Savings Plan and Future Cost Estimation for Franklin University

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

Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2040$78,608
Monthly savings required$622

How much will it cost to send your child to Franklin University in 18 years and how much do you need to save?  A 4 year degree is estimated to be priced at $314,431.59 for students enrolling in 2040 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $622.25 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$30,313.00
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 $622.25 $0.00 $0.00 $622.25
2 $622.25 $622.25 $0.00 $3.52 $1,248.02
3 $1,248.02 $622.25 $0.00 $7.06 $1,877.33
4 $1,877.33 $622.25 $0.00 $10.61 $2,510.19
5 $2,510.19 $622.25 $0.00 $14.19 $3,146.63
6 $3,146.63 $622.25 $0.00 $17.79 $3,786.67
7 $3,786.67 $622.25 $0.00 $21.41 $4,430.33
8 $4,430.33 $622.25 $0.00 $25.05 $5,077.63
9 $5,077.63 $622.25 $0.00 $28.71 $5,728.59
10 $5,728.59 $622.25 $0.00 $32.39 $6,383.23
11 $6,383.23 $622.25 $0.00 $36.09 $7,041.57
12 $7,041.57 $622.25 $0.00 $39.81 $7,703.63
13 $7,703.63 $622.25 $0.00 $43.56 $8,369.44
14 $8,369.44 $622.25 $0.00 $47.32 $9,039.01
15 $9,039.01 $622.25 $0.00 $51.11 $9,712.37
16 $9,712.37 $622.25 $0.00 $54.92 $10,389.54
17 $10,389.54 $622.25 $0.00 $58.74 $11,070.53
18 $11,070.53 $622.25 $0.00 $62.59 $11,755.37
19 $11,755.37 $622.25 $0.00 $66.47 $12,444.09
20 $12,444.09 $622.25 $0.00 $70.36 $13,136.70
21 $13,136.70 $622.25 $0.00 $74.28 $13,833.23
22 $13,833.23 $622.25 $0.00 $78.22 $14,533.70
23 $14,533.70 $622.25 $0.00 $82.18 $15,238.13
24 $15,238.13 $622.25 $0.00 $86.16 $15,946.54
25 $15,946.54 $622.25 $0.00 $90.16 $16,658.95
26 $16,658.95 $622.25 $0.00 $94.19 $17,375.39
27 $17,375.39 $622.25 $0.00 $98.24 $18,095.88
28 $18,095.88 $622.25 $0.00 $102.32 $18,820.45
29 $18,820.45 $622.25 $0.00 $106.41 $19,549.11
30 $19,549.11 $622.25 $0.00 $110.53 $20,281.89
31 $20,281.89 $622.25 $0.00 $114.68 $21,018.82
32 $21,018.82 $622.25 $0.00 $118.84 $21,759.91
33 $21,759.91 $622.25 $0.00 $123.03 $22,505.19
34 $22,505.19 $622.25 $0.00 $127.25 $23,254.69
35 $23,254.69 $622.25 $0.00 $131.49 $24,008.43
36 $24,008.43 $622.25 $0.00 $135.75 $24,766.43
37 $24,766.43 $622.25 $0.00 $140.03 $25,528.71
38 $25,528.71 $622.25 $0.00 $144.34 $26,295.30
39 $26,295.30 $622.25 $0.00 $148.68 $27,066.23
40 $27,066.23 $622.25 $0.00 $153.04 $27,841.52
41 $27,841.52 $622.25 $0.00 $157.42 $28,621.19
42 $28,621.19 $622.25 $0.00 $161.83 $29,405.27
43 $29,405.27 $622.25 $0.00 $166.26 $30,193.78
44 $30,193.78 $622.25 $0.00 $170.72 $30,986.75
45 $30,986.75 $622.25 $0.00 $175.20 $31,784.20
46 $31,784.20 $622.25 $0.00 $179.71 $32,586.16
47 $32,586.16 $622.25 $0.00 $184.25 $33,392.66
48 $33,392.66 $622.25 $0.00 $188.81 $34,203.72
49 $34,203.72 $622.25 $0.00 $193.39 $35,019.36
50 $35,019.36 $622.25 $0.00 $198.00 $35,839.61
51 $35,839.61 $622.25 $0.00 $202.64 $36,664.50
52 $36,664.50 $622.25 $0.00 $207.31 $37,494.06
53 $37,494.06 $622.25 $0.00 $212.00 $38,328.31
54 $38,328.31 $622.25 $0.00 $216.71 $39,167.27
55 $39,167.27 $622.25 $0.00 $221.46 $40,010.98
56 $40,010.98 $622.25 $0.00 $226.23 $40,859.46
57 $40,859.46 $622.25 $0.00 $231.03 $41,712.74
58 $41,712.74 $622.25 $0.00 $235.85 $42,570.84
59 $42,570.84 $622.25 $0.00 $240.70 $43,433.79
60 $43,433.79 $622.25 $0.00 $245.58 $44,301.62
61 $44,301.62 $622.25 $0.00 $250.49 $45,174.36
62 $45,174.36 $622.25 $0.00 $255.42 $46,052.03
63 $46,052.03 $622.25 $0.00 $260.38 $46,934.66
64 $46,934.66 $622.25 $0.00 $265.38 $47,822.29
65 $47,822.29 $622.25 $0.00 $270.39 $48,714.93
66 $48,714.93 $622.25 $0.00 $275.44 $49,612.62
67 $49,612.62 $622.25 $0.00 $280.52 $50,515.39
68 $50,515.39 $622.25 $0.00 $285.62 $51,423.26
69 $51,423.26 $622.25 $0.00 $290.75 $52,336.26
70 $52,336.26 $622.25 $0.00 $295.92 $53,254.43
71 $53,254.43 $622.25 $0.00 $301.11 $54,177.79
72 $54,177.79 $622.25 $0.00 $306.33 $55,106.37
73 $55,106.37 $622.25 $0.00 $311.58 $56,040.20
74 $56,040.20 $622.25 $0.00 $316.86 $56,979.31
75 $56,979.31 $622.25 $0.00 $322.17 $57,923.73
76 $57,923.73 $622.25 $0.00 $327.51 $58,873.49
77 $58,873.49 $622.25 $0.00 $332.88 $59,828.62
78 $59,828.62 $622.25 $0.00 $338.28 $60,789.15
79 $60,789.15 $622.25 $0.00 $343.71 $61,755.11
80 $61,755.11 $622.25 $0.00 $349.17 $62,726.53
81 $62,726.53 $622.25 $0.00 $354.66 $63,703.44
82 $63,703.44 $622.25 $0.00 $360.19 $64,685.88
83 $64,685.88 $622.25 $0.00 $365.74 $65,673.87
84 $65,673.87 $622.25 $0.00 $371.33 $66,667.45
85 $66,667.45 $622.25 $0.00 $376.95 $67,666.65
86 $67,666.65 $622.25 $0.00 $382.60 $68,671.50
87 $68,671.50 $622.25 $0.00 $388.28 $69,682.03
88 $69,682.03 $622.25 $0.00 $393.99 $70,698.27
89 $70,698.27 $622.25 $0.00 $399.74 $71,720.26
90 $71,720.26 $622.25 $0.00 $405.52 $72,748.03
91 $72,748.03 $622.25 $0.00 $411.33 $73,781.61
92 $73,781.61 $622.25 $0.00 $417.17 $74,821.03
93 $74,821.03 $622.25 $0.00 $423.05 $75,866.33
94 $75,866.33 $622.25 $0.00 $428.96 $76,917.54
95 $76,917.54 $622.25 $0.00 $434.90 $77,974.69
96 $77,974.69 $622.25 $0.00 $440.88 $79,037.82
97 $79,037.82 $622.25 $0.00 $446.89 $80,106.96
98 $80,106.96 $622.25 $0.00 $452.94 $81,182.15
99 $81,182.15 $622.25 $0.00 $459.02 $82,263.42
100 $82,263.42 $622.25 $0.00 $465.13 $83,350.80
101 $83,350.80 $622.25 $0.00 $471.28 $84,444.33
102 $84,444.33 $622.25 $0.00 $477.46 $85,544.04
103 $85,544.04 $622.25 $0.00 $483.68 $86,649.97
104 $86,649.97 $622.25 $0.00 $489.93 $87,762.15
105 $87,762.15 $622.25 $0.00 $496.22 $88,880.62
106 $88,880.62 $622.25 $0.00 $502.54 $90,005.41
107 $90,005.41 $622.25 $0.00 $508.90 $91,136.56
108 $91,136.56 $622.25 $0.00 $515.30 $92,274.11
109 $92,274.11 $622.25 $0.00 $521.73 $93,418.09
110 $93,418.09 $622.25 $0.00 $528.20 $94,568.54
111 $94,568.54 $622.25 $0.00 $534.70 $95,725.49
112 $95,725.49 $622.25 $0.00 $541.25 $96,888.99
113 $96,888.99 $622.25 $0.00 $547.82 $98,059.06
114 $98,059.06 $622.25 $0.00 $554.44 $99,235.75
115 $99,235.75 $622.25 $0.00 $561.09 $100,419.09
116 $100,419.09 $622.25 $0.00 $567.78 $101,609.12
117 $101,609.12 $622.25 $0.00 $574.51 $102,805.88
118 $102,805.88 $622.25 $0.00 $581.28 $104,009.41
119 $104,009.41 $622.25 $0.00 $588.08 $105,219.74
120 $105,219.74 $622.25 $0.00 $594.93 $106,436.92
121 $106,436.92 $622.25 $0.00 $601.81 $107,660.98
122 $107,660.98 $622.25 $0.00 $608.73 $108,891.96
123 $108,891.96 $622.25 $0.00 $615.69 $110,129.90
124 $110,129.90 $622.25 $0.00 $622.69 $111,374.84
125 $111,374.84 $622.25 $0.00 $629.73 $112,626.82
126 $112,626.82 $622.25 $0.00 $636.81 $113,885.88
127 $113,885.88 $622.25 $0.00 $643.93 $115,152.06
128 $115,152.06 $622.25 $0.00 $651.09 $116,425.40
129 $116,425.40 $622.25 $0.00 $658.29 $117,705.94
130 $117,705.94 $622.25 $0.00 $665.53 $118,993.72
131 $118,993.72 $622.25 $0.00 $672.81 $120,288.78
132 $120,288.78 $622.25 $0.00 $680.13 $121,591.16
133 $121,591.16 $622.25 $0.00 $687.49 $122,900.90
134 $122,900.90 $622.25 $0.00 $694.90 $124,218.05
135 $124,218.05 $622.25 $0.00 $702.35 $125,542.65
136 $125,542.65 $622.25 $0.00 $709.84 $126,874.74
137 $126,874.74 $622.25 $0.00 $717.37 $128,214.36
138 $128,214.36 $622.25 $0.00 $724.94 $129,561.55
139 $129,561.55 $622.25 $0.00 $732.56 $130,916.36
140 $130,916.36 $622.25 $0.00 $740.22 $132,278.83
141 $132,278.83 $622.25 $0.00 $747.92 $133,649.00
142 $133,649.00 $622.25 $0.00 $755.67 $135,026.92
143 $135,026.92 $622.25 $0.00 $763.46 $136,412.63
144 $136,412.63 $622.25 $0.00 $771.30 $137,806.18
145 $137,806.18 $622.25 $0.00 $779.18 $139,207.61
146 $139,207.61 $622.25 $0.00 $787.10 $140,616.96
147 $140,616.96 $622.25 $0.00 $795.07 $142,034.28
148 $142,034.28 $622.25 $0.00 $803.08 $143,459.61
149 $143,459.61 $622.25 $0.00 $811.14 $144,893.00
150 $144,893.00 $622.25 $0.00 $819.25 $146,334.50
151 $146,334.50 $622.25 $0.00 $827.40 $147,784.15
152 $147,784.15 $622.25 $0.00 $835.59 $149,241.99
153 $149,241.99 $622.25 $0.00 $843.84 $150,708.08
154 $150,708.08 $622.25 $0.00 $852.13 $152,182.46
155 $152,182.46 $622.25 $0.00 $860.46 $153,665.17
156 $153,665.17 $622.25 $0.00 $868.85 $155,156.27
157 $155,156.27 $622.25 $0.00 $877.28 $156,655.80
158 $156,655.80 $622.25 $0.00 $885.75 $158,163.80
159 $158,163.80 $622.25 $0.00 $894.28 $159,680.33
160 $159,680.33 $622.25 $0.00 $902.86 $161,205.44
161 $161,205.44 $622.25 $0.00 $911.48 $162,739.17
162 $162,739.17 $622.25 $0.00 $920.15 $164,281.57
163 $164,281.57 $622.25 $0.00 $928.87 $165,832.69
164 $165,832.69 $622.25 $0.00 $937.64 $167,392.58
165 $167,392.58 $622.25 $0.00 $946.46 $168,961.29
166 $168,961.29 $622.25 $0.00 $955.33 $170,538.87
167 $170,538.87 $622.25 $0.00 $964.25 $172,125.37
168 $172,125.37 $622.25 $0.00 $973.22 $173,720.84
169 $173,720.84 $622.25 $0.00 $982.24 $175,325.33
170 $175,325.33 $622.25 $0.00 $991.31 $176,938.89
171 $176,938.89 $622.25 $0.00 $1,000.44 $178,561.58
172 $178,561.58 $622.25 $0.00 $1,009.61 $180,193.44
173 $180,193.44 $622.25 $0.00 $1,018.84 $181,834.53
174 $181,834.53 $622.25 $0.00 $1,028.12 $183,484.90
175 $183,484.90 $622.25 $0.00 $1,037.45 $185,144.60
176 $185,144.60 $622.25 $0.00 $1,046.83 $186,813.68
177 $186,813.68 $622.25 $0.00 $1,056.27 $188,492.20
178 $188,492.20 $622.25 $0.00 $1,065.76 $190,180.21
179 $190,180.21 $622.25 $0.00 $1,075.31 $191,877.77
180 $191,877.77 $622.25 $0.00 $1,084.90 $193,584.92
181 $193,584.92 $622.25 $0.00 $1,094.56 $195,301.73
182 $195,301.73 $622.25 $0.00 $1,104.26 $197,028.24
183 $197,028.24 $622.25 $0.00 $1,114.03 $198,764.52
184 $198,764.52 $622.25 $0.00 $1,123.84 $200,510.61
185 $200,510.61 $622.25 $0.00 $1,133.72 $202,266.58
186 $202,266.58 $622.25 $0.00 $1,143.64 $204,032.47
187 $204,032.47 $622.25 $0.00 $1,153.63 $205,808.35
188 $205,808.35 $622.25 $0.00 $1,163.67 $207,594.27
189 $207,594.27 $622.25 $0.00 $1,173.77 $209,390.29
190 $209,390.29 $622.25 $0.00 $1,183.92 $211,196.46
191 $211,196.46 $622.25 $0.00 $1,194.14 $213,012.85
192 $213,012.85 $622.25 $0.00 $1,204.41 $214,839.51
193 $214,839.51 $622.25 $0.00 $1,214.73 $216,676.49
194 $216,676.49 $622.25 $0.00 $1,225.12 $218,523.86
195 $218,523.86 $622.25 $0.00 $1,235.57 $220,381.68
196 $220,381.68 $622.25 $0.00 $1,246.07 $222,250.00
197 $222,250.00 $622.25 $0.00 $1,256.63 $224,128.88
198 $224,128.88 $622.25 $0.00 $1,267.26 $226,018.39
199 $226,018.39 $622.25 $0.00 $1,277.94 $227,918.58
200 $227,918.58 $622.25 $0.00 $1,288.68 $229,829.51
201 $229,829.51 $622.25 $0.00 $1,299.49 $231,751.25
202 $231,751.25 $622.25 $0.00 $1,310.36 $233,683.86
203 $233,683.86 $622.25 $0.00 $1,321.28 $235,627.39
204 $235,627.39 $622.25 $0.00 $1,332.27 $237,581.91
205 $237,581.91 $622.25 $0.00 $1,343.32 $239,547.48
206 $239,547.48 $622.25 $0.00 $1,354.44 $241,524.17
207 $241,524.17 $622.25 $0.00 $1,365.61 $243,512.03
208 $243,512.03 $622.25 $0.00 $1,376.85 $245,511.13
209 $245,511.13 $622.25 $0.00 $1,388.16 $247,521.54
210 $247,521.54 $622.25 $0.00 $1,399.52 $249,543.31
211 $249,543.31 $622.25 $0.00 $1,410.95 $251,576.51
212 $251,576.51 $622.25 $0.00 $1,422.45 $253,621.21
213 $253,621.21 $622.25 $0.00 $1,434.01 $255,677.47
214 $255,677.47 $622.25 $0.00 $1,445.64 $257,745.36
215 $257,745.36 $622.25 $0.00 $1,457.33 $259,824.94
216 $259,824.94 $622.25 $0.00 $1,469.09 $261,916.28
217 $261,916.28 $622.25 $72,951.85 $1,480.91 $191,067.59
218 $191,067.59 $622.25 $0.00 $1,080.32 $192,770.16
219 $192,770.16 $622.25 $0.00 $1,089.95 $194,482.36
220 $194,482.36 $622.25 $0.00 $1,099.63 $196,204.24
221 $196,204.24 $622.25 $0.00 $1,109.37 $197,935.86
222 $197,935.86 $622.25 $0.00 $1,119.16 $199,677.27
223 $199,677.27 $622.25 $0.00 $1,129.00 $201,428.52
224 $201,428.52 $622.25 $0.00 $1,138.91 $203,189.68
225 $203,189.68 $622.25 $0.00 $1,148.86 $204,960.79
226 $204,960.79 $622.25 $0.00 $1,158.88 $206,741.92
227 $206,741.92 $622.25 $0.00 $1,168.95 $208,533.12
228 $208,533.12 $622.25 $0.00 $1,179.08 $210,334.45
229 $210,334.45 $622.25 $76,599.44 $1,189.26 $135,546.52
230 $135,546.52 $622.25 $0.00 $766.40 $136,935.17
231 $136,935.17 $622.25 $0.00 $774.25 $138,331.67
232 $138,331.67 $622.25 $0.00 $782.15 $139,736.07
233 $139,736.07 $622.25 $0.00 $790.09 $141,148.41
234 $141,148.41 $622.25 $0.00 $798.07 $142,568.73
235 $142,568.73 $622.25 $0.00 $806.10 $143,997.08
236 $143,997.08 $622.25 $0.00 $814.18 $145,433.51
237 $145,433.51 $622.25 $0.00 $822.30 $146,878.06
238 $146,878.06 $622.25 $0.00 $830.47 $148,330.78
239 $148,330.78 $622.25 $0.00 $838.68 $149,791.71
240 $149,791.71 $622.25 $0.00 $846.94 $151,260.90
241 $151,260.90 $622.25 $80,429.41 $855.25 $72,308.99
242 $72,308.99 $622.25 $0.00 $408.85 $73,340.09
243 $73,340.09 $622.25 $0.00 $414.68 $74,377.02
244 $74,377.02 $622.25 $0.00 $420.54 $75,419.81
245 $75,419.81 $622.25 $0.00 $426.43 $76,468.49
246 $76,468.49 $622.25 $0.00 $432.36 $77,523.10
247 $77,523.10 $622.25 $0.00 $438.33 $78,583.68
248 $78,583.68 $622.25 $0.00 $444.32 $79,650.25
249 $79,650.25 $622.25 $0.00 $450.35 $80,722.85
250 $80,722.85 $622.25 $0.00 $456.42 $81,801.52
251 $81,801.52 $622.25 $0.00 $462.52 $82,886.29
252 $82,886.29 $622.25 $0.00 $468.65 $83,977.19
253 $83,977.19 $0.00 $84,450.88 $474.82 $1.13