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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$43,632
Monthly savings required$194

How much will it cost to send your child to Central Virginia Community College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $87,264.98 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $193.91 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$17,688.00
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 $193.91 $0.00 $0.00 $193.91
2 $193.91 $193.91 $0.00 $1.10 $388.92
3 $388.92 $193.91 $0.00 $2.20 $585.03
4 $585.03 $193.91 $0.00 $3.31 $782.25
5 $782.25 $193.91 $0.00 $4.42 $980.58
6 $980.58 $193.91 $0.00 $5.54 $1,180.03
7 $1,180.03 $193.91 $0.00 $6.67 $1,380.61
8 $1,380.61 $193.91 $0.00 $7.81 $1,582.33
9 $1,582.33 $193.91 $0.00 $8.95 $1,785.19
10 $1,785.19 $193.91 $0.00 $10.09 $1,989.19
11 $1,989.19 $193.91 $0.00 $11.25 $2,194.35
12 $2,194.35 $193.91 $0.00 $12.41 $2,400.67
13 $2,400.67 $193.91 $0.00 $13.57 $2,608.15
14 $2,608.15 $193.91 $0.00 $14.75 $2,816.81
15 $2,816.81 $193.91 $0.00 $15.93 $3,026.65
16 $3,026.65 $193.91 $0.00 $17.11 $3,237.67
17 $3,237.67 $193.91 $0.00 $18.31 $3,449.89
18 $3,449.89 $193.91 $0.00 $19.51 $3,663.31
19 $3,663.31 $193.91 $0.00 $20.71 $3,877.93
20 $3,877.93 $193.91 $0.00 $21.93 $4,093.77
21 $4,093.77 $193.91 $0.00 $23.15 $4,310.83
22 $4,310.83 $193.91 $0.00 $24.37 $4,529.11
23 $4,529.11 $193.91 $0.00 $25.61 $4,748.63
24 $4,748.63 $193.91 $0.00 $26.85 $4,969.39
25 $4,969.39 $193.91 $0.00 $28.10 $5,191.40
26 $5,191.40 $193.91 $0.00 $29.35 $5,414.66
27 $5,414.66 $193.91 $0.00 $30.62 $5,639.19
28 $5,639.19 $193.91 $0.00 $31.88 $5,864.98
29 $5,864.98 $193.91 $0.00 $33.16 $6,092.05
30 $6,092.05 $193.91 $0.00 $34.45 $6,320.41
31 $6,320.41 $193.91 $0.00 $35.74 $6,550.06
32 $6,550.06 $193.91 $0.00 $37.03 $6,781.00
33 $6,781.00 $193.91 $0.00 $38.34 $7,013.25
34 $7,013.25 $193.91 $0.00 $39.65 $7,246.81
35 $7,246.81 $193.91 $0.00 $40.97 $7,481.69
36 $7,481.69 $193.91 $0.00 $42.30 $7,717.90
37 $7,717.90 $193.91 $0.00 $43.64 $7,955.45
38 $7,955.45 $193.91 $0.00 $44.98 $8,194.34
39 $8,194.34 $193.91 $0.00 $46.33 $8,434.58
40 $8,434.58 $193.91 $0.00 $47.69 $8,676.18
41 $8,676.18 $193.91 $0.00 $49.06 $8,919.15
42 $8,919.15 $193.91 $0.00 $50.43 $9,163.49
43 $9,163.49 $193.91 $0.00 $51.81 $9,409.21
44 $9,409.21 $193.91 $0.00 $53.20 $9,656.32
45 $9,656.32 $193.91 $0.00 $54.60 $9,904.83
46 $9,904.83 $193.91 $0.00 $56.00 $10,154.74
47 $10,154.74 $193.91 $0.00 $57.42 $10,406.07
48 $10,406.07 $193.91 $0.00 $58.84 $10,658.82
49 $10,658.82 $193.91 $0.00 $60.27 $10,913.00
50 $10,913.00 $193.91 $0.00 $61.70 $11,168.61
51 $11,168.61 $193.91 $0.00 $63.15 $11,425.67
52 $11,425.67 $193.91 $0.00 $64.60 $11,684.18
53 $11,684.18 $193.91 $0.00 $66.06 $11,944.15
54 $11,944.15 $193.91 $0.00 $67.53 $12,205.59
55 $12,205.59 $193.91 $0.00 $69.01 $12,468.51
56 $12,468.51 $193.91 $0.00 $70.50 $12,732.92
57 $12,732.92 $193.91 $0.00 $71.99 $12,998.82
58 $12,998.82 $193.91 $0.00 $73.50 $13,266.23
59 $13,266.23 $193.91 $0.00 $75.01 $13,535.15
60 $13,535.15 $193.91 $0.00 $76.53 $13,805.59
61 $13,805.59 $193.91 $0.00 $78.06 $14,077.56
62 $14,077.56 $193.91 $0.00 $79.60 $14,351.07
63 $14,351.07 $193.91 $0.00 $81.14 $14,626.12
64 $14,626.12 $193.91 $0.00 $82.70 $14,902.73
65 $14,902.73 $193.91 $0.00 $84.26 $15,180.90
66 $15,180.90 $193.91 $0.00 $85.84 $15,460.65
67 $15,460.65 $193.91 $0.00 $87.42 $15,741.98
68 $15,741.98 $193.91 $0.00 $89.01 $16,024.90
69 $16,024.90 $193.91 $0.00 $90.61 $16,309.42
70 $16,309.42 $193.91 $0.00 $92.22 $16,595.55
71 $16,595.55 $193.91 $0.00 $93.83 $16,883.29
72 $16,883.29 $193.91 $0.00 $95.46 $17,172.66
73 $17,172.66 $193.91 $0.00 $97.10 $17,463.67
74 $17,463.67 $193.91 $0.00 $98.74 $17,756.32
75 $17,756.32 $193.91 $0.00 $100.40 $18,050.63
76 $18,050.63 $193.91 $0.00 $102.06 $18,346.60
77 $18,346.60 $193.91 $0.00 $103.73 $18,644.24
78 $18,644.24 $193.91 $0.00 $105.42 $18,943.57
79 $18,943.57 $193.91 $0.00 $107.11 $19,244.59
80 $19,244.59 $193.91 $0.00 $108.81 $19,547.31
81 $19,547.31 $193.91 $0.00 $110.52 $19,851.74
82 $19,851.74 $193.91 $0.00 $112.24 $20,157.89
83 $20,157.89 $193.91 $0.00 $113.98 $20,465.78
84 $20,465.78 $193.91 $0.00 $115.72 $20,775.41
85 $20,775.41 $193.91 $0.00 $117.47 $21,086.79
86 $21,086.79 $193.91 $0.00 $119.23 $21,399.93
87 $21,399.93 $193.91 $0.00 $121.00 $21,714.84
88 $21,714.84 $193.91 $0.00 $122.78 $22,031.53
89 $22,031.53 $193.91 $0.00 $124.57 $22,350.01
90 $22,350.01 $193.91 $0.00 $126.37 $22,670.29
91 $22,670.29 $193.91 $0.00 $128.18 $22,992.38
92 $22,992.38 $193.91 $0.00 $130.00 $23,316.29
93 $23,316.29 $193.91 $0.00 $131.83 $23,642.03
94 $23,642.03 $193.91 $0.00 $133.68 $23,969.62
95 $23,969.62 $193.91 $0.00 $135.53 $24,299.06
96 $24,299.06 $193.91 $0.00 $137.39 $24,630.36
97 $24,630.36 $193.91 $0.00 $139.26 $24,963.53
98 $24,963.53 $193.91 $0.00 $141.15 $25,298.59
99 $25,298.59 $193.91 $0.00 $143.04 $25,635.54
100 $25,635.54 $193.91 $0.00 $144.95 $25,974.40
101 $25,974.40 $193.91 $0.00 $146.86 $26,315.17
102 $26,315.17 $193.91 $0.00 $148.79 $26,657.87
103 $26,657.87 $193.91 $0.00 $150.73 $27,002.51
104 $27,002.51 $193.91 $0.00 $152.68 $27,349.10
105 $27,349.10 $193.91 $0.00 $154.64 $27,697.65
106 $27,697.65 $193.91 $0.00 $156.61 $28,048.17
107 $28,048.17 $193.91 $0.00 $158.59 $28,400.67
108 $28,400.67 $193.91 $0.00 $160.58 $28,755.16
109 $28,755.16 $193.91 $0.00 $162.59 $29,111.66
110 $29,111.66 $193.91 $0.00 $164.60 $29,470.17
111 $29,470.17 $193.91 $0.00 $166.63 $29,830.71
112 $29,830.71 $193.91 $0.00 $168.67 $30,193.29
113 $30,193.29 $193.91 $0.00 $170.72 $30,557.92
114 $30,557.92 $193.91 $0.00 $172.78 $30,924.61
115 $30,924.61 $193.91 $0.00 $174.85 $31,293.37
116 $31,293.37 $193.91 $0.00 $176.94 $31,664.22
117 $31,664.22 $193.91 $0.00 $179.03 $32,037.16
118 $32,037.16 $193.91 $0.00 $181.14 $32,412.21
119 $32,412.21 $193.91 $0.00 $183.26 $32,789.38
120 $32,789.38 $193.91 $0.00 $185.40 $33,168.69
121 $33,168.69 $193.91 $0.00 $187.54 $33,550.14
122 $33,550.14 $193.91 $0.00 $189.70 $33,933.75
123 $33,933.75 $193.91 $0.00 $191.87 $34,319.53
124 $34,319.53 $193.91 $0.00 $194.05 $34,707.49
125 $34,707.49 $193.91 $0.00 $196.24 $35,097.64
126 $35,097.64 $193.91 $0.00 $198.45 $35,490.00
127 $35,490.00 $193.91 $0.00 $200.67 $35,884.58
128 $35,884.58 $193.91 $0.00 $202.90 $36,281.39
129 $36,281.39 $193.91 $0.00 $205.14 $36,680.44
130 $36,680.44 $193.91 $0.00 $207.40 $37,081.75
131 $37,081.75 $193.91 $0.00 $209.67 $37,485.33
132 $37,485.33 $193.91 $0.00 $211.95 $37,891.19
133 $37,891.19 $193.91 $0.00 $214.24 $38,299.34
134 $38,299.34 $193.91 $0.00 $216.55 $38,709.80
135 $38,709.80 $193.91 $0.00 $218.87 $39,122.58
136 $39,122.58 $193.91 $0.00 $221.20 $39,537.69
137 $39,537.69 $193.91 $0.00 $223.55 $39,955.15
138 $39,955.15 $193.91 $0.00 $225.91 $40,374.97
139 $40,374.97 $193.91 $0.00 $228.29 $40,797.17
140 $40,797.17 $193.91 $0.00 $230.67 $41,221.75
141 $41,221.75 $193.91 $0.00 $233.07 $41,648.73
142 $41,648.73 $193.91 $0.00 $235.49 $42,078.13
143 $42,078.13 $193.91 $0.00 $237.92 $42,509.96
144 $42,509.96 $193.91 $0.00 $240.36 $42,944.23
145 $42,944.23 $193.91 $0.00 $242.81 $43,380.95
146 $43,380.95 $193.91 $0.00 $245.28 $43,820.14
147 $43,820.14 $193.91 $0.00 $247.77 $44,261.82
148 $44,261.82 $193.91 $0.00 $250.26 $44,705.99
149 $44,705.99 $193.91 $0.00 $252.77 $45,152.67
150 $45,152.67 $193.91 $0.00 $255.30 $45,601.88
151 $45,601.88 $193.91 $0.00 $257.84 $46,053.63
152 $46,053.63 $193.91 $0.00 $260.39 $46,507.93
153 $46,507.93 $193.91 $0.00 $262.96 $46,964.80
154 $46,964.80 $193.91 $0.00 $265.55 $47,424.26
155 $47,424.26 $193.91 $0.00 $268.14 $47,886.31
156 $47,886.31 $193.91 $0.00 $270.76 $48,350.98
157 $48,350.98 $193.91 $0.00 $273.38 $48,818.27
158 $48,818.27 $193.91 $0.00 $276.03 $49,288.21
159 $49,288.21 $193.91 $0.00 $278.68 $49,760.80
160 $49,760.80 $193.91 $0.00 $281.35 $50,236.06
161 $50,236.06 $193.91 $0.00 $284.04 $50,714.01
162 $50,714.01 $193.91 $0.00 $286.74 $51,194.66
163 $51,194.66 $193.91 $0.00 $289.46 $51,678.03
164 $51,678.03 $193.91 $0.00 $292.20 $52,164.14
165 $52,164.14 $193.91 $0.00 $294.94 $52,652.99
166 $52,652.99 $193.91 $0.00 $297.71 $53,144.61
167 $53,144.61 $193.91 $0.00 $300.49 $53,639.01
168 $53,639.01 $193.91 $0.00 $303.28 $54,136.20
169 $54,136.20 $193.91 $0.00 $306.09 $54,636.20
170 $54,636.20 $193.91 $0.00 $308.92 $55,139.03
171 $55,139.03 $193.91 $0.00 $311.76 $55,644.70
172 $55,644.70 $193.91 $0.00 $314.62 $56,153.23
173 $56,153.23 $193.91 $0.00 $317.50 $56,664.64
174 $56,664.64 $193.91 $0.00 $320.39 $57,178.94
175 $57,178.94 $193.91 $0.00 $323.30 $57,696.15
176 $57,696.15 $193.91 $0.00 $326.22 $58,216.28
177 $58,216.28 $193.91 $0.00 $329.16 $58,739.35
178 $58,739.35 $193.91 $0.00 $332.12 $59,265.38
179 $59,265.38 $193.91 $0.00 $335.10 $59,794.39
180 $59,794.39 $193.91 $0.00 $338.09 $60,326.39
181 $60,326.39 $193.91 $0.00 $341.09 $60,861.39
182 $60,861.39 $193.91 $0.00 $344.12 $61,399.42
183 $61,399.42 $193.91 $0.00 $347.16 $61,940.49
184 $61,940.49 $193.91 $0.00 $350.22 $62,484.62
185 $62,484.62 $193.91 $0.00 $353.30 $63,031.83
186 $63,031.83 $193.91 $0.00 $356.39 $63,582.13
187 $63,582.13 $193.91 $0.00 $359.50 $64,135.54
188 $64,135.54 $193.91 $0.00 $362.63 $64,692.08
189 $64,692.08 $193.91 $0.00 $365.78 $65,251.77
190 $65,251.77 $193.91 $0.00 $368.94 $65,814.62
191 $65,814.62 $193.91 $0.00 $372.13 $66,380.66
192 $66,380.66 $193.91 $0.00 $375.33 $66,949.90
193 $66,949.90 $193.91 $0.00 $378.54 $67,522.35
194 $67,522.35 $193.91 $0.00 $381.78 $68,098.04
195 $68,098.04 $193.91 $0.00 $385.04 $68,676.99
196 $68,676.99 $193.91 $0.00 $388.31 $69,259.21
197 $69,259.21 $193.91 $0.00 $391.60 $69,844.72
198 $69,844.72 $193.91 $0.00 $394.91 $70,433.54
199 $70,433.54 $193.91 $0.00 $398.24 $71,025.69
200 $71,025.69 $193.91 $0.00 $401.59 $71,621.19
201 $71,621.19 $193.91 $0.00 $404.96 $72,220.06
202 $72,220.06 $193.91 $0.00 $408.34 $72,822.31
203 $72,822.31 $193.91 $0.00 $411.75 $73,427.97
204 $73,427.97 $193.91 $0.00 $415.17 $74,037.05
205 $74,037.05 $193.91 $0.00 $418.62 $74,649.58
206 $74,649.58 $193.91 $0.00 $422.08 $75,265.57
207 $75,265.57 $193.91 $0.00 $425.56 $75,885.04
208 $75,885.04 $193.91 $0.00 $429.07 $76,508.02
209 $76,508.02 $193.91 $0.00 $432.59 $77,134.52
210 $77,134.52 $193.91 $0.00 $436.13 $77,764.56
211 $77,764.56 $193.91 $0.00 $439.69 $78,398.16
212 $78,398.16 $193.91 $0.00 $443.27 $79,035.34
213 $79,035.34 $193.91 $0.00 $446.88 $79,676.13
214 $79,676.13 $193.91 $0.00 $450.50 $80,320.54
215 $80,320.54 $193.91 $0.00 $454.14 $80,968.59
216 $80,968.59 $193.91 $0.00 $457.81 $81,620.31
217 $81,620.31 $193.91 $42,568.28 $461.49 $39,707.43
218 $39,707.43 $193.91 $0.00 $224.51 $40,125.85
219 $40,125.85 $193.91 $0.00 $226.88 $40,546.64
220 $40,546.64 $193.91 $0.00 $229.26 $40,969.81
221 $40,969.81 $193.91 $0.00 $231.65 $41,395.37
222 $41,395.37 $193.91 $0.00 $234.06 $41,823.34
223 $41,823.34 $193.91 $0.00 $236.48 $42,253.73
224 $42,253.73 $193.91 $0.00 $238.91 $42,686.55
225 $42,686.55 $193.91 $0.00 $241.36 $43,121.82
226 $43,121.82 $193.91 $0.00 $243.82 $43,559.55
227 $43,559.55 $193.91 $0.00 $246.29 $43,999.75
228 $43,999.75 $193.91 $0.00 $248.78 $44,442.44
229 $44,442.44 $0.00 $44,696.70 $251.28 ($2.98)