Savings Plan and Future Cost Estimation for New Jersey Institute of Technology

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2042$150,675
Monthly savings required$1,191

How much will it cost to send your child to New Jersey Institute of Technology in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $602,699.35 for students enrolling in 2042 if tuition increases average 7% per year until then.   Assuming you have no current college savings, monthly deposits of $1,190.80 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$40,162.00
Years until enrollment18
Annual Tuition Increase7%
Current Savings$0.00
After Tax Return on Savings7%
Years of enrollment4

Current Savings Shortfall

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Planned Savings Balance

College Savings Schedule

Month Begin Deposit Withdraw Interest End
1 $0.00 $1,190.80 $0.00 $0.00 $1,190.80
2 $1,190.80 $1,190.80 $0.00 $6.73 $2,388.33
3 $2,388.33 $1,190.80 $0.00 $13.50 $3,592.63
4 $3,592.63 $1,190.80 $0.00 $20.31 $4,803.74
5 $4,803.74 $1,190.80 $0.00 $27.16 $6,021.70
6 $6,021.70 $1,190.80 $0.00 $34.05 $7,246.55
7 $7,246.55 $1,190.80 $0.00 $40.97 $8,478.32
8 $8,478.32 $1,190.80 $0.00 $47.94 $9,717.06
9 $9,717.06 $1,190.80 $0.00 $54.94 $10,962.80
10 $10,962.80 $1,190.80 $0.00 $61.99 $12,215.59
11 $12,215.59 $1,190.80 $0.00 $69.07 $13,475.46
12 $13,475.46 $1,190.80 $0.00 $76.19 $14,742.45
13 $14,742.45 $1,190.80 $0.00 $83.36 $16,016.61
14 $16,016.61 $1,190.80 $0.00 $90.56 $17,297.97
15 $17,297.97 $1,190.80 $0.00 $97.81 $18,586.58
16 $18,586.58 $1,190.80 $0.00 $105.09 $19,882.47
17 $19,882.47 $1,190.80 $0.00 $112.42 $21,185.69
18 $21,185.69 $1,190.80 $0.00 $119.79 $22,496.28
19 $22,496.28 $1,190.80 $0.00 $127.20 $23,814.28
20 $23,814.28 $1,190.80 $0.00 $134.65 $25,139.73
21 $25,139.73 $1,190.80 $0.00 $142.14 $26,472.67
22 $26,472.67 $1,190.80 $0.00 $149.68 $27,813.15
23 $27,813.15 $1,190.80 $0.00 $157.26 $29,161.21
24 $29,161.21 $1,190.80 $0.00 $164.88 $30,516.89
25 $30,516.89 $1,190.80 $0.00 $172.55 $31,880.24
26 $31,880.24 $1,190.80 $0.00 $180.26 $33,251.30
27 $33,251.30 $1,190.80 $0.00 $188.01 $34,630.11
28 $34,630.11 $1,190.80 $0.00 $195.80 $36,016.71
29 $36,016.71 $1,190.80 $0.00 $203.64 $37,411.15
30 $37,411.15 $1,190.80 $0.00 $211.53 $38,813.48
31 $38,813.48 $1,190.80 $0.00 $219.46 $40,223.74
32 $40,223.74 $1,190.80 $0.00 $227.43 $41,641.97
33 $41,641.97 $1,190.80 $0.00 $235.45 $43,068.22
34 $43,068.22 $1,190.80 $0.00 $243.51 $44,502.53
35 $44,502.53 $1,190.80 $0.00 $251.62 $45,944.95
36 $45,944.95 $1,190.80 $0.00 $259.78 $47,395.53
37 $47,395.53 $1,190.80 $0.00 $267.98 $48,854.31
38 $48,854.31 $1,190.80 $0.00 $276.23 $50,321.34
39 $50,321.34 $1,190.80 $0.00 $284.52 $51,796.66
40 $51,796.66 $1,190.80 $0.00 $292.87 $53,280.33
41 $53,280.33 $1,190.80 $0.00 $301.25 $54,772.38
42 $54,772.38 $1,190.80 $0.00 $309.69 $56,272.87
43 $56,272.87 $1,190.80 $0.00 $318.17 $57,781.84
44 $57,781.84 $1,190.80 $0.00 $326.71 $59,299.35
45 $59,299.35 $1,190.80 $0.00 $335.29 $60,825.44
46 $60,825.44 $1,190.80 $0.00 $343.92 $62,360.16
47 $62,360.16 $1,190.80 $0.00 $352.59 $63,903.55
48 $63,903.55 $1,190.80 $0.00 $361.32 $65,455.67
49 $65,455.67 $1,190.80 $0.00 $370.10 $67,016.57
50 $67,016.57 $1,190.80 $0.00 $378.92 $68,586.29
51 $68,586.29 $1,190.80 $0.00 $387.80 $70,164.89
52 $70,164.89 $1,190.80 $0.00 $396.72 $71,752.41
53 $71,752.41 $1,190.80 $0.00 $405.70 $73,348.91
54 $73,348.91 $1,190.80 $0.00 $414.73 $74,954.44
55 $74,954.44 $1,190.80 $0.00 $423.80 $76,569.04
56 $76,569.04 $1,190.80 $0.00 $432.93 $78,192.77
57 $78,192.77 $1,190.80 $0.00 $442.11 $79,825.68
58 $79,825.68 $1,190.80 $0.00 $451.35 $81,467.83
59 $81,467.83 $1,190.80 $0.00 $460.63 $83,119.26
60 $83,119.26 $1,190.80 $0.00 $469.97 $84,780.03
61 $84,780.03 $1,190.80 $0.00 $479.36 $86,450.19
62 $86,450.19 $1,190.80 $0.00 $488.80 $88,129.79
63 $88,129.79 $1,190.80 $0.00 $498.30 $89,818.89
64 $89,818.89 $1,190.80 $0.00 $507.85 $91,517.54
65 $91,517.54 $1,190.80 $0.00 $517.45 $93,225.79
66 $93,225.79 $1,190.80 $0.00 $527.11 $94,943.70
67 $94,943.70 $1,190.80 $0.00 $536.83 $96,671.33
68 $96,671.33 $1,190.80 $0.00 $546.59 $98,408.72
69 $98,408.72 $1,190.80 $0.00 $556.42 $100,155.94
70 $100,155.94 $1,190.80 $0.00 $566.30 $101,913.04
71 $101,913.04 $1,190.80 $0.00 $576.23 $103,680.07
72 $103,680.07 $1,190.80 $0.00 $586.22 $105,457.09
73 $105,457.09 $1,190.80 $0.00 $596.27 $107,244.16
74 $107,244.16 $1,190.80 $0.00 $606.37 $109,041.33
75 $109,041.33 $1,190.80 $0.00 $616.54 $110,848.67
76 $110,848.67 $1,190.80 $0.00 $626.75 $112,666.22
77 $112,666.22 $1,190.80 $0.00 $637.03 $114,494.05
78 $114,494.05 $1,190.80 $0.00 $647.37 $116,332.22
79 $116,332.22 $1,190.80 $0.00 $657.76 $118,180.78
80 $118,180.78 $1,190.80 $0.00 $668.21 $120,039.79
81 $120,039.79 $1,190.80 $0.00 $678.72 $121,909.31
82 $121,909.31 $1,190.80 $0.00 $689.29 $123,789.40
83 $123,789.40 $1,190.80 $0.00 $699.92 $125,680.12
84 $125,680.12 $1,190.80 $0.00 $710.61 $127,581.53
85 $127,581.53 $1,190.80 $0.00 $721.36 $129,493.69
86 $129,493.69 $1,190.80 $0.00 $732.18 $131,416.67
87 $131,416.67 $1,190.80 $0.00 $743.05 $133,350.52
88 $133,350.52 $1,190.80 $0.00 $753.98 $135,295.30
89 $135,295.30 $1,190.80 $0.00 $764.98 $137,251.08
90 $137,251.08 $1,190.80 $0.00 $776.04 $139,217.92
91 $139,217.92 $1,190.80 $0.00 $787.16 $141,195.88
92 $141,195.88 $1,190.80 $0.00 $798.34 $143,185.02
93 $143,185.02 $1,190.80 $0.00 $809.59 $145,185.41
94 $145,185.41 $1,190.80 $0.00 $820.90 $147,197.11
95 $147,197.11 $1,190.80 $0.00 $832.27 $149,220.18
96 $149,220.18 $1,190.80 $0.00 $843.71 $151,254.69
97 $151,254.69 $1,190.80 $0.00 $855.22 $153,300.71
98 $153,300.71 $1,190.80 $0.00 $866.78 $155,358.29
99 $155,358.29 $1,190.80 $0.00 $878.42 $157,427.51
100 $157,427.51 $1,190.80 $0.00 $890.12 $159,508.43
101 $159,508.43 $1,190.80 $0.00 $901.88 $161,601.11
102 $161,601.11 $1,190.80 $0.00 $913.72 $163,705.63
103 $163,705.63 $1,190.80 $0.00 $925.62 $165,822.05
104 $165,822.05 $1,190.80 $0.00 $937.58 $167,950.43
105 $167,950.43 $1,190.80 $0.00 $949.62 $170,090.85
106 $170,090.85 $1,190.80 $0.00 $961.72 $172,243.37
107 $172,243.37 $1,190.80 $0.00 $973.89 $174,408.06
108 $174,408.06 $1,190.80 $0.00 $986.13 $176,584.99
109 $176,584.99 $1,190.80 $0.00 $998.44 $178,774.23
110 $178,774.23 $1,190.80 $0.00 $1,010.82 $180,975.85
111 $180,975.85 $1,190.80 $0.00 $1,023.26 $183,189.91
112 $183,189.91 $1,190.80 $0.00 $1,035.78 $185,416.49
113 $185,416.49 $1,190.80 $0.00 $1,048.37 $187,655.66
114 $187,655.66 $1,190.80 $0.00 $1,061.03 $189,907.49
115 $189,907.49 $1,190.80 $0.00 $1,073.76 $192,172.05
116 $192,172.05 $1,190.80 $0.00 $1,086.57 $194,449.42
117 $194,449.42 $1,190.80 $0.00 $1,099.45 $196,739.67
118 $196,739.67 $1,190.80 $0.00 $1,112.39 $199,042.86
119 $199,042.86 $1,190.80 $0.00 $1,125.42 $201,359.08
120 $201,359.08 $1,190.80 $0.00 $1,138.51 $203,688.39
121 $203,688.39 $1,190.80 $0.00 $1,151.68 $206,030.87
122 $206,030.87 $1,190.80 $0.00 $1,164.93 $208,386.60
123 $208,386.60 $1,190.80 $0.00 $1,178.25 $210,755.65
124 $210,755.65 $1,190.80 $0.00 $1,191.64 $213,138.09
125 $213,138.09 $1,190.80 $0.00 $1,205.11 $215,534.00
126 $215,534.00 $1,190.80 $0.00 $1,218.66 $217,943.46
127 $217,943.46 $1,190.80 $0.00 $1,232.28 $220,366.54
128 $220,366.54 $1,190.80 $0.00 $1,245.98 $222,803.32
129 $222,803.32 $1,190.80 $0.00 $1,259.76 $225,253.88
130 $225,253.88 $1,190.80 $0.00 $1,273.62 $227,718.30
131 $227,718.30 $1,190.80 $0.00 $1,287.55 $230,196.65
132 $230,196.65 $1,190.80 $0.00 $1,301.57 $232,689.02
133 $232,689.02 $1,190.80 $0.00 $1,315.66 $235,195.48
134 $235,195.48 $1,190.80 $0.00 $1,329.83 $237,716.11
135 $237,716.11 $1,190.80 $0.00 $1,344.08 $240,250.99
136 $240,250.99 $1,190.80 $0.00 $1,358.41 $242,800.20
137 $242,800.20 $1,190.80 $0.00 $1,372.83 $245,363.83
138 $245,363.83 $1,190.80 $0.00 $1,387.32 $247,941.95
139 $247,941.95 $1,190.80 $0.00 $1,401.90 $250,534.65
140 $250,534.65 $1,190.80 $0.00 $1,416.56 $253,142.01
141 $253,142.01 $1,190.80 $0.00 $1,431.30 $255,764.11
142 $255,764.11 $1,190.80 $0.00 $1,446.13 $258,401.04
143 $258,401.04 $1,190.80 $0.00 $1,461.04 $261,052.88
144 $261,052.88 $1,190.80 $0.00 $1,476.03 $263,719.71
145 $263,719.71 $1,190.80 $0.00 $1,491.11 $266,401.62
146 $266,401.62 $1,190.80 $0.00 $1,506.27 $269,098.69
147 $269,098.69 $1,190.80 $0.00 $1,521.52 $271,811.01
148 $271,811.01 $1,190.80 $0.00 $1,536.86 $274,538.67
149 $274,538.67 $1,190.80 $0.00 $1,552.28 $277,281.75
150 $277,281.75 $1,190.80 $0.00 $1,567.79 $280,040.34
151 $280,040.34 $1,190.80 $0.00 $1,583.39 $282,814.53
152 $282,814.53 $1,190.80 $0.00 $1,599.07 $285,604.40
153 $285,604.40 $1,190.80 $0.00 $1,614.85 $288,410.05
154 $288,410.05 $1,190.80 $0.00 $1,630.71 $291,231.56
155 $291,231.56 $1,190.80 $0.00 $1,646.67 $294,069.03
156 $294,069.03 $1,190.80 $0.00 $1,662.71 $296,922.54
157 $296,922.54 $1,190.80 $0.00 $1,678.84 $299,792.18
158 $299,792.18 $1,190.80 $0.00 $1,695.07 $302,678.05
159 $302,678.05 $1,190.80 $0.00 $1,711.39 $305,580.24
160 $305,580.24 $1,190.80 $0.00 $1,727.80 $308,498.84
161 $308,498.84 $1,190.80 $0.00 $1,744.30 $311,433.94
162 $311,433.94 $1,190.80 $0.00 $1,760.89 $314,385.63
163 $314,385.63 $1,190.80 $0.00 $1,777.58 $317,354.01
164 $317,354.01 $1,190.80 $0.00 $1,794.37 $320,339.18
165 $320,339.18 $1,190.80 $0.00 $1,811.24 $323,341.22
166 $323,341.22 $1,190.80 $0.00 $1,828.22 $326,360.24
167 $326,360.24 $1,190.80 $0.00 $1,845.29 $329,396.33
168 $329,396.33 $1,190.80 $0.00 $1,862.45 $332,449.58
169 $332,449.58 $1,190.80 $0.00 $1,879.72 $335,520.10
170 $335,520.10 $1,190.80 $0.00 $1,897.08 $338,607.98
171 $338,607.98 $1,190.80 $0.00 $1,914.54 $341,713.32
172 $341,713.32 $1,190.80 $0.00 $1,932.10 $344,836.22
173 $344,836.22 $1,190.80 $0.00 $1,949.75 $347,976.77
174 $347,976.77 $1,190.80 $0.00 $1,967.51 $351,135.08
175 $351,135.08 $1,190.80 $0.00 $1,985.37 $354,311.25
176 $354,311.25 $1,190.80 $0.00 $2,003.33 $357,505.38
177 $357,505.38 $1,190.80 $0.00 $2,021.39 $360,717.57
178 $360,717.57 $1,190.80 $0.00 $2,039.55 $363,947.92
179 $363,947.92 $1,190.80 $0.00 $2,057.81 $367,196.53
180 $367,196.53 $1,190.80 $0.00 $2,076.18 $370,463.51
181 $370,463.51 $1,190.80 $0.00 $2,094.65 $373,748.96
182 $373,748.96 $1,190.80 $0.00 $2,113.23 $377,052.99
183 $377,052.99 $1,190.80 $0.00 $2,131.91 $380,375.70
184 $380,375.70 $1,190.80 $0.00 $2,150.70 $383,717.20
185 $383,717.20 $1,190.80 $0.00 $2,169.59 $387,077.59
186 $387,077.59 $1,190.80 $0.00 $2,188.59 $390,456.98
187 $390,456.98 $1,190.80 $0.00 $2,207.70 $393,855.48
188 $393,855.48 $1,190.80 $0.00 $2,226.92 $397,273.20
189 $397,273.20 $1,190.80 $0.00 $2,246.24 $400,710.24
190 $400,710.24 $1,190.80 $0.00 $2,265.67 $404,166.71
191 $404,166.71 $1,190.80 $0.00 $2,285.22 $407,642.73
192 $407,642.73 $1,190.80 $0.00 $2,304.87 $411,138.40
193 $411,138.40 $1,190.80 $0.00 $2,324.64 $414,653.84
194 $414,653.84 $1,190.80 $0.00 $2,344.51 $418,189.15
195 $418,189.15 $1,190.80 $0.00 $2,364.50 $421,744.45
196 $421,744.45 $1,190.80 $0.00 $2,384.60 $425,319.85
197 $425,319.85 $1,190.80 $0.00 $2,404.82 $428,915.47
198 $428,915.47 $1,190.80 $0.00 $2,425.15 $432,531.42
199 $432,531.42 $1,190.80 $0.00 $2,445.60 $436,167.82
200 $436,167.82 $1,190.80 $0.00 $2,466.16 $439,824.78
201 $439,824.78 $1,190.80 $0.00 $2,486.83 $443,502.41
202 $443,502.41 $1,190.80 $0.00 $2,507.63 $447,200.84
203 $447,200.84 $1,190.80 $0.00 $2,528.54 $450,920.18
204 $450,920.18 $1,190.80 $0.00 $2,549.57 $454,660.55
205 $454,660.55 $1,190.80 $0.00 $2,570.72 $458,422.07
206 $458,422.07 $1,190.80 $0.00 $2,591.99 $462,204.86
207 $462,204.86 $1,190.80 $0.00 $2,613.37 $466,009.03
208 $466,009.03 $1,190.80 $0.00 $2,634.88 $469,834.71
209 $469,834.71 $1,190.80 $0.00 $2,656.51 $473,682.02
210 $473,682.02 $1,190.80 $0.00 $2,678.27 $477,551.09
211 $477,551.09 $1,190.80 $0.00 $2,700.14 $481,442.03
212 $481,442.03 $1,190.80 $0.00 $2,722.14 $485,354.97
213 $485,354.97 $1,190.80 $0.00 $2,744.27 $489,290.04
214 $489,290.04 $1,190.80 $0.00 $2,766.52 $493,247.36
215 $493,247.36 $1,190.80 $0.00 $2,788.89 $497,227.05
216 $497,227.05 $1,190.80 $0.00 $2,811.39 $501,229.24
217 $501,229.24 $1,190.80 $135,744.84 $2,834.02 $369,509.22
218 $369,509.22 $1,190.80 $0.00 $2,089.26 $372,789.28
219 $372,789.28 $1,190.80 $0.00 $2,107.80 $376,087.88
220 $376,087.88 $1,190.80 $0.00 $2,126.46 $379,405.14
221 $379,405.14 $1,190.80 $0.00 $2,145.21 $382,741.15
222 $382,741.15 $1,190.80 $0.00 $2,164.07 $386,096.02
223 $386,096.02 $1,190.80 $0.00 $2,183.04 $389,469.86
224 $389,469.86 $1,190.80 $0.00 $2,202.12 $392,862.78
225 $392,862.78 $1,190.80 $0.00 $2,221.30 $396,274.88
226 $396,274.88 $1,190.80 $0.00 $2,240.60 $399,706.28
227 $399,706.28 $1,190.80 $0.00 $2,260.00 $403,157.08
228 $403,157.08 $1,190.80 $0.00 $2,279.51 $406,627.39
229 $406,627.39 $1,190.80 $145,246.98 $2,299.13 $264,870.34
230 $264,870.34 $1,190.80 $0.00 $1,497.62 $267,558.76
231 $267,558.76 $1,190.80 $0.00 $1,512.82 $270,262.38
232 $270,262.38 $1,190.80 $0.00 $1,528.10 $272,981.28
233 $272,981.28 $1,190.80 $0.00 $1,543.48 $275,715.56
234 $275,715.56 $1,190.80 $0.00 $1,558.94 $278,465.30
235 $278,465.30 $1,190.80 $0.00 $1,574.48 $281,230.58
236 $281,230.58 $1,190.80 $0.00 $1,590.12 $284,011.50
237 $284,011.50 $1,190.80 $0.00 $1,605.84 $286,808.14
238 $286,808.14 $1,190.80 $0.00 $1,621.65 $289,620.59
239 $289,620.59 $1,190.80 $0.00 $1,637.56 $292,448.95
240 $292,448.95 $1,190.80 $0.00 $1,653.55 $295,293.30
241 $295,293.30 $1,190.80 $155,414.27 $1,669.63 $142,739.46
242 $142,739.46 $1,190.80 $0.00 $807.07 $144,737.33
243 $144,737.33 $1,190.80 $0.00 $818.37 $146,746.50
244 $146,746.50 $1,190.80 $0.00 $829.73 $148,767.03
245 $148,767.03 $1,190.80 $0.00 $841.15 $150,798.98
246 $150,798.98 $1,190.80 $0.00 $852.64 $152,842.42
247 $152,842.42 $1,190.80 $0.00 $864.19 $154,897.41
248 $154,897.41 $1,190.80 $0.00 $875.81 $156,964.02
249 $156,964.02 $1,190.80 $0.00 $887.50 $159,042.32
250 $159,042.32 $1,190.80 $0.00 $899.25 $161,132.37
251 $161,132.37 $1,190.80 $0.00 $911.07 $163,234.24
252 $163,234.24 $1,190.80 $0.00 $922.95 $165,347.99
253 $165,347.99 $0.00 $166,293.27 $934.90 -$10.38