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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$32,756
Monthly savings required$146

How much will it cost to send your child to South Plains College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $65,512.87 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $145.58 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$13,279.00
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 $145.58 $0.00 $0.00 $145.58
2 $145.58 $145.58 $0.00 $0.82 $291.98
3 $291.98 $145.58 $0.00 $1.65 $439.21
4 $439.21 $145.58 $0.00 $2.48 $587.27
5 $587.27 $145.58 $0.00 $3.32 $736.17
6 $736.17 $145.58 $0.00 $4.16 $885.91
7 $885.91 $145.58 $0.00 $5.01 $1,036.50
8 $1,036.50 $145.58 $0.00 $5.86 $1,187.94
9 $1,187.94 $145.58 $0.00 $6.72 $1,340.24
10 $1,340.24 $145.58 $0.00 $7.58 $1,493.40
11 $1,493.40 $145.58 $0.00 $8.44 $1,647.42
12 $1,647.42 $145.58 $0.00 $9.31 $1,802.31
13 $1,802.31 $145.58 $0.00 $10.19 $1,958.08
14 $1,958.08 $145.58 $0.00 $11.07 $2,114.73
15 $2,114.73 $145.58 $0.00 $11.96 $2,272.27
16 $2,272.27 $145.58 $0.00 $12.85 $2,430.70
17 $2,430.70 $145.58 $0.00 $13.74 $2,590.02
18 $2,590.02 $145.58 $0.00 $14.64 $2,750.24
19 $2,750.24 $145.58 $0.00 $15.55 $2,911.37
20 $2,911.37 $145.58 $0.00 $16.46 $3,073.41
21 $3,073.41 $145.58 $0.00 $17.38 $3,236.37
22 $3,236.37 $145.58 $0.00 $18.30 $3,400.25
23 $3,400.25 $145.58 $0.00 $19.23 $3,565.06
24 $3,565.06 $145.58 $0.00 $20.16 $3,730.80
25 $3,730.80 $145.58 $0.00 $21.09 $3,897.47
26 $3,897.47 $145.58 $0.00 $22.04 $4,065.09
27 $4,065.09 $145.58 $0.00 $22.98 $4,233.65
28 $4,233.65 $145.58 $0.00 $23.94 $4,403.17
29 $4,403.17 $145.58 $0.00 $24.90 $4,573.65
30 $4,573.65 $145.58 $0.00 $25.86 $4,745.09
31 $4,745.09 $145.58 $0.00 $26.83 $4,917.50
32 $4,917.50 $145.58 $0.00 $27.80 $5,090.88
33 $5,090.88 $145.58 $0.00 $28.78 $5,265.24
34 $5,265.24 $145.58 $0.00 $29.77 $5,440.59
35 $5,440.59 $145.58 $0.00 $30.76 $5,616.93
36 $5,616.93 $145.58 $0.00 $31.76 $5,794.27
37 $5,794.27 $145.58 $0.00 $32.76 $5,972.61
38 $5,972.61 $145.58 $0.00 $33.77 $6,151.96
39 $6,151.96 $145.58 $0.00 $34.78 $6,332.32
40 $6,332.32 $145.58 $0.00 $35.80 $6,513.70
41 $6,513.70 $145.58 $0.00 $36.83 $6,696.11
42 $6,696.11 $145.58 $0.00 $37.86 $6,879.55
43 $6,879.55 $145.58 $0.00 $38.90 $7,064.03
44 $7,064.03 $145.58 $0.00 $39.94 $7,249.55
45 $7,249.55 $145.58 $0.00 $40.99 $7,436.12
46 $7,436.12 $145.58 $0.00 $42.04 $7,623.74
47 $7,623.74 $145.58 $0.00 $43.11 $7,812.43
48 $7,812.43 $145.58 $0.00 $44.17 $8,002.18
49 $8,002.18 $145.58 $0.00 $45.25 $8,193.01
50 $8,193.01 $145.58 $0.00 $46.32 $8,384.91
51 $8,384.91 $145.58 $0.00 $47.41 $8,577.90
52 $8,577.90 $145.58 $0.00 $48.50 $8,771.98
53 $8,771.98 $145.58 $0.00 $49.60 $8,967.16
54 $8,967.16 $145.58 $0.00 $50.70 $9,163.44
55 $9,163.44 $145.58 $0.00 $51.81 $9,360.83
56 $9,360.83 $145.58 $0.00 $52.93 $9,559.34
57 $9,559.34 $145.58 $0.00 $54.05 $9,758.97
58 $9,758.97 $145.58 $0.00 $55.18 $9,959.73
59 $9,959.73 $145.58 $0.00 $56.31 $10,161.62
60 $10,161.62 $145.58 $0.00 $57.46 $10,364.66
61 $10,364.66 $145.58 $0.00 $58.60 $10,568.84
62 $10,568.84 $145.58 $0.00 $59.76 $10,774.18
63 $10,774.18 $145.58 $0.00 $60.92 $10,980.68
64 $10,980.68 $145.58 $0.00 $62.09 $11,188.35
65 $11,188.35 $145.58 $0.00 $63.26 $11,397.19
66 $11,397.19 $145.58 $0.00 $64.44 $11,607.21
67 $11,607.21 $145.58 $0.00 $65.63 $11,818.42
68 $11,818.42 $145.58 $0.00 $66.82 $12,030.82
69 $12,030.82 $145.58 $0.00 $68.02 $12,244.42
70 $12,244.42 $145.58 $0.00 $69.23 $12,459.23
71 $12,459.23 $145.58 $0.00 $70.45 $12,675.26
72 $12,675.26 $145.58 $0.00 $71.67 $12,892.51
73 $12,892.51 $145.58 $0.00 $72.90 $13,110.99
74 $13,110.99 $145.58 $0.00 $74.13 $13,330.70
75 $13,330.70 $145.58 $0.00 $75.37 $13,551.65
76 $13,551.65 $145.58 $0.00 $76.62 $13,773.85
77 $13,773.85 $145.58 $0.00 $77.88 $13,997.31
78 $13,997.31 $145.58 $0.00 $79.14 $14,222.03
79 $14,222.03 $145.58 $0.00 $80.41 $14,448.02
80 $14,448.02 $145.58 $0.00 $81.69 $14,675.29
81 $14,675.29 $145.58 $0.00 $82.98 $14,903.85
82 $14,903.85 $145.58 $0.00 $84.27 $15,133.70
83 $15,133.70 $145.58 $0.00 $85.57 $15,364.85
84 $15,364.85 $145.58 $0.00 $86.88 $15,597.31
85 $15,597.31 $145.58 $0.00 $88.19 $15,831.08
86 $15,831.08 $145.58 $0.00 $89.51 $16,066.17
87 $16,066.17 $145.58 $0.00 $90.84 $16,302.59
88 $16,302.59 $145.58 $0.00 $92.18 $16,540.35
89 $16,540.35 $145.58 $0.00 $93.52 $16,779.45
90 $16,779.45 $145.58 $0.00 $94.87 $17,019.90
91 $17,019.90 $145.58 $0.00 $96.23 $17,261.71
92 $17,261.71 $145.58 $0.00 $97.60 $17,504.89
93 $17,504.89 $145.58 $0.00 $98.98 $17,749.45
94 $17,749.45 $145.58 $0.00 $100.36 $17,995.39
95 $17,995.39 $145.58 $0.00 $101.75 $18,242.72
96 $18,242.72 $145.58 $0.00 $103.15 $18,491.45
97 $18,491.45 $145.58 $0.00 $104.55 $18,741.58
98 $18,741.58 $145.58 $0.00 $105.97 $18,993.13
99 $18,993.13 $145.58 $0.00 $107.39 $19,246.10
100 $19,246.10 $145.58 $0.00 $108.82 $19,500.50
101 $19,500.50 $145.58 $0.00 $110.26 $19,756.34
102 $19,756.34 $145.58 $0.00 $111.71 $20,013.63
103 $20,013.63 $145.58 $0.00 $113.16 $20,272.37
104 $20,272.37 $145.58 $0.00 $114.62 $20,532.57
105 $20,532.57 $145.58 $0.00 $116.09 $20,794.24
106 $20,794.24 $145.58 $0.00 $117.57 $21,057.39
107 $21,057.39 $145.58 $0.00 $119.06 $21,322.03
108 $21,322.03 $145.58 $0.00 $120.56 $21,588.17
109 $21,588.17 $145.58 $0.00 $122.06 $21,855.81
110 $21,855.81 $145.58 $0.00 $123.58 $22,124.97
111 $22,124.97 $145.58 $0.00 $125.10 $22,395.65
112 $22,395.65 $145.58 $0.00 $126.63 $22,667.86
113 $22,667.86 $145.58 $0.00 $128.17 $22,941.61
114 $22,941.61 $145.58 $0.00 $129.72 $23,216.91
115 $23,216.91 $145.58 $0.00 $131.27 $23,493.76
116 $23,493.76 $145.58 $0.00 $132.84 $23,772.18
117 $23,772.18 $145.58 $0.00 $134.41 $24,052.17
118 $24,052.17 $145.58 $0.00 $135.99 $24,333.74
119 $24,333.74 $145.58 $0.00 $137.59 $24,616.91
120 $24,616.91 $145.58 $0.00 $139.19 $24,901.68
121 $24,901.68 $145.58 $0.00 $140.80 $25,188.06
122 $25,188.06 $145.58 $0.00 $142.42 $25,476.06
123 $25,476.06 $145.58 $0.00 $144.05 $25,765.69
124 $25,765.69 $145.58 $0.00 $145.68 $26,056.95
125 $26,056.95 $145.58 $0.00 $147.33 $26,349.86
126 $26,349.86 $145.58 $0.00 $148.99 $26,644.43
127 $26,644.43 $145.58 $0.00 $150.65 $26,940.66
128 $26,940.66 $145.58 $0.00 $152.33 $27,238.57
129 $27,238.57 $145.58 $0.00 $154.01 $27,538.16
130 $27,538.16 $145.58 $0.00 $155.70 $27,839.44
131 $27,839.44 $145.58 $0.00 $157.41 $28,142.43
132 $28,142.43 $145.58 $0.00 $159.12 $28,447.13
133 $28,447.13 $145.58 $0.00 $160.84 $28,753.55
134 $28,753.55 $145.58 $0.00 $162.58 $29,061.71
135 $29,061.71 $145.58 $0.00 $164.32 $29,371.61
136 $29,371.61 $145.58 $0.00 $166.07 $29,683.26
137 $29,683.26 $145.58 $0.00 $167.83 $29,996.67
138 $29,996.67 $145.58 $0.00 $169.61 $30,311.86
139 $30,311.86 $145.58 $0.00 $171.39 $30,628.83
140 $30,628.83 $145.58 $0.00 $173.18 $30,947.59
141 $30,947.59 $145.58 $0.00 $174.98 $31,268.15
142 $31,268.15 $145.58 $0.00 $176.79 $31,590.52
143 $31,590.52 $145.58 $0.00 $178.62 $31,914.72
144 $31,914.72 $145.58 $0.00 $180.45 $32,240.75
145 $32,240.75 $145.58 $0.00 $182.29 $32,568.62
146 $32,568.62 $145.58 $0.00 $184.15 $32,898.35
147 $32,898.35 $145.58 $0.00 $186.01 $33,229.94
148 $33,229.94 $145.58 $0.00 $187.89 $33,563.41
149 $33,563.41 $145.58 $0.00 $189.77 $33,898.76
150 $33,898.76 $145.58 $0.00 $191.67 $34,236.01
151 $34,236.01 $145.58 $0.00 $193.58 $34,575.17
152 $34,575.17 $145.58 $0.00 $195.49 $34,916.24
153 $34,916.24 $145.58 $0.00 $197.42 $35,259.24
154 $35,259.24 $145.58 $0.00 $199.36 $35,604.18
155 $35,604.18 $145.58 $0.00 $201.31 $35,951.07
156 $35,951.07 $145.58 $0.00 $203.27 $36,299.92
157 $36,299.92 $145.58 $0.00 $205.25 $36,650.75
158 $36,650.75 $145.58 $0.00 $207.23 $37,003.56
159 $37,003.56 $145.58 $0.00 $209.22 $37,358.36
160 $37,358.36 $145.58 $0.00 $211.23 $37,715.17
161 $37,715.17 $145.58 $0.00 $213.25 $38,074.00
162 $38,074.00 $145.58 $0.00 $215.28 $38,434.86
163 $38,434.86 $145.58 $0.00 $217.32 $38,797.76
164 $38,797.76 $145.58 $0.00 $219.37 $39,162.71
165 $39,162.71 $145.58 $0.00 $221.43 $39,529.72
166 $39,529.72 $145.58 $0.00 $223.51 $39,898.81
167 $39,898.81 $145.58 $0.00 $225.59 $40,269.98
168 $40,269.98 $145.58 $0.00 $227.69 $40,643.25
169 $40,643.25 $145.58 $0.00 $229.80 $41,018.63
170 $41,018.63 $145.58 $0.00 $231.93 $41,396.14
171 $41,396.14 $145.58 $0.00 $234.06 $41,775.78
172 $41,775.78 $145.58 $0.00 $236.21 $42,157.57
173 $42,157.57 $145.58 $0.00 $238.37 $42,541.52
174 $42,541.52 $145.58 $0.00 $240.54 $42,927.64
175 $42,927.64 $145.58 $0.00 $242.72 $43,315.94
176 $43,315.94 $145.58 $0.00 $244.91 $43,706.43
177 $43,706.43 $145.58 $0.00 $247.12 $44,099.13
178 $44,099.13 $145.58 $0.00 $249.34 $44,494.05
179 $44,494.05 $145.58 $0.00 $251.58 $44,891.21
180 $44,891.21 $145.58 $0.00 $253.82 $45,290.61
181 $45,290.61 $145.58 $0.00 $256.08 $45,692.27
182 $45,692.27 $145.58 $0.00 $258.35 $46,096.20
183 $46,096.20 $145.58 $0.00 $260.63 $46,502.41
184 $46,502.41 $145.58 $0.00 $262.93 $46,910.92
185 $46,910.92 $145.58 $0.00 $265.24 $47,321.74
186 $47,321.74 $145.58 $0.00 $267.56 $47,734.88
187 $47,734.88 $145.58 $0.00 $269.90 $48,150.36
188 $48,150.36 $145.58 $0.00 $272.25 $48,568.19
189 $48,568.19 $145.58 $0.00 $274.61 $48,988.38
190 $48,988.38 $145.58 $0.00 $276.99 $49,410.95
191 $49,410.95 $145.58 $0.00 $279.38 $49,835.91
192 $49,835.91 $145.58 $0.00 $281.78 $50,263.27
193 $50,263.27 $145.58 $0.00 $284.20 $50,693.05
194 $50,693.05 $145.58 $0.00 $286.63 $51,125.26
195 $51,125.26 $145.58 $0.00 $289.07 $51,559.91
196 $51,559.91 $145.58 $0.00 $291.53 $51,997.02
197 $51,997.02 $145.58 $0.00 $294.00 $52,436.60
198 $52,436.60 $145.58 $0.00 $296.48 $52,878.66
199 $52,878.66 $145.58 $0.00 $298.98 $53,323.22
200 $53,323.22 $145.58 $0.00 $301.50 $53,770.30
201 $53,770.30 $145.58 $0.00 $304.03 $54,219.91
202 $54,219.91 $145.58 $0.00 $306.57 $54,672.06
203 $54,672.06 $145.58 $0.00 $309.12 $55,126.76
204 $55,126.76 $145.58 $0.00 $311.69 $55,584.03
205 $55,584.03 $145.58 $0.00 $314.28 $56,043.89
206 $56,043.89 $145.58 $0.00 $316.88 $56,506.35
207 $56,506.35 $145.58 $0.00 $319.50 $56,971.43
208 $56,971.43 $145.58 $0.00 $322.12 $57,439.13
209 $57,439.13 $145.58 $0.00 $324.77 $57,909.48
210 $57,909.48 $145.58 $0.00 $327.43 $58,382.49
211 $58,382.49 $145.58 $0.00 $330.10 $58,858.17
212 $58,858.17 $145.58 $0.00 $332.79 $59,336.54
213 $59,336.54 $145.58 $0.00 $335.50 $59,817.62
214 $59,817.62 $145.58 $0.00 $338.22 $60,301.42
215 $60,301.42 $145.58 $0.00 $340.95 $60,787.95
216 $60,787.95 $145.58 $0.00 $343.70 $61,277.23
217 $61,277.23 $145.58 $31,957.50 $346.47 $29,811.78
218 $29,811.78 $145.58 $0.00 $168.56 $30,125.92
219 $30,125.92 $145.58 $0.00 $170.34 $30,441.84
220 $30,441.84 $145.58 $0.00 $172.12 $30,759.54
221 $30,759.54 $145.58 $0.00 $173.92 $31,079.04
222 $31,079.04 $145.58 $0.00 $175.73 $31,400.35
223 $31,400.35 $145.58 $0.00 $177.54 $31,723.47
224 $31,723.47 $145.58 $0.00 $179.37 $32,048.42
225 $32,048.42 $145.58 $0.00 $181.21 $32,375.21
226 $32,375.21 $145.58 $0.00 $183.05 $32,703.84
227 $32,703.84 $145.58 $0.00 $184.91 $33,034.33
228 $33,034.33 $145.58 $0.00 $186.78 $33,366.69
229 $33,366.69 $0.00 $33,555.37 $188.66 ($0.02)