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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$46,403
Monthly savings required$206

How much will it cost to send your child to Midlands Technical College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $92,805.37 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $206.23 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$18,811.00
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 $206.23 $0.00 $0.00 $206.23
2 $206.23 $206.23 $0.00 $1.17 $413.63
3 $413.63 $206.23 $0.00 $2.34 $622.20
4 $622.20 $206.23 $0.00 $3.52 $831.95
5 $831.95 $206.23 $0.00 $4.70 $1,042.88
6 $1,042.88 $206.23 $0.00 $5.90 $1,255.01
7 $1,255.01 $206.23 $0.00 $7.10 $1,468.34
8 $1,468.34 $206.23 $0.00 $8.30 $1,682.87
9 $1,682.87 $206.23 $0.00 $9.52 $1,898.62
10 $1,898.62 $206.23 $0.00 $10.74 $2,115.59
11 $2,115.59 $206.23 $0.00 $11.96 $2,333.78
12 $2,333.78 $206.23 $0.00 $13.20 $2,553.21
13 $2,553.21 $206.23 $0.00 $14.44 $2,773.88
14 $2,773.88 $206.23 $0.00 $15.68 $2,995.79
15 $2,995.79 $206.23 $0.00 $16.94 $3,218.96
16 $3,218.96 $206.23 $0.00 $18.20 $3,443.39
17 $3,443.39 $206.23 $0.00 $19.47 $3,669.09
18 $3,669.09 $206.23 $0.00 $20.75 $3,896.07
19 $3,896.07 $206.23 $0.00 $22.03 $4,124.33
20 $4,124.33 $206.23 $0.00 $23.32 $4,353.88
21 $4,353.88 $206.23 $0.00 $24.62 $4,584.73
22 $4,584.73 $206.23 $0.00 $25.92 $4,816.88
23 $4,816.88 $206.23 $0.00 $27.24 $5,050.35
24 $5,050.35 $206.23 $0.00 $28.56 $5,285.14
25 $5,285.14 $206.23 $0.00 $29.88 $5,521.25
26 $5,521.25 $206.23 $0.00 $31.22 $5,758.70
27 $5,758.70 $206.23 $0.00 $32.56 $5,997.49
28 $5,997.49 $206.23 $0.00 $33.91 $6,237.63
29 $6,237.63 $206.23 $0.00 $35.27 $6,479.13
30 $6,479.13 $206.23 $0.00 $36.63 $6,721.99
31 $6,721.99 $206.23 $0.00 $38.01 $6,966.23
32 $6,966.23 $206.23 $0.00 $39.39 $7,211.85
33 $7,211.85 $206.23 $0.00 $40.78 $7,458.86
34 $7,458.86 $206.23 $0.00 $42.17 $7,707.26
35 $7,707.26 $206.23 $0.00 $43.58 $7,957.07
36 $7,957.07 $206.23 $0.00 $44.99 $8,208.29
37 $8,208.29 $206.23 $0.00 $46.41 $8,460.93
38 $8,460.93 $206.23 $0.00 $47.84 $8,715.00
39 $8,715.00 $206.23 $0.00 $49.28 $8,970.51
40 $8,970.51 $206.23 $0.00 $50.72 $9,227.46
41 $9,227.46 $206.23 $0.00 $52.17 $9,485.86
42 $9,485.86 $206.23 $0.00 $53.63 $9,745.72
43 $9,745.72 $206.23 $0.00 $55.10 $10,007.05
44 $10,007.05 $206.23 $0.00 $56.58 $10,269.86
45 $10,269.86 $206.23 $0.00 $58.07 $10,534.16
46 $10,534.16 $206.23 $0.00 $59.56 $10,799.95
47 $10,799.95 $206.23 $0.00 $61.06 $11,067.24
48 $11,067.24 $206.23 $0.00 $62.58 $11,336.05
49 $11,336.05 $206.23 $0.00 $64.10 $11,606.38
50 $11,606.38 $206.23 $0.00 $65.62 $11,878.23
51 $11,878.23 $206.23 $0.00 $67.16 $12,151.62
52 $12,151.62 $206.23 $0.00 $68.71 $12,426.56
53 $12,426.56 $206.23 $0.00 $70.26 $12,703.05
54 $12,703.05 $206.23 $0.00 $71.82 $12,981.10
55 $12,981.10 $206.23 $0.00 $73.40 $13,260.73
56 $13,260.73 $206.23 $0.00 $74.98 $13,541.94
57 $13,541.94 $206.23 $0.00 $76.57 $13,824.74
58 $13,824.74 $206.23 $0.00 $78.17 $14,109.14
59 $14,109.14 $206.23 $0.00 $79.78 $14,395.15
60 $14,395.15 $206.23 $0.00 $81.39 $14,682.77
61 $14,682.77 $206.23 $0.00 $83.02 $14,972.02
62 $14,972.02 $206.23 $0.00 $84.65 $15,262.90
63 $15,262.90 $206.23 $0.00 $86.30 $15,555.43
64 $15,555.43 $206.23 $0.00 $87.95 $15,849.61
65 $15,849.61 $206.23 $0.00 $89.62 $16,145.46
66 $16,145.46 $206.23 $0.00 $91.29 $16,442.98
67 $16,442.98 $206.23 $0.00 $92.97 $16,742.18
68 $16,742.18 $206.23 $0.00 $94.66 $17,043.07
69 $17,043.07 $206.23 $0.00 $96.36 $17,345.66
70 $17,345.66 $206.23 $0.00 $98.07 $17,649.96
71 $17,649.96 $206.23 $0.00 $99.80 $17,955.99
72 $17,955.99 $206.23 $0.00 $101.53 $18,263.75
73 $18,263.75 $206.23 $0.00 $103.27 $18,573.25
74 $18,573.25 $206.23 $0.00 $105.02 $18,884.50
75 $18,884.50 $206.23 $0.00 $106.78 $19,197.51
76 $19,197.51 $206.23 $0.00 $108.55 $19,512.29
77 $19,512.29 $206.23 $0.00 $110.33 $19,828.85
78 $19,828.85 $206.23 $0.00 $112.12 $20,147.20
79 $20,147.20 $206.23 $0.00 $113.92 $20,467.35
80 $20,467.35 $206.23 $0.00 $115.73 $20,789.31
81 $20,789.31 $206.23 $0.00 $117.55 $21,113.09
82 $21,113.09 $206.23 $0.00 $119.38 $21,438.70
83 $21,438.70 $206.23 $0.00 $121.22 $21,766.15
84 $21,766.15 $206.23 $0.00 $123.07 $22,095.45
85 $22,095.45 $206.23 $0.00 $124.93 $22,426.61
86 $22,426.61 $206.23 $0.00 $126.80 $22,759.64
87 $22,759.64 $206.23 $0.00 $128.69 $23,094.56
88 $23,094.56 $206.23 $0.00 $130.58 $23,431.37
89 $23,431.37 $206.23 $0.00 $132.48 $23,770.08
90 $23,770.08 $206.23 $0.00 $134.40 $24,110.71
91 $24,110.71 $206.23 $0.00 $136.33 $24,453.27
92 $24,453.27 $206.23 $0.00 $138.26 $24,797.76
93 $24,797.76 $206.23 $0.00 $140.21 $25,144.20
94 $25,144.20 $206.23 $0.00 $142.17 $25,492.60
95 $25,492.60 $206.23 $0.00 $144.14 $25,842.97
96 $25,842.97 $206.23 $0.00 $146.12 $26,195.32
97 $26,195.32 $206.23 $0.00 $148.11 $26,549.66
98 $26,549.66 $206.23 $0.00 $150.12 $26,906.01
99 $26,906.01 $206.23 $0.00 $152.13 $27,264.37
100 $27,264.37 $206.23 $0.00 $154.16 $27,624.76
101 $27,624.76 $206.23 $0.00 $156.19 $27,987.18
102 $27,987.18 $206.23 $0.00 $158.24 $28,351.65
103 $28,351.65 $206.23 $0.00 $160.30 $28,718.18
104 $28,718.18 $206.23 $0.00 $162.38 $29,086.79
105 $29,086.79 $206.23 $0.00 $164.46 $29,457.48
106 $29,457.48 $206.23 $0.00 $166.56 $29,830.27
107 $29,830.27 $206.23 $0.00 $168.66 $30,205.16
108 $30,205.16 $206.23 $0.00 $170.78 $30,582.17
109 $30,582.17 $206.23 $0.00 $172.92 $30,961.32
110 $30,961.32 $206.23 $0.00 $175.06 $31,342.61
111 $31,342.61 $206.23 $0.00 $177.22 $31,726.06
112 $31,726.06 $206.23 $0.00 $179.38 $32,111.67
113 $32,111.67 $206.23 $0.00 $181.56 $32,499.46
114 $32,499.46 $206.23 $0.00 $183.76 $32,889.45
115 $32,889.45 $206.23 $0.00 $185.96 $33,281.64
116 $33,281.64 $206.23 $0.00 $188.18 $33,676.05
117 $33,676.05 $206.23 $0.00 $190.41 $34,072.69
118 $34,072.69 $206.23 $0.00 $192.65 $34,471.57
119 $34,471.57 $206.23 $0.00 $194.91 $34,872.71
120 $34,872.71 $206.23 $0.00 $197.18 $35,276.12
121 $35,276.12 $206.23 $0.00 $199.46 $35,681.81
122 $35,681.81 $206.23 $0.00 $201.75 $36,089.79
123 $36,089.79 $206.23 $0.00 $204.06 $36,500.08
124 $36,500.08 $206.23 $0.00 $206.38 $36,912.69
125 $36,912.69 $206.23 $0.00 $208.71 $37,327.63
126 $37,327.63 $206.23 $0.00 $211.06 $37,744.92
127 $37,744.92 $206.23 $0.00 $213.42 $38,164.57
128 $38,164.57 $206.23 $0.00 $215.79 $38,586.59
129 $38,586.59 $206.23 $0.00 $218.17 $39,010.99
130 $39,010.99 $206.23 $0.00 $220.57 $39,437.79
131 $39,437.79 $206.23 $0.00 $222.99 $39,867.01
132 $39,867.01 $206.23 $0.00 $225.41 $40,298.65
133 $40,298.65 $206.23 $0.00 $227.85 $40,732.73
134 $40,732.73 $206.23 $0.00 $230.31 $41,169.27
135 $41,169.27 $206.23 $0.00 $232.78 $41,608.28
136 $41,608.28 $206.23 $0.00 $235.26 $42,049.77
137 $42,049.77 $206.23 $0.00 $237.76 $42,493.76
138 $42,493.76 $206.23 $0.00 $240.27 $42,940.26
139 $42,940.26 $206.23 $0.00 $242.79 $43,389.28
140 $43,389.28 $206.23 $0.00 $245.33 $43,840.84
141 $43,840.84 $206.23 $0.00 $247.88 $44,294.95
142 $44,294.95 $206.23 $0.00 $250.45 $44,751.63
143 $44,751.63 $206.23 $0.00 $253.03 $45,210.89
144 $45,210.89 $206.23 $0.00 $255.63 $45,672.75
145 $45,672.75 $206.23 $0.00 $258.24 $46,137.22
146 $46,137.22 $206.23 $0.00 $260.87 $46,604.32
147 $46,604.32 $206.23 $0.00 $263.51 $47,074.06
148 $47,074.06 $206.23 $0.00 $266.16 $47,546.45
149 $47,546.45 $206.23 $0.00 $268.83 $48,021.51
150 $48,021.51 $206.23 $0.00 $271.52 $48,499.26
151 $48,499.26 $206.23 $0.00 $274.22 $48,979.71
152 $48,979.71 $206.23 $0.00 $276.94 $49,462.88
153 $49,462.88 $206.23 $0.00 $279.67 $49,948.78
154 $49,948.78 $206.23 $0.00 $282.42 $50,437.43
155 $50,437.43 $206.23 $0.00 $285.18 $50,928.84
156 $50,928.84 $206.23 $0.00 $287.96 $51,423.03
157 $51,423.03 $206.23 $0.00 $290.75 $51,920.01
158 $51,920.01 $206.23 $0.00 $293.56 $52,419.80
159 $52,419.80 $206.23 $0.00 $296.39 $52,922.42
160 $52,922.42 $206.23 $0.00 $299.23 $53,427.88
161 $53,427.88 $206.23 $0.00 $302.09 $53,936.20
162 $53,936.20 $206.23 $0.00 $304.96 $54,447.39
163 $54,447.39 $206.23 $0.00 $307.85 $54,961.47
164 $54,961.47 $206.23 $0.00 $310.76 $55,478.46
165 $55,478.46 $206.23 $0.00 $313.68 $55,998.37
166 $55,998.37 $206.23 $0.00 $316.62 $56,521.22
167 $56,521.22 $206.23 $0.00 $319.58 $57,047.03
168 $57,047.03 $206.23 $0.00 $322.55 $57,575.81
169 $57,575.81 $206.23 $0.00 $325.54 $58,107.58
170 $58,107.58 $206.23 $0.00 $328.55 $58,642.36
171 $58,642.36 $206.23 $0.00 $331.57 $59,180.16
172 $59,180.16 $206.23 $0.00 $334.61 $59,721.00
173 $59,721.00 $206.23 $0.00 $337.67 $60,264.90
174 $60,264.90 $206.23 $0.00 $340.75 $60,811.88
175 $60,811.88 $206.23 $0.00 $343.84 $61,361.95
176 $61,361.95 $206.23 $0.00 $346.95 $61,915.13
177 $61,915.13 $206.23 $0.00 $350.08 $62,471.44
178 $62,471.44 $206.23 $0.00 $353.22 $63,030.89
179 $63,030.89 $206.23 $0.00 $356.39 $63,593.51
180 $63,593.51 $206.23 $0.00 $359.57 $64,159.31
181 $64,159.31 $206.23 $0.00 $362.77 $64,728.31
182 $64,728.31 $206.23 $0.00 $365.98 $65,300.52
183 $65,300.52 $206.23 $0.00 $369.22 $65,875.97
184 $65,875.97 $206.23 $0.00 $372.47 $66,454.67
185 $66,454.67 $206.23 $0.00 $375.74 $67,036.64
186 $67,036.64 $206.23 $0.00 $379.03 $67,621.90
187 $67,621.90 $206.23 $0.00 $382.34 $68,210.47
188 $68,210.47 $206.23 $0.00 $385.67 $68,802.37
189 $68,802.37 $206.23 $0.00 $389.02 $69,397.62
190 $69,397.62 $206.23 $0.00 $392.38 $69,996.23
191 $69,996.23 $206.23 $0.00 $395.77 $70,598.23
192 $70,598.23 $206.23 $0.00 $399.17 $71,203.63
193 $71,203.63 $206.23 $0.00 $402.60 $71,812.46
194 $71,812.46 $206.23 $0.00 $406.04 $72,424.73
195 $72,424.73 $206.23 $0.00 $409.50 $73,040.46
196 $73,040.46 $206.23 $0.00 $412.98 $73,659.67
197 $73,659.67 $206.23 $0.00 $416.48 $74,282.38
198 $74,282.38 $206.23 $0.00 $420.00 $74,908.61
199 $74,908.61 $206.23 $0.00 $423.54 $75,538.38
200 $75,538.38 $206.23 $0.00 $427.10 $76,171.71
201 $76,171.71 $206.23 $0.00 $430.69 $76,808.63
202 $76,808.63 $206.23 $0.00 $434.29 $77,449.15
203 $77,449.15 $206.23 $0.00 $437.91 $78,093.29
204 $78,093.29 $206.23 $0.00 $441.55 $78,741.07
205 $78,741.07 $206.23 $0.00 $445.21 $79,392.51
206 $79,392.51 $206.23 $0.00 $448.90 $80,047.64
207 $80,047.64 $206.23 $0.00 $452.60 $80,706.47
208 $80,706.47 $206.23 $0.00 $456.33 $81,369.03
209 $81,369.03 $206.23 $0.00 $460.07 $82,035.33
210 $82,035.33 $206.23 $0.00 $463.84 $82,705.40
211 $82,705.40 $206.23 $0.00 $467.63 $83,379.26
212 $83,379.26 $206.23 $0.00 $471.44 $84,056.93
213 $84,056.93 $206.23 $0.00 $475.27 $84,738.43
214 $84,738.43 $206.23 $0.00 $479.12 $85,423.78
215 $85,423.78 $206.23 $0.00 $483.00 $86,113.01
216 $86,113.01 $206.23 $0.00 $486.90 $86,806.14
217 $86,806.14 $206.23 $45,270.91 $490.81 $42,232.27
218 $42,232.27 $206.23 $0.00 $238.79 $42,677.29
219 $42,677.29 $206.23 $0.00 $241.30 $43,124.82
220 $43,124.82 $206.23 $0.00 $243.83 $43,574.88
221 $43,574.88 $206.23 $0.00 $246.38 $44,027.49
222 $44,027.49 $206.23 $0.00 $248.94 $44,482.66
223 $44,482.66 $206.23 $0.00 $251.51 $44,940.40
224 $44,940.40 $206.23 $0.00 $254.10 $45,400.73
225 $45,400.73 $206.23 $0.00 $256.70 $45,863.66
226 $45,863.66 $206.23 $0.00 $259.32 $46,329.21
227 $46,329.21 $206.23 $0.00 $261.95 $46,797.39
228 $46,797.39 $206.23 $0.00 $264.60 $47,268.22
229 $47,268.22 $0.00 $47,534.46 $267.26 $1.02