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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$46,681
Monthly savings required$207

How much will it cost to send your child to Finger Lakes Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $93,362.87 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $207.46 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$18,924.00
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 $207.46 $0.00 $0.00 $207.46
2 $207.46 $207.46 $0.00 $1.17 $416.09
3 $416.09 $207.46 $0.00 $2.35 $625.90
4 $625.90 $207.46 $0.00 $3.54 $836.90
5 $836.90 $207.46 $0.00 $4.73 $1,049.09
6 $1,049.09 $207.46 $0.00 $5.93 $1,262.48
7 $1,262.48 $207.46 $0.00 $7.14 $1,477.08
8 $1,477.08 $207.46 $0.00 $8.35 $1,692.89
9 $1,692.89 $207.46 $0.00 $9.57 $1,909.92
10 $1,909.92 $207.46 $0.00 $10.80 $2,128.18
11 $2,128.18 $207.46 $0.00 $12.03 $2,347.67
12 $2,347.67 $207.46 $0.00 $13.27 $2,568.40
13 $2,568.40 $207.46 $0.00 $14.52 $2,790.38
14 $2,790.38 $207.46 $0.00 $15.78 $3,013.62
15 $3,013.62 $207.46 $0.00 $17.04 $3,238.12
16 $3,238.12 $207.46 $0.00 $18.31 $3,463.89
17 $3,463.89 $207.46 $0.00 $19.59 $3,690.94
18 $3,690.94 $207.46 $0.00 $20.87 $3,919.27
19 $3,919.27 $207.46 $0.00 $22.16 $4,148.89
20 $4,148.89 $207.46 $0.00 $23.46 $4,379.81
21 $4,379.81 $207.46 $0.00 $24.76 $4,612.03
22 $4,612.03 $207.46 $0.00 $26.08 $4,845.57
23 $4,845.57 $207.46 $0.00 $27.40 $5,080.43
24 $5,080.43 $207.46 $0.00 $28.73 $5,316.62
25 $5,316.62 $207.46 $0.00 $30.06 $5,554.14
26 $5,554.14 $207.46 $0.00 $31.40 $5,793.00
27 $5,793.00 $207.46 $0.00 $32.75 $6,033.21
28 $6,033.21 $207.46 $0.00 $34.11 $6,274.78
29 $6,274.78 $207.46 $0.00 $35.48 $6,517.72
30 $6,517.72 $207.46 $0.00 $36.85 $6,762.03
31 $6,762.03 $207.46 $0.00 $38.23 $7,007.72
32 $7,007.72 $207.46 $0.00 $39.62 $7,254.80
33 $7,254.80 $207.46 $0.00 $41.02 $7,503.28
34 $7,503.28 $207.46 $0.00 $42.42 $7,753.16
35 $7,753.16 $207.46 $0.00 $43.84 $8,004.46
36 $8,004.46 $207.46 $0.00 $45.26 $8,257.18
37 $8,257.18 $207.46 $0.00 $46.69 $8,511.33
38 $8,511.33 $207.46 $0.00 $48.12 $8,766.91
39 $8,766.91 $207.46 $0.00 $49.57 $9,023.94
40 $9,023.94 $207.46 $0.00 $51.02 $9,282.42
41 $9,282.42 $207.46 $0.00 $52.48 $9,542.36
42 $9,542.36 $207.46 $0.00 $53.95 $9,803.77
43 $9,803.77 $207.46 $0.00 $55.43 $10,066.66
44 $10,066.66 $207.46 $0.00 $56.92 $10,331.04
45 $10,331.04 $207.46 $0.00 $58.41 $10,596.91
46 $10,596.91 $207.46 $0.00 $59.92 $10,864.29
47 $10,864.29 $207.46 $0.00 $61.43 $11,133.18
48 $11,133.18 $207.46 $0.00 $62.95 $11,403.59
49 $11,403.59 $207.46 $0.00 $64.48 $11,675.53
50 $11,675.53 $207.46 $0.00 $66.02 $11,949.01
51 $11,949.01 $207.46 $0.00 $67.56 $12,224.03
52 $12,224.03 $207.46 $0.00 $69.12 $12,500.61
53 $12,500.61 $207.46 $0.00 $70.68 $12,778.75
54 $12,778.75 $207.46 $0.00 $72.25 $13,058.46
55 $13,058.46 $207.46 $0.00 $73.83 $13,339.75
56 $13,339.75 $207.46 $0.00 $75.42 $13,622.63
57 $13,622.63 $207.46 $0.00 $77.02 $13,907.11
58 $13,907.11 $207.46 $0.00 $78.63 $14,193.20
59 $14,193.20 $207.46 $0.00 $80.25 $14,480.91
60 $14,480.91 $207.46 $0.00 $81.88 $14,770.25
61 $14,770.25 $207.46 $0.00 $83.51 $15,061.22
62 $15,061.22 $207.46 $0.00 $85.16 $15,353.84
63 $15,353.84 $207.46 $0.00 $86.81 $15,648.11
64 $15,648.11 $207.46 $0.00 $88.48 $15,944.05
65 $15,944.05 $207.46 $0.00 $90.15 $16,241.66
66 $16,241.66 $207.46 $0.00 $91.83 $16,540.95
67 $16,540.95 $207.46 $0.00 $93.52 $16,841.93
68 $16,841.93 $207.46 $0.00 $95.23 $17,144.62
69 $17,144.62 $207.46 $0.00 $96.94 $17,449.02
70 $17,449.02 $207.46 $0.00 $98.66 $17,755.14
71 $17,755.14 $207.46 $0.00 $100.39 $18,062.99
72 $18,062.99 $207.46 $0.00 $102.13 $18,372.58
73 $18,372.58 $207.46 $0.00 $103.88 $18,683.92
74 $18,683.92 $207.46 $0.00 $105.64 $18,997.02
75 $18,997.02 $207.46 $0.00 $107.41 $19,311.89
76 $19,311.89 $207.46 $0.00 $109.19 $19,628.54
77 $19,628.54 $207.46 $0.00 $110.98 $19,946.98
78 $19,946.98 $207.46 $0.00 $112.78 $20,267.22
79 $20,267.22 $207.46 $0.00 $114.59 $20,589.27
80 $20,589.27 $207.46 $0.00 $116.41 $20,913.14
81 $20,913.14 $207.46 $0.00 $118.25 $21,238.85
82 $21,238.85 $207.46 $0.00 $120.09 $21,566.40
83 $21,566.40 $207.46 $0.00 $121.94 $21,895.80
84 $21,895.80 $207.46 $0.00 $123.80 $22,227.06
85 $22,227.06 $207.46 $0.00 $125.68 $22,560.20
86 $22,560.20 $207.46 $0.00 $127.56 $22,895.22
87 $22,895.22 $207.46 $0.00 $129.45 $23,232.13
88 $23,232.13 $207.46 $0.00 $131.36 $23,570.95
89 $23,570.95 $207.46 $0.00 $133.27 $23,911.68
90 $23,911.68 $207.46 $0.00 $135.20 $24,254.34
91 $24,254.34 $207.46 $0.00 $137.14 $24,598.94
92 $24,598.94 $207.46 $0.00 $139.09 $24,945.49
93 $24,945.49 $207.46 $0.00 $141.05 $25,294.00
94 $25,294.00 $207.46 $0.00 $143.02 $25,644.48
95 $25,644.48 $207.46 $0.00 $145.00 $25,996.94
96 $25,996.94 $207.46 $0.00 $146.99 $26,351.39
97 $26,351.39 $207.46 $0.00 $148.99 $26,707.84
98 $26,707.84 $207.46 $0.00 $151.01 $27,066.31
99 $27,066.31 $207.46 $0.00 $153.04 $27,426.81
100 $27,426.81 $207.46 $0.00 $155.08 $27,789.35
101 $27,789.35 $207.46 $0.00 $157.13 $28,153.94
102 $28,153.94 $207.46 $0.00 $159.19 $28,520.59
103 $28,520.59 $207.46 $0.00 $161.26 $28,889.31
104 $28,889.31 $207.46 $0.00 $163.34 $29,260.11
105 $29,260.11 $207.46 $0.00 $165.44 $29,633.01
106 $29,633.01 $207.46 $0.00 $167.55 $30,008.02
107 $30,008.02 $207.46 $0.00 $169.67 $30,385.15
108 $30,385.15 $207.46 $0.00 $171.80 $30,764.41
109 $30,764.41 $207.46 $0.00 $173.95 $31,145.82
110 $31,145.82 $207.46 $0.00 $176.10 $31,529.38
111 $31,529.38 $207.46 $0.00 $178.27 $31,915.11
112 $31,915.11 $207.46 $0.00 $180.45 $32,303.02
113 $32,303.02 $207.46 $0.00 $182.65 $32,693.13
114 $32,693.13 $207.46 $0.00 $184.85 $33,085.44
115 $33,085.44 $207.46 $0.00 $187.07 $33,479.97
116 $33,479.97 $207.46 $0.00 $189.30 $33,876.73
117 $33,876.73 $207.46 $0.00 $191.54 $34,275.73
118 $34,275.73 $207.46 $0.00 $193.80 $34,676.99
119 $34,676.99 $207.46 $0.00 $196.07 $35,080.52
120 $35,080.52 $207.46 $0.00 $198.35 $35,486.33
121 $35,486.33 $207.46 $0.00 $200.64 $35,894.43
122 $35,894.43 $207.46 $0.00 $202.95 $36,304.84
123 $36,304.84 $207.46 $0.00 $205.27 $36,717.57
124 $36,717.57 $207.46 $0.00 $207.61 $37,132.64
125 $37,132.64 $207.46 $0.00 $209.95 $37,550.05
126 $37,550.05 $207.46 $0.00 $212.31 $37,969.82
127 $37,969.82 $207.46 $0.00 $214.69 $38,391.97
128 $38,391.97 $207.46 $0.00 $217.07 $38,816.50
129 $38,816.50 $207.46 $0.00 $219.47 $39,243.43
130 $39,243.43 $207.46 $0.00 $221.89 $39,672.78
131 $39,672.78 $207.46 $0.00 $224.32 $40,104.56
132 $40,104.56 $207.46 $0.00 $226.76 $40,538.78
133 $40,538.78 $207.46 $0.00 $229.21 $40,975.45
134 $40,975.45 $207.46 $0.00 $231.68 $41,414.59
135 $41,414.59 $207.46 $0.00 $234.16 $41,856.21
136 $41,856.21 $207.46 $0.00 $236.66 $42,300.33
137 $42,300.33 $207.46 $0.00 $239.17 $42,746.96
138 $42,746.96 $207.46 $0.00 $241.70 $43,196.12
139 $43,196.12 $207.46 $0.00 $244.24 $43,647.82
140 $43,647.82 $207.46 $0.00 $246.79 $44,102.07
141 $44,102.07 $207.46 $0.00 $249.36 $44,558.89
142 $44,558.89 $207.46 $0.00 $251.94 $45,018.29
143 $45,018.29 $207.46 $0.00 $254.54 $45,480.29
144 $45,480.29 $207.46 $0.00 $257.15 $45,944.90
145 $45,944.90 $207.46 $0.00 $259.78 $46,412.14
146 $46,412.14 $207.46 $0.00 $262.42 $46,882.02
147 $46,882.02 $207.46 $0.00 $265.08 $47,354.56
148 $47,354.56 $207.46 $0.00 $267.75 $47,829.77
149 $47,829.77 $207.46 $0.00 $270.44 $48,307.67
150 $48,307.67 $207.46 $0.00 $273.14 $48,788.27
151 $48,788.27 $207.46 $0.00 $275.86 $49,271.59
152 $49,271.59 $207.46 $0.00 $278.59 $49,757.64
153 $49,757.64 $207.46 $0.00 $281.34 $50,246.44
154 $50,246.44 $207.46 $0.00 $284.10 $50,738.00
155 $50,738.00 $207.46 $0.00 $286.88 $51,232.34
156 $51,232.34 $207.46 $0.00 $289.68 $51,729.48
157 $51,729.48 $207.46 $0.00 $292.49 $52,229.43
158 $52,229.43 $207.46 $0.00 $295.31 $52,732.20
159 $52,732.20 $207.46 $0.00 $298.16 $53,237.82
160 $53,237.82 $207.46 $0.00 $301.01 $53,746.29
161 $53,746.29 $207.46 $0.00 $303.89 $54,257.64
162 $54,257.64 $207.46 $0.00 $306.78 $54,771.88
163 $54,771.88 $207.46 $0.00 $309.69 $55,289.03
164 $55,289.03 $207.46 $0.00 $312.61 $55,809.10
165 $55,809.10 $207.46 $0.00 $315.55 $56,332.11
166 $56,332.11 $207.46 $0.00 $318.51 $56,858.08
167 $56,858.08 $207.46 $0.00 $321.48 $57,387.02
168 $57,387.02 $207.46 $0.00 $324.47 $57,918.95
169 $57,918.95 $207.46 $0.00 $327.48 $58,453.89
170 $58,453.89 $207.46 $0.00 $330.51 $58,991.86
171 $58,991.86 $207.46 $0.00 $333.55 $59,532.87
172 $59,532.87 $207.46 $0.00 $336.61 $60,076.94
173 $60,076.94 $207.46 $0.00 $339.68 $60,624.08
174 $60,624.08 $207.46 $0.00 $342.78 $61,174.32
175 $61,174.32 $207.46 $0.00 $345.89 $61,727.67
176 $61,727.67 $207.46 $0.00 $349.02 $62,284.15
177 $62,284.15 $207.46 $0.00 $352.16 $62,843.77
178 $62,843.77 $207.46 $0.00 $355.33 $63,406.56
179 $63,406.56 $207.46 $0.00 $358.51 $63,972.53
180 $63,972.53 $207.46 $0.00 $361.71 $64,541.70
181 $64,541.70 $207.46 $0.00 $364.93 $65,114.09
182 $65,114.09 $207.46 $0.00 $368.16 $65,689.71
183 $65,689.71 $207.46 $0.00 $371.42 $66,268.59
184 $66,268.59 $207.46 $0.00 $374.69 $66,850.74
185 $66,850.74 $207.46 $0.00 $377.98 $67,436.18
186 $67,436.18 $207.46 $0.00 $381.29 $68,024.93
187 $68,024.93 $207.46 $0.00 $384.62 $68,617.01
188 $68,617.01 $207.46 $0.00 $387.97 $69,212.44
189 $69,212.44 $207.46 $0.00 $391.34 $69,811.24
190 $69,811.24 $207.46 $0.00 $394.72 $70,413.42
191 $70,413.42 $207.46 $0.00 $398.13 $71,019.01
192 $71,019.01 $207.46 $0.00 $401.55 $71,628.02
193 $71,628.02 $207.46 $0.00 $405.00 $72,240.48
194 $72,240.48 $207.46 $0.00 $408.46 $72,856.40
195 $72,856.40 $207.46 $0.00 $411.94 $73,475.80
196 $73,475.80 $207.46 $0.00 $415.44 $74,098.70
197 $74,098.70 $207.46 $0.00 $418.96 $74,725.12
198 $74,725.12 $207.46 $0.00 $422.51 $75,355.09
199 $75,355.09 $207.46 $0.00 $426.07 $75,988.62
200 $75,988.62 $207.46 $0.00 $429.65 $76,625.73
201 $76,625.73 $207.46 $0.00 $433.25 $77,266.44
202 $77,266.44 $207.46 $0.00 $436.88 $77,910.78
203 $77,910.78 $207.46 $0.00 $440.52 $78,558.76
204 $78,558.76 $207.46 $0.00 $444.18 $79,210.40
205 $79,210.40 $207.46 $0.00 $447.87 $79,865.73
206 $79,865.73 $207.46 $0.00 $451.57 $80,524.76
207 $80,524.76 $207.46 $0.00 $455.30 $81,187.52
208 $81,187.52 $207.46 $0.00 $459.05 $81,854.03
209 $81,854.03 $207.46 $0.00 $462.81 $82,524.30
210 $82,524.30 $207.46 $0.00 $466.60 $83,198.36
211 $83,198.36 $207.46 $0.00 $470.42 $83,876.24
212 $83,876.24 $207.46 $0.00 $474.25 $84,557.95
213 $84,557.95 $207.46 $0.00 $478.10 $85,243.51
214 $85,243.51 $207.46 $0.00 $481.98 $85,932.95
215 $85,932.95 $207.46 $0.00 $485.88 $86,626.29
216 $86,626.29 $207.46 $0.00 $489.80 $87,323.55
217 $87,323.55 $207.46 $45,542.86 $493.74 $42,481.89
218 $42,481.89 $207.46 $0.00 $240.20 $42,929.55
219 $42,929.55 $207.46 $0.00 $242.73 $43,379.74
220 $43,379.74 $207.46 $0.00 $245.28 $43,832.48
221 $43,832.48 $207.46 $0.00 $247.84 $44,287.78
222 $44,287.78 $207.46 $0.00 $250.41 $44,745.65
223 $44,745.65 $207.46 $0.00 $253.00 $45,206.11
224 $45,206.11 $207.46 $0.00 $255.60 $45,669.17
225 $45,669.17 $207.46 $0.00 $258.22 $46,134.85
226 $46,134.85 $207.46 $0.00 $260.85 $46,603.16
227 $46,603.16 $207.46 $0.00 $263.50 $47,074.12
228 $47,074.12 $207.46 $0.00 $266.16 $47,547.74
229 $47,547.74 $0.00 $47,820.01 $268.84 ($3.43)