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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$74,723
Monthly savings required$591

How much will it cost to send your child to CUNY Medgar Evers College in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $298,893.09 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $591.49 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$28,815.00
Years until enrollment18
Annual Tuition Increase5%
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 $591.49 $0.00 $0.00 $591.49
2 $591.49 $591.49 $0.00 $3.34 $1,186.32
3 $1,186.32 $591.49 $0.00 $6.71 $1,784.52
4 $1,784.52 $591.49 $0.00 $10.09 $2,386.10
5 $2,386.10 $591.49 $0.00 $13.49 $2,991.08
6 $2,991.08 $591.49 $0.00 $16.91 $3,599.48
7 $3,599.48 $591.49 $0.00 $20.35 $4,211.32
8 $4,211.32 $591.49 $0.00 $23.81 $4,826.62
9 $4,826.62 $591.49 $0.00 $27.29 $5,445.40
10 $5,445.40 $591.49 $0.00 $30.79 $6,067.68
11 $6,067.68 $591.49 $0.00 $34.31 $6,693.48
12 $6,693.48 $591.49 $0.00 $37.85 $7,322.82
13 $7,322.82 $591.49 $0.00 $41.40 $7,955.71
14 $7,955.71 $591.49 $0.00 $44.98 $8,592.18
15 $8,592.18 $591.49 $0.00 $48.58 $9,232.25
16 $9,232.25 $591.49 $0.00 $52.20 $9,875.94
17 $9,875.94 $591.49 $0.00 $55.84 $10,523.27
18 $10,523.27 $591.49 $0.00 $59.50 $11,174.26
19 $11,174.26 $591.49 $0.00 $63.18 $11,828.93
20 $11,828.93 $591.49 $0.00 $66.88 $12,487.30
21 $12,487.30 $591.49 $0.00 $70.61 $13,149.40
22 $13,149.40 $591.49 $0.00 $74.35 $13,815.24
23 $13,815.24 $591.49 $0.00 $78.11 $14,484.84
24 $14,484.84 $591.49 $0.00 $81.90 $15,158.23
25 $15,158.23 $591.49 $0.00 $85.71 $15,835.43
26 $15,835.43 $591.49 $0.00 $89.54 $16,516.46
27 $16,516.46 $591.49 $0.00 $93.39 $17,201.34
28 $17,201.34 $591.49 $0.00 $97.26 $17,890.09
29 $17,890.09 $591.49 $0.00 $101.15 $18,582.73
30 $18,582.73 $591.49 $0.00 $105.07 $19,279.29
31 $19,279.29 $591.49 $0.00 $109.01 $19,979.79
32 $19,979.79 $591.49 $0.00 $112.97 $20,684.25
33 $20,684.25 $591.49 $0.00 $116.95 $21,392.69
34 $21,392.69 $591.49 $0.00 $120.96 $22,105.14
35 $22,105.14 $591.49 $0.00 $124.99 $22,821.62
36 $22,821.62 $591.49 $0.00 $129.04 $23,542.15
37 $23,542.15 $591.49 $0.00 $133.11 $24,266.75
38 $24,266.75 $591.49 $0.00 $137.21 $24,995.45
39 $24,995.45 $591.49 $0.00 $141.33 $25,728.27
40 $25,728.27 $591.49 $0.00 $145.47 $26,465.23
41 $26,465.23 $591.49 $0.00 $149.64 $27,206.36
42 $27,206.36 $591.49 $0.00 $153.83 $27,951.68
43 $27,951.68 $591.49 $0.00 $158.04 $28,701.21
44 $28,701.21 $591.49 $0.00 $162.28 $29,454.98
45 $29,454.98 $591.49 $0.00 $166.54 $30,213.01
46 $30,213.01 $591.49 $0.00 $170.83 $30,975.33
47 $30,975.33 $591.49 $0.00 $175.14 $31,741.96
48 $31,741.96 $591.49 $0.00 $179.47 $32,512.92
49 $32,512.92 $591.49 $0.00 $183.83 $33,288.24
50 $33,288.24 $591.49 $0.00 $188.22 $34,067.95
51 $34,067.95 $591.49 $0.00 $192.63 $34,852.07
52 $34,852.07 $591.49 $0.00 $197.06 $35,640.62
53 $35,640.62 $591.49 $0.00 $201.52 $36,433.63
54 $36,433.63 $591.49 $0.00 $206.00 $37,231.12
55 $37,231.12 $591.49 $0.00 $210.51 $38,033.12
56 $38,033.12 $591.49 $0.00 $215.04 $38,839.65
57 $38,839.65 $591.49 $0.00 $219.61 $39,650.75
58 $39,650.75 $591.49 $0.00 $224.19 $40,466.43
59 $40,466.43 $591.49 $0.00 $228.80 $41,286.72
60 $41,286.72 $591.49 $0.00 $233.44 $42,111.65
61 $42,111.65 $591.49 $0.00 $238.11 $42,941.25
62 $42,941.25 $591.49 $0.00 $242.80 $43,775.54
63 $43,775.54 $591.49 $0.00 $247.51 $44,614.54
64 $44,614.54 $591.49 $0.00 $252.26 $45,458.29
65 $45,458.29 $591.49 $0.00 $257.03 $46,306.81
66 $46,306.81 $591.49 $0.00 $261.83 $47,160.13
67 $47,160.13 $591.49 $0.00 $266.65 $48,018.27
68 $48,018.27 $591.49 $0.00 $271.50 $48,881.26
69 $48,881.26 $591.49 $0.00 $276.38 $49,749.13
70 $49,749.13 $591.49 $0.00 $281.29 $50,621.91
71 $50,621.91 $591.49 $0.00 $286.22 $51,499.62
72 $51,499.62 $591.49 $0.00 $291.19 $52,382.30
73 $52,382.30 $591.49 $0.00 $296.18 $53,269.97
74 $53,269.97 $591.49 $0.00 $301.20 $54,162.66
75 $54,162.66 $591.49 $0.00 $306.24 $55,060.39
76 $55,060.39 $591.49 $0.00 $311.32 $55,963.20
77 $55,963.20 $591.49 $0.00 $316.42 $56,871.11
78 $56,871.11 $591.49 $0.00 $321.56 $57,784.16
79 $57,784.16 $591.49 $0.00 $326.72 $58,702.37
80 $58,702.37 $591.49 $0.00 $331.91 $59,625.77
81 $59,625.77 $591.49 $0.00 $337.13 $60,554.39
82 $60,554.39 $591.49 $0.00 $342.38 $61,488.26
83 $61,488.26 $591.49 $0.00 $347.66 $62,427.41
84 $62,427.41 $591.49 $0.00 $352.97 $63,371.87
85 $63,371.87 $591.49 $0.00 $358.31 $64,321.67
86 $64,321.67 $591.49 $0.00 $363.68 $65,276.84
87 $65,276.84 $591.49 $0.00 $369.08 $66,237.41
88 $66,237.41 $591.49 $0.00 $374.52 $67,203.42
89 $67,203.42 $591.49 $0.00 $379.98 $68,174.89
90 $68,174.89 $591.49 $0.00 $385.47 $69,151.85
91 $69,151.85 $591.49 $0.00 $390.99 $70,134.33
92 $70,134.33 $591.49 $0.00 $396.55 $71,122.37
93 $71,122.37 $591.49 $0.00 $402.14 $72,116.00
94 $72,116.00 $591.49 $0.00 $407.75 $73,115.24
95 $73,115.24 $591.49 $0.00 $413.40 $74,120.13
96 $74,120.13 $591.49 $0.00 $419.09 $75,130.71
97 $75,130.71 $591.49 $0.00 $424.80 $76,147.00
98 $76,147.00 $591.49 $0.00 $430.55 $77,169.04
99 $77,169.04 $591.49 $0.00 $436.32 $78,196.85
100 $78,196.85 $591.49 $0.00 $442.14 $79,230.48
101 $79,230.48 $591.49 $0.00 $447.98 $80,269.95
102 $80,269.95 $591.49 $0.00 $453.86 $81,315.30
103 $81,315.30 $591.49 $0.00 $459.77 $82,366.56
104 $82,366.56 $591.49 $0.00 $465.71 $83,423.76
105 $83,423.76 $591.49 $0.00 $471.69 $84,486.94
106 $84,486.94 $591.49 $0.00 $477.70 $85,556.13
107 $85,556.13 $591.49 $0.00 $483.75 $86,631.37
108 $86,631.37 $591.49 $0.00 $489.83 $87,712.69
109 $87,712.69 $591.49 $0.00 $495.94 $88,800.12
110 $88,800.12 $591.49 $0.00 $502.09 $89,893.70
111 $89,893.70 $591.49 $0.00 $508.27 $90,993.46
112 $90,993.46 $591.49 $0.00 $514.49 $92,099.44
113 $92,099.44 $591.49 $0.00 $520.74 $93,211.67
114 $93,211.67 $591.49 $0.00 $527.03 $94,330.19
115 $94,330.19 $591.49 $0.00 $533.36 $95,455.04
116 $95,455.04 $591.49 $0.00 $539.72 $96,586.25
117 $96,586.25 $591.49 $0.00 $546.11 $97,723.85
118 $97,723.85 $591.49 $0.00 $552.54 $98,867.88
119 $98,867.88 $591.49 $0.00 $559.01 $100,018.38
120 $100,018.38 $591.49 $0.00 $565.52 $101,175.39
121 $101,175.39 $591.49 $0.00 $572.06 $102,338.94
122 $102,338.94 $591.49 $0.00 $578.64 $103,509.07
123 $103,509.07 $591.49 $0.00 $585.26 $104,685.82
124 $104,685.82 $591.49 $0.00 $591.91 $105,869.22
125 $105,869.22 $591.49 $0.00 $598.60 $107,059.31
126 $107,059.31 $591.49 $0.00 $605.33 $108,256.13
127 $108,256.13 $591.49 $0.00 $612.10 $109,459.72
128 $109,459.72 $591.49 $0.00 $618.90 $110,670.11
129 $110,670.11 $591.49 $0.00 $625.74 $111,887.34
130 $111,887.34 $591.49 $0.00 $632.63 $113,111.46
131 $113,111.46 $591.49 $0.00 $639.55 $114,342.50
132 $114,342.50 $591.49 $0.00 $646.51 $115,580.50
133 $115,580.50 $591.49 $0.00 $653.51 $116,825.50
134 $116,825.50 $591.49 $0.00 $660.55 $118,077.54
135 $118,077.54 $591.49 $0.00 $667.63 $119,336.66
136 $119,336.66 $591.49 $0.00 $674.75 $120,602.90
137 $120,602.90 $591.49 $0.00 $681.91 $121,876.30
138 $121,876.30 $591.49 $0.00 $689.11 $123,156.90
139 $123,156.90 $591.49 $0.00 $696.35 $124,444.74
140 $124,444.74 $591.49 $0.00 $703.63 $125,739.86
141 $125,739.86 $591.49 $0.00 $710.95 $127,042.30
142 $127,042.30 $591.49 $0.00 $718.32 $128,352.11
143 $128,352.11 $591.49 $0.00 $725.72 $129,669.32
144 $129,669.32 $591.49 $0.00 $733.17 $130,993.98
145 $130,993.98 $591.49 $0.00 $740.66 $132,326.13
146 $132,326.13 $591.49 $0.00 $748.19 $133,665.81
147 $133,665.81 $591.49 $0.00 $755.77 $135,013.07
148 $135,013.07 $591.49 $0.00 $763.38 $136,367.94
149 $136,367.94 $591.49 $0.00 $771.04 $137,730.47
150 $137,730.47 $591.49 $0.00 $778.75 $139,100.71
151 $139,100.71 $591.49 $0.00 $786.50 $140,478.70
152 $140,478.70 $591.49 $0.00 $794.29 $141,864.48
153 $141,864.48 $591.49 $0.00 $802.12 $143,258.09
154 $143,258.09 $591.49 $0.00 $810.00 $144,659.58
155 $144,659.58 $591.49 $0.00 $817.93 $146,069.00
156 $146,069.00 $591.49 $0.00 $825.90 $147,486.39
157 $147,486.39 $591.49 $0.00 $833.91 $148,911.79
158 $148,911.79 $591.49 $0.00 $841.97 $150,345.25
159 $150,345.25 $591.49 $0.00 $850.07 $151,786.81
160 $151,786.81 $591.49 $0.00 $858.22 $153,236.52
161 $153,236.52 $591.49 $0.00 $866.42 $154,694.43
162 $154,694.43 $591.49 $0.00 $874.66 $156,160.58
163 $156,160.58 $591.49 $0.00 $882.95 $157,635.02
164 $157,635.02 $591.49 $0.00 $891.29 $159,117.80
165 $159,117.80 $591.49 $0.00 $899.68 $160,608.97
166 $160,608.97 $591.49 $0.00 $908.11 $162,108.57
167 $162,108.57 $591.49 $0.00 $916.59 $163,616.65
168 $163,616.65 $591.49 $0.00 $925.11 $165,133.25
169 $165,133.25 $591.49 $0.00 $933.69 $166,658.43
170 $166,658.43 $591.49 $0.00 $942.31 $168,192.23
171 $168,192.23 $591.49 $0.00 $950.98 $169,734.70
172 $169,734.70 $591.49 $0.00 $959.70 $171,285.89
173 $171,285.89 $591.49 $0.00 $968.48 $172,845.86
174 $172,845.86 $591.49 $0.00 $977.30 $174,414.65
175 $174,414.65 $591.49 $0.00 $986.17 $175,992.31
176 $175,992.31 $591.49 $0.00 $995.09 $177,578.89
177 $177,578.89 $591.49 $0.00 $1,004.06 $179,174.44
178 $179,174.44 $591.49 $0.00 $1,013.08 $180,779.01
179 $180,779.01 $591.49 $0.00 $1,022.15 $182,392.65
180 $182,392.65 $591.49 $0.00 $1,031.27 $184,015.41
181 $184,015.41 $591.49 $0.00 $1,040.45 $185,647.35
182 $185,647.35 $591.49 $0.00 $1,049.68 $187,288.52
183 $187,288.52 $591.49 $0.00 $1,058.96 $188,938.97
184 $188,938.97 $591.49 $0.00 $1,068.29 $190,598.75
185 $190,598.75 $591.49 $0.00 $1,077.67 $192,267.91
186 $192,267.91 $591.49 $0.00 $1,087.11 $193,946.51
187 $193,946.51 $591.49 $0.00 $1,096.60 $195,634.60
188 $195,634.60 $591.49 $0.00 $1,106.15 $197,332.24
189 $197,332.24 $591.49 $0.00 $1,115.75 $199,039.48
190 $199,039.48 $591.49 $0.00 $1,125.40 $200,756.37
191 $200,756.37 $591.49 $0.00 $1,135.11 $202,482.97
192 $202,482.97 $591.49 $0.00 $1,144.87 $204,219.33
193 $204,219.33 $591.49 $0.00 $1,154.69 $205,965.51
194 $205,965.51 $591.49 $0.00 $1,164.56 $207,721.56
195 $207,721.56 $591.49 $0.00 $1,174.49 $209,487.54
196 $209,487.54 $591.49 $0.00 $1,184.47 $211,263.50
197 $211,263.50 $591.49 $0.00 $1,194.51 $213,049.50
198 $213,049.50 $591.49 $0.00 $1,204.61 $214,845.60
199 $214,845.60 $591.49 $0.00 $1,214.77 $216,651.86
200 $216,651.86 $591.49 $0.00 $1,224.98 $218,468.33
201 $218,468.33 $591.49 $0.00 $1,235.25 $220,295.07
202 $220,295.07 $591.49 $0.00 $1,245.58 $222,132.14
203 $222,132.14 $591.49 $0.00 $1,255.97 $223,979.60
204 $223,979.60 $591.49 $0.00 $1,266.41 $225,837.50
205 $225,837.50 $591.49 $0.00 $1,276.92 $227,705.91
206 $227,705.91 $591.49 $0.00 $1,287.48 $229,584.88
207 $229,584.88 $591.49 $0.00 $1,298.11 $231,474.48
208 $231,474.48 $591.49 $0.00 $1,308.79 $233,374.76
209 $233,374.76 $591.49 $0.00 $1,319.53 $235,285.78
210 $235,285.78 $591.49 $0.00 $1,330.34 $237,207.61
211 $237,207.61 $591.49 $0.00 $1,341.21 $239,140.31
212 $239,140.31 $591.49 $0.00 $1,352.13 $241,083.93
213 $241,083.93 $591.49 $0.00 $1,363.12 $243,038.54
214 $243,038.54 $591.49 $0.00 $1,374.18 $245,004.21
215 $245,004.21 $591.49 $0.00 $1,385.29 $246,980.99
216 $246,980.99 $591.49 $0.00 $1,396.47 $248,968.95
217 $248,968.95 $591.49 $69,346.73 $1,407.71 $181,621.42
218 $181,621.42 $591.49 $0.00 $1,026.91 $183,239.82
219 $183,239.82 $591.49 $0.00 $1,036.06 $184,867.37
220 $184,867.37 $591.49 $0.00 $1,045.27 $186,504.13
221 $186,504.13 $591.49 $0.00 $1,054.52 $188,150.14
222 $188,150.14 $591.49 $0.00 $1,063.83 $189,805.46
223 $189,805.46 $591.49 $0.00 $1,073.19 $191,470.14
224 $191,470.14 $591.49 $0.00 $1,082.60 $193,144.23
225 $193,144.23 $591.49 $0.00 $1,092.07 $194,827.79
226 $194,827.79 $591.49 $0.00 $1,101.58 $196,520.86
227 $196,520.86 $591.49 $0.00 $1,111.16 $198,223.51
228 $198,223.51 $591.49 $0.00 $1,120.78 $199,935.78
229 $199,935.78 $591.49 $72,814.07 $1,130.47 $128,843.67
230 $128,843.67 $591.49 $0.00 $728.50 $130,163.66
231 $130,163.66 $591.49 $0.00 $735.96 $131,491.11
232 $131,491.11 $591.49 $0.00 $743.47 $132,826.07
233 $132,826.07 $591.49 $0.00 $751.02 $134,168.58
234 $134,168.58 $591.49 $0.00 $758.61 $135,518.68
235 $135,518.68 $591.49 $0.00 $766.24 $136,876.41
236 $136,876.41 $591.49 $0.00 $773.92 $138,241.82
237 $138,241.82 $591.49 $0.00 $781.64 $139,614.95
238 $139,614.95 $591.49 $0.00 $789.40 $140,995.84
239 $140,995.84 $591.49 $0.00 $797.21 $142,384.54
240 $142,384.54 $591.49 $0.00 $805.06 $143,781.09
241 $143,781.09 $591.49 $76,454.77 $812.96 $68,730.77
242 $68,730.77 $591.49 $0.00 $388.61 $69,710.87
243 $69,710.87 $591.49 $0.00 $394.16 $70,696.52
244 $70,696.52 $591.49 $0.00 $399.73 $71,687.74
245 $71,687.74 $591.49 $0.00 $405.33 $72,684.56
246 $72,684.56 $591.49 $0.00 $410.97 $73,687.02
247 $73,687.02 $591.49 $0.00 $416.64 $74,695.15
248 $74,695.15 $591.49 $0.00 $422.34 $75,708.98
249 $75,708.98 $591.49 $0.00 $428.07 $76,728.54
250 $76,728.54 $591.49 $0.00 $433.83 $77,753.86
251 $77,753.86 $591.49 $0.00 $439.63 $78,784.98
252 $78,784.98 $591.49 $0.00 $445.46 $79,821.93
253 $79,821.93 $0.00 $80,277.51 $451.32 ($4.26)