56 $28,624.59
91 $28,624.59 $244.84 $0.00 $161.85 $29,031.28
92 $29,031.28 $244.84 $0.00 $164.15 $29,440.27
93 $29,440.27 $244.84 $0.00 $166.46 $29,851.57
94 $29,851.57 $244.84 $0.00 $168.79 $30,265.20
95 $30,265.20 $244.84 $0.00 $171.12 $30,681.16
96 $30,681.16 $244.84 $0.00 $173.48 $31,099.48
97 $31,099.48 $244.84 $0.00 $175.84 $31,520.16
98 $31,520.16 $244.84 $0.00 $178.22 $31,943.22
99 $31,943.22 $244.84 $0.00 $180.61 $32,368.67
100 $32,368.67 $244.84 $0.00 $183.02 $32,796.53
101 $32,796.53 $244.84 $0.00 $185.44 $33,226.81
102 $33,226.81 $244.84 $0.00 $187.87 $33,659.52
103 $33,659.52 $244.84 $0.00 $190.32 $34,094.68
104 $34,094.68 $244.84 $0.00 $192.78 $34,532.30
105 $34,532.30 $244.84 $0.00 $195.25 $34,972.39
106 $34,972.39 $244.84 $0.00 $197.74 $35,414.97
107 $35,414.97 $244.84 $0.00 $200.24 $35,860.05
108 $35,860.05 $244.84 $0.00 $202.76 $36,307.65
109 $36,307.65 $244.84 $0.00 $205.29 $36,757.78
110 $36,757.78 $244.84 $0.00 $207.83 $37,210.45
111 $37,210.45 $244.84 $0.00 $210.39 $37,665.68
112 $37,665.68 $244.84 $0.00 $212.97 $38,123.49
113 $38,123.49 $244.84 $0.00 $215.56 $38,583.89
114 $38,583.89 $244.84 $0.00 $218.16 $39,046.89
115 $39,046.89 $244.84 $0.00 $220.78 $39,512.51
116 $39,512.51 $244.84 $0.00 $223.41 $39,980.76
117 $39,980.76 $244.84 $0.00 $226.06 $40,451.66
118 $40,451.66 $244.84 $0.00 $228.72 $40,925.22
119 $40,925.22 $244.84 $0.00 $231.40 $41,401.46
120 $41,401.46 $244.84 $0.00 $234.09 $41,880.39
121 $41,880.39 $244.84 $0.00 $236.80 $42,362.03
122 $42,362.03 $244.84 $0.00 $239.52 $42,846.39
123 $42,846.39 $244.84 $0.00 $242.26 $43,333.49
124 $43,333.49 $244.84 $0.00 $245.01 $43,823.34
125 $43,823.34 $244.84 $0.00 $247.78 $44,315.96
126 $44,315.96 $244.84 $0.00 $250.57 $44,811.37
127 $44,811.37 $244.84 $0.00 $253.37 $45,309.58
128 $45,309.58 $244.84 $0.00 $256.19 $45,810.61
129 $45,810.61 $244.84 $0.00 $259.02 $46,314.47
130 $46,314.47 $244.84 $0.00 $261.87 $46,821.18
131 $46,821.18 $244.84 $0.00 $264.73 $47,330.75
132 $47,330.75 $244.84 $0.00 $267.61 $47,843.20
133 $47,843.20 $244.84 $0.00 $270.51 $48,358.55
134 $48,358.55 $244.84 $0.00 $273.43 $48,876.82
135 $48,876.82 $244.84 $0.00 $276.36 $49,398.02
136 $49,398.02 $244.84 $0.00 $279.30 $49,922.16
137 $49,922.16 $244.84 $0.00 $282.27 $50,449.27
138 $50,449.27 $244.84 $0.00 $285.25 $50,979.36
139 $50,979.36 $244.84 $0.00 $288.24 $51,512.44
140 $51,512.44 $244.84 $0.00 $291.26 $52,048.54
141 $52,048.54 $244.84 $0.00 $294.29 $52,587.67
142 $52,587.67 $244.84 $0.00 $297.34 $53,129.85
143 $53,129.85 $244.84 $0.00 $300.40 $53,675.09
144 $53,675.09 $244.84 $0.00 $303.49 $54,223.42
145 $54,223.42 $244.84 $0.00 $306.59 $54,774.85
146 $54,774.85 $244.84 $0.00 $309.70 $55,329.39
147 $55,329.39 $244.84 $0.00 $312.84 $55,887.07
148 $55,887.07 $244.84 $0.00 $315.99 $56,447.90
149 $56,447.90 $244.84 $0.00 $319.16 $57,011.90
150 $57,011.90 $244.84 $0.00 $322.35 $57,579.09
151 $57,579.09 $244.84 $0.00 $325.56 $58,149.49
152 $58,149.49 $244.84 $0.00 $328.79 $58,723.12
153 $58,723.12 $244.84 $0.00 $332.03 $59,299.99
154 $59,299.99 $244.84 $0.00 $335.29 $59,880.12
155 $59,880.12 $244.84 $0.00 $338.57 $60,463.53
156 $60,463.53 $244.84 $0.00 $341.87 $61,050.24
157 $61,050.24 $244.84 $0.00 $345.19 $61,640.27
158 $61,640.27 $244.84 $0.00 $348.52 $62,233.63
159 $62,233.63 $244.84 $0.00 $351.88 $62,830.35
160 $62,830.35 $244.84 $0.00 $355.25 $63,430.44
161 $63,430.44 $244.84 $0.00 $358.64 $64,033.92
162 $64,033.92 $244.84 $0.00 $362.06 $64,640.82
163 $64,640.82 $244.84 $0.00 $365.49 $65,251.15
164 $65,251.15 $244.84 $0.00 $368.94 $65,864.93
165 $65,864.93 $244.84 $0.00 $372.41 $66,482.18
166 $66,482.18 $244.84 $0.00 $375.90 $67,102.92
167 $67,102.92 $244.84 $0.00 $379.41 $67,727.17
168 $67,727.17 $244.84 $0.00 $382.94 $68,354.95
169 $68,354.95 $244.84 $0.00 $386.49 $68,986.28
170 $68,986.28 $244.84 $0.00 $390.06 $69,621.18
171 $69,621.18 $244.84 $0.00 $393.65 $70,259.67
172 $70,259.67 $244.84 $0.00 $397.26 $70,901.77
173 $70,901.77 $244.84 $0.00 $400.89 $71,547.50
174 $71,547.50 $244.84 $0.00 $404.54 $72,196.88
175 $72,196.88 $244.84 $0.00 $408.21 $72,849.93
176 $72,849.93 $244.84 $0.00 $411.90 $73,506.67
177 $73,506.67 $244.84 $0.00 $415.62 $74,167.13
178 $74,167.13 $244.84 $0.00 $419.35 $74,831.32
179 $74,831.32 $244.84 $0.00 $423.11 $75,499.27
180 $75,499.27 $244.84 $0.00 $426.88 $76,170.99
181 $76,170.99 $244.84 $0.00 $430.68 $76,846.51
182 $76,846.51 $244.84 $0.00 $434.50 $77,525.85
183 $77,525.85 $244.84 $0.00 $438.34 $78,209.03
184 $78,209.03 $244.84 $0.00 $442.21 $78,896.08
185 $78,896.08 $244.84 $0.00 $446.09 $79,587.01
186 $79,587.01 $244.84 $0.00 $450.00 $80,281.85
187 $80,281.85 $244.84 $0.00 $453.93 $80,980.62
188 $80,980.62 $244.84 $0.00 $457.88 $81,683.34
189 $81,683.34 $244.84 $0.00 $461.85 $82,390.03
190 $82,390.03 $244.84 $0.00 $465.85 $83,100.72
191 $83,100.72 $244.84 $0.00 $469.86 $83,815.42
192 $83,815.42 $244.84 $0.00 $473.90 $84,534.16
193 $84,534.16 $244.84 $0.00 $477.97 $85,256.97
194 $85,256.97 $244.84 $0.00 $482.06 $85,983.87
195 $85,983.87 $244.84 $0.00 $486.17 $86,714.88
196 $86,714.88 $244.84 $0.00 $490.30 $87,450.02
197 $87,450.02 $244.84 $0.00 $494.46 $88,189.32
198 $88,189.32 $244.84 $0.00 $498.64 $88,932.80
199 $88,932.80 $244.84 $0.00 $502.84 $89,680.48
200 $89,680.48 $244.84 $0.00 $507.07 $90,432.39
201 $90,432.39 $244.84 $0.00 $511.32 $91,188.55
202 $91,188.55 $244.84 $0.00 $515.59 $91,948.98
203 $91,948.98 $244.84 $0.00 $519.89 $92,713.71
204 $92,713.71 $244.84 $0.00 $524.22 $93,482.77
205 $93,482.77 $244.84 $0.00 $528.57 $94,256.18
206 $94,256.18 $244.84 $0.00 $532.94 $95,033.96
207 $95,033.96 $244.84 $0.00 $537.34 $95,816.14
208 $95,816.14 $244.84 $0.00 $541.76 $96,602.74
209 $96,602.74 $244.84 $0.00 $546.21 $97,393.79
210 $97,393.79 $244.84 $0.00 $550.68 $98,189.31
211 $98,189.31 $244.84 $0.00 $555.18 $98,989.33
212 $98,989.33 $244.84 $0.00 $559.70 $99,793.87
213 $99,793.87 $244.84 $0.00 $564.25 $100,602.96
214 $100,602.96 $244.84 $0.00 $568.82 $101,416.62
215 $101,416.62 $244.84 $0.00 $573.42 $102,234.88
216 $102,234.88 $244.84 $0.00 $578.05 $103,057.77
217 $103,057.77 $244.84 $53,747.03 $582.70 $50,138.28
218 $50,138.28 $244.84 $0.00 $283.49 $50,666.61
219 $50,666.61 $244.84 $0.00 $286.48 $51,197.93
220 $51,197.93 $244.84 $0.00 $289.48 $51,732.25
221 $51,732.25 $244.84 $0.00 $292.50 $52,269.59
222 $52,269.59 $244.84 $0.00 $295.54 $52,809.97
223 $52,809.97 $244.84 $0.00 $298.60 $53,353.41
224 $53,353.41 $244.84 $0.00 $301.67 $53,899.92
225 $53,899.92 $244.84 $0.00 $304.76 $54,449.52
226 $54,449.52 $244.84 $0.00 $307.87 $55,002.23
227 $55,002.23 $244.84 $0.00 $310.99 $55,558.06
228 $55,558.06 $244.84 $0.00 $314.13 $56,117.03
229 $56,117.03 $0.00 $56,434.38 $317.29 ($0.06)