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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$63,470
Monthly savings required$282

How much will it cost to send your child to County College of Morris in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $126,940.74 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $282.09 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$25,730.00
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 $282.09 $0.00 $0.00 $282.09
2 $282.09 $282.09 $0.00 $1.59 $565.77
3 $565.77 $282.09 $0.00 $3.20 $851.06
4 $851.06 $282.09 $0.00 $4.81 $1,137.96
5 $1,137.96 $282.09 $0.00 $6.43 $1,426.48
6 $1,426.48 $282.09 $0.00 $8.07 $1,716.64
7 $1,716.64 $282.09 $0.00 $9.71 $2,008.44
8 $2,008.44 $282.09 $0.00 $11.36 $2,301.89
9 $2,301.89 $282.09 $0.00 $13.02 $2,597.00
10 $2,597.00 $282.09 $0.00 $14.68 $2,893.77
11 $2,893.77 $282.09 $0.00 $16.36 $3,192.22
12 $3,192.22 $282.09 $0.00 $18.05 $3,492.36
13 $3,492.36 $282.09 $0.00 $19.75 $3,794.20
14 $3,794.20 $282.09 $0.00 $21.45 $4,097.74
15 $4,097.74 $282.09 $0.00 $23.17 $4,403.00
16 $4,403.00 $282.09 $0.00 $24.90 $4,709.99
17 $4,709.99 $282.09 $0.00 $26.63 $5,018.71
18 $5,018.71 $282.09 $0.00 $28.38 $5,329.18
19 $5,329.18 $282.09 $0.00 $30.13 $5,641.40
20 $5,641.40 $282.09 $0.00 $31.90 $5,955.39
21 $5,955.39 $282.09 $0.00 $33.67 $6,271.15
22 $6,271.15 $282.09 $0.00 $35.46 $6,588.70
23 $6,588.70 $282.09 $0.00 $37.25 $6,908.04
24 $6,908.04 $282.09 $0.00 $39.06 $7,229.19
25 $7,229.19 $282.09 $0.00 $40.87 $7,552.15
26 $7,552.15 $282.09 $0.00 $42.70 $7,876.94
27 $7,876.94 $282.09 $0.00 $44.54 $8,203.57
28 $8,203.57 $282.09 $0.00 $46.38 $8,532.04
29 $8,532.04 $282.09 $0.00 $48.24 $8,862.37
30 $8,862.37 $282.09 $0.00 $50.11 $9,194.57
31 $9,194.57 $282.09 $0.00 $51.99 $9,528.65
32 $9,528.65 $282.09 $0.00 $53.88 $9,864.62
33 $9,864.62 $282.09 $0.00 $55.78 $10,202.49
34 $10,202.49 $282.09 $0.00 $57.69 $10,542.27
35 $10,542.27 $282.09 $0.00 $59.61 $10,883.97
36 $10,883.97 $282.09 $0.00 $61.54 $11,227.60
37 $11,227.60 $282.09 $0.00 $63.48 $11,573.17
38 $11,573.17 $282.09 $0.00 $65.44 $11,920.70
39 $11,920.70 $282.09 $0.00 $67.40 $12,270.19
40 $12,270.19 $282.09 $0.00 $69.38 $12,621.66
41 $12,621.66 $282.09 $0.00 $71.36 $12,975.11
42 $12,975.11 $282.09 $0.00 $73.36 $13,330.56
43 $13,330.56 $282.09 $0.00 $75.37 $13,688.02
44 $13,688.02 $282.09 $0.00 $77.39 $14,047.50
45 $14,047.50 $282.09 $0.00 $79.43 $14,409.02
46 $14,409.02 $282.09 $0.00 $81.47 $14,772.58
47 $14,772.58 $282.09 $0.00 $83.53 $15,138.20
48 $15,138.20 $282.09 $0.00 $85.59 $15,505.88
49 $15,505.88 $282.09 $0.00 $87.67 $15,875.64
50 $15,875.64 $282.09 $0.00 $89.76 $16,247.49
51 $16,247.49 $282.09 $0.00 $91.87 $16,621.45
52 $16,621.45 $282.09 $0.00 $93.98 $16,997.52
53 $16,997.52 $282.09 $0.00 $96.11 $17,375.72
54 $17,375.72 $282.09 $0.00 $98.24 $17,756.05
55 $17,756.05 $282.09 $0.00 $100.40 $18,138.54
56 $18,138.54 $282.09 $0.00 $102.56 $18,523.19
57 $18,523.19 $282.09 $0.00 $104.73 $18,910.01
58 $18,910.01 $282.09 $0.00 $106.92 $19,299.02
59 $19,299.02 $282.09 $0.00 $109.12 $19,690.23
60 $19,690.23 $282.09 $0.00 $111.33 $20,083.65
61 $20,083.65 $282.09 $0.00 $113.56 $20,479.30
62 $20,479.30 $282.09 $0.00 $115.79 $20,877.18
63 $20,877.18 $282.09 $0.00 $118.04 $21,277.31
64 $21,277.31 $282.09 $0.00 $120.31 $21,679.71
65 $21,679.71 $282.09 $0.00 $122.58 $22,084.38
66 $22,084.38 $282.09 $0.00 $124.87 $22,491.34
67 $22,491.34 $282.09 $0.00 $127.17 $22,900.60
68 $22,900.60 $282.09 $0.00 $129.48 $23,312.17
69 $23,312.17 $282.09 $0.00 $131.81 $23,726.07
70 $23,726.07 $282.09 $0.00 $134.15 $24,142.31
71 $24,142.31 $282.09 $0.00 $136.50 $24,560.90
72 $24,560.90 $282.09 $0.00 $138.87 $24,981.86
73 $24,981.86 $282.09 $0.00 $141.25 $25,405.20
74 $25,405.20 $282.09 $0.00 $143.64 $25,830.93
75 $25,830.93 $282.09 $0.00 $146.05 $26,259.07
76 $26,259.07 $282.09 $0.00 $148.47 $26,689.63
77 $26,689.63 $282.09 $0.00 $150.91 $27,122.63
78 $27,122.63 $282.09 $0.00 $153.36 $27,558.08
79 $27,558.08 $282.09 $0.00 $155.82 $27,995.99
80 $27,995.99 $282.09 $0.00 $158.29 $28,436.37
81 $28,436.37 $282.09 $0.00 $160.78 $28,879.24
82 $28,879.24 $282.09 $0.00 $163.29 $29,324.62
83 $29,324.62 $282.09 $0.00 $165.81 $29,772.52
84 $29,772.52 $282.09 $0.00 $168.34 $30,222.95
85 $30,222.95 $282.09 $0.00 $170.88 $30,675.92
86 $30,675.92 $282.09 $0.00 $173.45 $31,131.46
87 $31,131.46 $282.09 $0.00 $176.02 $31,589.57
88 $31,589.57 $282.09 $0.00 $178.61 $32,050.27
89 $32,050.27 $282.09 $0.00 $181.22 $32,513.58
90 $32,513.58 $282.09 $0.00 $183.84 $32,979.51
91 $32,979.51 $282.09 $0.00 $186.47 $33,448.07
92 $33,448.07 $282.09 $0.00 $189.12 $33,919.28
93 $33,919.28 $282.09 $0.00 $191.78 $34,393.15
94 $34,393.15 $282.09 $0.00 $194.46 $34,869.70
95 $34,869.70 $282.09 $0.00 $197.16 $35,348.95
96 $35,348.95 $282.09 $0.00 $199.87 $35,830.91
97 $35,830.91 $282.09 $0.00 $202.59 $36,315.59
98 $36,315.59 $282.09 $0.00 $205.33 $36,803.01
99 $36,803.01 $282.09 $0.00 $208.09 $37,293.19
100 $37,293.19 $282.09 $0.00 $210.86 $37,786.14
101 $37,786.14 $282.09 $0.00 $213.65 $38,281.88
102 $38,281.88 $282.09 $0.00 $216.45 $38,780.42
103 $38,780.42 $282.09 $0.00 $219.27 $39,281.78
104 $39,281.78 $282.09 $0.00 $222.10 $39,785.97
105 $39,785.97 $282.09 $0.00 $224.96 $40,293.02
106 $40,293.02 $282.09 $0.00 $227.82 $40,802.93
107 $40,802.93 $282.09 $0.00 $230.71 $41,315.73
108 $41,315.73 $282.09 $0.00 $233.61 $41,831.43
109 $41,831.43 $282.09 $0.00 $236.52 $42,350.04
110 $42,350.04 $282.09 $0.00 $239.45 $42,871.58
111 $42,871.58 $282.09 $0.00 $242.40 $43,396.07
112 $43,396.07 $282.09 $0.00 $245.37 $43,923.53
113 $43,923.53 $282.09 $0.00 $248.35 $44,453.97
114 $44,453.97 $282.09 $0.00 $251.35 $44,987.41
115 $44,987.41 $282.09 $0.00 $254.37 $45,523.87
116 $45,523.87 $282.09 $0.00 $257.40 $46,063.36
117 $46,063.36 $282.09 $0.00 $260.45 $46,605.90
118 $46,605.90 $282.09 $0.00 $263.52 $47,151.51
119 $47,151.51 $282.09 $0.00 $266.60 $47,700.20
120 $47,700.20 $282.09 $0.00 $269.70 $48,251.99
121 $48,251.99 $282.09 $0.00 $272.82 $48,806.90
122 $48,806.90 $282.09 $0.00 $275.96 $49,364.95
123 $49,364.95 $282.09 $0.00 $279.12 $49,926.16
124 $49,926.16 $282.09 $0.00 $282.29 $50,490.54
125 $50,490.54 $282.09 $0.00 $285.48 $51,058.11
126 $51,058.11 $282.09 $0.00 $288.69 $51,628.89
127 $51,628.89 $282.09 $0.00 $291.92 $52,202.90
128 $52,202.90 $282.09 $0.00 $295.16 $52,780.15
129 $52,780.15 $282.09 $0.00 $298.43 $53,360.67
130 $53,360.67 $282.09 $0.00 $301.71 $53,944.47
131 $53,944.47 $282.09 $0.00 $305.01 $54,531.57
132 $54,531.57 $282.09 $0.00 $308.33 $55,121.99
133 $55,121.99 $282.09 $0.00 $311.67 $55,715.75
134 $55,715.75 $282.09 $0.00 $315.02 $56,312.86
135 $56,312.86 $282.09 $0.00 $318.40 $56,913.35
136 $56,913.35 $282.09 $0.00 $321.80 $57,517.24
137 $57,517.24 $282.09 $0.00 $325.21 $58,124.54
138 $58,124.54 $282.09 $0.00 $328.64 $58,735.27
139 $58,735.27 $282.09 $0.00 $332.10 $59,349.46
140 $59,349.46 $282.09 $0.00 $335.57 $59,967.12
141 $59,967.12 $282.09 $0.00 $339.06 $60,588.27
142 $60,588.27 $282.09 $0.00 $342.57 $61,212.93
143 $61,212.93 $282.09 $0.00 $346.11 $61,841.13
144 $61,841.13 $282.09 $0.00 $349.66 $62,472.88
145 $62,472.88 $282.09 $0.00 $353.23 $63,108.20
146 $63,108.20 $282.09 $0.00 $356.82 $63,747.11
147 $63,747.11 $282.09 $0.00 $360.44 $64,389.64
148 $64,389.64 $282.09 $0.00 $364.07 $65,035.80
149 $65,035.80 $282.09 $0.00 $367.72 $65,685.61
150 $65,685.61 $282.09 $0.00 $371.40 $66,339.10
151 $66,339.10 $282.09 $0.00 $375.09 $66,996.28
152 $66,996.28 $282.09 $0.00 $378.81 $67,657.18
153 $67,657.18 $282.09 $0.00 $382.54 $68,321.81
154 $68,321.81 $282.09 $0.00 $386.30 $68,990.20
155 $68,990.20 $282.09 $0.00 $390.08 $69,662.37
156 $69,662.37 $282.09 $0.00 $393.88 $70,338.34
157 $70,338.34 $282.09 $0.00 $397.70 $71,018.13
158 $71,018.13 $282.09 $0.00 $401.55 $71,701.77
159 $71,701.77 $282.09 $0.00 $405.41 $72,389.27
160 $72,389.27 $282.09 $0.00 $409.30 $73,080.66
161 $73,080.66 $282.09 $0.00 $413.21 $73,775.96
162 $73,775.96 $282.09 $0.00 $417.14 $74,475.19
163 $74,475.19 $282.09 $0.00 $421.09 $75,178.37
164 $75,178.37 $282.09 $0.00 $425.07 $75,885.53
165 $75,885.53 $282.09 $0.00 $429.07 $76,596.69
166 $76,596.69 $282.09 $0.00 $433.09 $77,311.87
167 $77,311.87 $282.09 $0.00 $437.13 $78,031.09
168 $78,031.09 $282.09 $0.00 $441.20 $78,754.38
169 $78,754.38 $282.09 $0.00 $445.29 $79,481.76
170 $79,481.76 $282.09 $0.00 $449.40 $80,213.25
171 $80,213.25 $282.09 $0.00 $453.54 $80,948.88
172 $80,948.88 $282.09 $0.00 $457.70 $81,688.67
173 $81,688.67 $282.09 $0.00 $461.88 $82,432.64
174 $82,432.64 $282.09 $0.00 $466.09 $83,180.82
175 $83,180.82 $282.09 $0.00 $470.32 $83,933.23
176 $83,933.23 $282.09 $0.00 $474.57 $84,689.89
177 $84,689.89 $282.09 $0.00 $478.85 $85,450.83
178 $85,450.83 $282.09 $0.00 $483.15 $86,216.07
179 $86,216.07 $282.09 $0.00 $487.48 $86,985.64
180 $86,985.64 $282.09 $0.00 $491.83 $87,759.56
181 $87,759.56 $282.09 $0.00 $496.21 $88,537.86
182 $88,537.86 $282.09 $0.00 $500.61 $89,320.56
183 $89,320.56 $282.09 $0.00 $505.03 $90,107.68
184 $90,107.68 $282.09 $0.00 $509.48 $90,899.25
185 $90,899.25 $282.09 $0.00 $513.96 $91,695.30
186 $91,695.30 $282.09 $0.00 $518.46 $92,495.85
187 $92,495.85 $282.09 $0.00 $522.98 $93,300.92
188 $93,300.92 $282.09 $0.00 $527.54 $94,110.55
189 $94,110.55 $282.09 $0.00 $532.11 $94,924.75
190 $94,924.75 $282.09 $0.00 $536.72 $95,743.56
191 $95,743.56 $282.09 $0.00 $541.35 $96,567.00
192 $96,567.00 $282.09 $0.00 $546.00 $97,395.09
193 $97,395.09 $282.09 $0.00 $550.69 $98,227.87
194 $98,227.87 $282.09 $0.00 $555.39 $99,065.35
195 $99,065.35 $282.09 $0.00 $560.13 $99,907.57
196 $99,907.57 $282.09 $0.00 $564.89 $100,754.55
197 $100,754.55 $282.09 $0.00 $569.68 $101,606.32
198 $101,606.32 $282.09 $0.00 $574.50 $102,462.91
199 $102,462.91 $282.09 $0.00 $579.34 $103,324.34
200 $103,324.34 $282.09 $0.00 $584.21 $104,190.64
201 $104,190.64 $282.09 $0.00 $589.11 $105,061.84
202 $105,061.84 $282.09 $0.00 $594.03 $105,937.96
203 $105,937.96 $282.09 $0.00 $598.99 $106,819.04
204 $106,819.04 $282.09 $0.00 $603.97 $107,705.10
205 $107,705.10 $282.09 $0.00 $608.98 $108,596.17
206 $108,596.17 $282.09 $0.00 $614.02 $109,492.28
207 $109,492.28 $282.09 $0.00 $619.09 $110,393.46
208 $110,393.46 $282.09 $0.00 $624.18 $111,299.73
209 $111,299.73 $282.09 $0.00 $629.30 $112,211.12
210 $112,211.12 $282.09 $0.00 $634.46 $113,127.67
211 $113,127.67 $282.09 $0.00 $639.64 $114,049.40
212 $114,049.40 $282.09 $0.00 $644.85 $114,976.34
213 $114,976.34 $282.09 $0.00 $650.09 $115,908.52
214 $115,908.52 $282.09 $0.00 $655.36 $116,845.97
215 $116,845.97 $282.09 $0.00 $660.66 $117,788.72
216 $117,788.72 $282.09 $0.00 $665.99 $118,736.80
217 $118,736.80 $282.09 $61,922.31 $671.36 $57,767.94
218 $57,767.94 $282.09 $0.00 $326.63 $58,376.66
219 $58,376.66 $282.09 $0.00 $330.07 $58,988.82
220 $58,988.82 $282.09 $0.00 $333.53 $59,604.44
221 $59,604.44 $282.09 $0.00 $337.01 $60,223.54
222 $60,223.54 $282.09 $0.00 $340.51 $60,846.14
223 $60,846.14 $282.09 $0.00 $344.03 $61,472.26
224 $61,472.26 $282.09 $0.00 $347.57 $62,101.92
225 $62,101.92 $282.09 $0.00 $351.13 $62,735.14
226 $62,735.14 $282.09 $0.00 $354.71 $63,371.94
227 $63,371.94 $282.09 $0.00 $358.31 $64,012.34
228 $64,012.34 $282.09 $0.00 $361.94 $64,656.37
229 $64,656.37 $0.00 $65,018.43 $365.58 $3.52