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Savings Plan and Future Cost Estimation

Estimated Annual Cost in 2038$43,243
Monthly savings required$192

How much will it cost to send your child to Gateway Technical College in 18 years and how much do you need to save?  A 2 year degree is estimated to be priced at $86,485.47 for students enrolling in 2038 if tuition increases average 5% per year until then.   Assuming you have no current college savings, monthly deposits of $192.19 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$17,530.00
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 $192.19 $0.00 $0.00 $192.19
2 $192.19 $192.19 $0.00 $1.09 $385.47
3 $385.47 $192.19 $0.00 $2.18 $579.84
4 $579.84 $192.19 $0.00 $3.28 $775.31
5 $775.31 $192.19 $0.00 $4.38 $971.88
6 $971.88 $192.19 $0.00 $5.50 $1,169.57
7 $1,169.57 $192.19 $0.00 $6.61 $1,368.37
8 $1,368.37 $192.19 $0.00 $7.74 $1,568.30
9 $1,568.30 $192.19 $0.00 $8.87 $1,769.36
10 $1,769.36 $192.19 $0.00 $10.00 $1,971.55
11 $1,971.55 $192.19 $0.00 $11.15 $2,174.89
12 $2,174.89 $192.19 $0.00 $12.30 $2,379.38
13 $2,379.38 $192.19 $0.00 $13.45 $2,585.02
14 $2,585.02 $192.19 $0.00 $14.62 $2,791.83
15 $2,791.83 $192.19 $0.00 $15.79 $2,999.81
16 $2,999.81 $192.19 $0.00 $16.96 $3,208.96
17 $3,208.96 $192.19 $0.00 $18.14 $3,419.29
18 $3,419.29 $192.19 $0.00 $19.33 $3,630.81
19 $3,630.81 $192.19 $0.00 $20.53 $3,843.53
20 $3,843.53 $192.19 $0.00 $21.73 $4,057.45
21 $4,057.45 $192.19 $0.00 $22.94 $4,272.58
22 $4,272.58 $192.19 $0.00 $24.16 $4,488.93
23 $4,488.93 $192.19 $0.00 $25.38 $4,706.50
24 $4,706.50 $192.19 $0.00 $26.61 $4,925.30
25 $4,925.30 $192.19 $0.00 $27.85 $5,145.34
26 $5,145.34 $192.19 $0.00 $29.09 $5,366.62
27 $5,366.62 $192.19 $0.00 $30.34 $5,589.15
28 $5,589.15 $192.19 $0.00 $31.60 $5,812.94
29 $5,812.94 $192.19 $0.00 $32.87 $6,038.00
30 $6,038.00 $192.19 $0.00 $34.14 $6,264.33
31 $6,264.33 $192.19 $0.00 $35.42 $6,491.94
32 $6,491.94 $192.19 $0.00 $36.71 $6,720.84
33 $6,720.84 $192.19 $0.00 $38.00 $6,951.03
34 $6,951.03 $192.19 $0.00 $39.30 $7,182.52
35 $7,182.52 $192.19 $0.00 $40.61 $7,415.32
36 $7,415.32 $192.19 $0.00 $41.93 $7,649.44
37 $7,649.44 $192.19 $0.00 $43.25 $7,884.88
38 $7,884.88 $192.19 $0.00 $44.58 $8,121.65
39 $8,121.65 $192.19 $0.00 $45.92 $8,359.76
40 $8,359.76 $192.19 $0.00 $47.27 $8,599.22
41 $8,599.22 $192.19 $0.00 $48.62 $8,840.03
42 $8,840.03 $192.19 $0.00 $49.98 $9,082.20
43 $9,082.20 $192.19 $0.00 $51.35 $9,325.74
44 $9,325.74 $192.19 $0.00 $52.73 $9,570.66
45 $9,570.66 $192.19 $0.00 $54.11 $9,816.96
46 $9,816.96 $192.19 $0.00 $55.51 $10,064.66
47 $10,064.66 $192.19 $0.00 $56.91 $10,313.76
48 $10,313.76 $192.19 $0.00 $58.32 $10,564.27
49 $10,564.27 $192.19 $0.00 $59.73 $10,816.19
50 $10,816.19 $192.19 $0.00 $61.16 $11,069.54
51 $11,069.54 $192.19 $0.00 $62.59 $11,324.32
52 $11,324.32 $192.19 $0.00 $64.03 $11,580.54
53 $11,580.54 $192.19 $0.00 $65.48 $11,838.21
54 $11,838.21 $192.19 $0.00 $66.93 $12,097.33
55 $12,097.33 $192.19 $0.00 $68.40 $12,357.92
56 $12,357.92 $192.19 $0.00 $69.87 $12,619.98
57 $12,619.98 $192.19 $0.00 $71.36 $12,883.53
58 $12,883.53 $192.19 $0.00 $72.85 $13,148.57
59 $13,148.57 $192.19 $0.00 $74.34 $13,415.10
60 $13,415.10 $192.19 $0.00 $75.85 $13,683.14
61 $13,683.14 $192.19 $0.00 $77.37 $13,952.70
62 $13,952.70 $192.19 $0.00 $78.89 $14,223.78
63 $14,223.78 $192.19 $0.00 $80.42 $14,496.39
64 $14,496.39 $192.19 $0.00 $81.96 $14,770.54
65 $14,770.54 $192.19 $0.00 $83.51 $15,046.24
66 $15,046.24 $192.19 $0.00 $85.07 $15,323.50
67 $15,323.50 $192.19 $0.00 $86.64 $15,602.33
68 $15,602.33 $192.19 $0.00 $88.22 $15,882.74
69 $15,882.74 $192.19 $0.00 $89.80 $16,164.73
70 $16,164.73 $192.19 $0.00 $91.40 $16,448.32
71 $16,448.32 $192.19 $0.00 $93.00 $16,733.51
72 $16,733.51 $192.19 $0.00 $94.61 $17,020.31
73 $17,020.31 $192.19 $0.00 $96.24 $17,308.74
74 $17,308.74 $192.19 $0.00 $97.87 $17,598.80
75 $17,598.80 $192.19 $0.00 $99.51 $17,890.50
76 $17,890.50 $192.19 $0.00 $101.16 $18,183.85
77 $18,183.85 $192.19 $0.00 $102.81 $18,478.85
78 $18,478.85 $192.19 $0.00 $104.48 $18,775.52
79 $18,775.52 $192.19 $0.00 $106.16 $19,073.87
80 $19,073.87 $192.19 $0.00 $107.85 $19,373.91
81 $19,373.91 $192.19 $0.00 $109.54 $19,675.64
82 $19,675.64 $192.19 $0.00 $111.25 $19,979.08
83 $19,979.08 $192.19 $0.00 $112.96 $20,284.23
84 $20,284.23 $192.19 $0.00 $114.69 $20,591.11
85 $20,591.11 $192.19 $0.00 $116.43 $20,899.73
86 $20,899.73 $192.19 $0.00 $118.17 $21,210.09
87 $21,210.09 $192.19 $0.00 $119.92 $21,522.20
88 $21,522.20 $192.19 $0.00 $121.69 $21,836.08
89 $21,836.08 $192.19 $0.00 $123.46 $22,151.73
90 $22,151.73 $192.19 $0.00 $125.25 $22,469.17
91 $22,469.17 $192.19 $0.00 $127.04 $22,788.40
92 $22,788.40 $192.19 $0.00 $128.85 $23,109.44
93 $23,109.44 $192.19 $0.00 $130.66 $23,432.29
94 $23,432.29 $192.19 $0.00 $132.49 $23,756.97
95 $23,756.97 $192.19 $0.00 $134.33 $24,083.49
96 $24,083.49 $192.19 $0.00 $136.17 $24,411.85
97 $24,411.85 $192.19 $0.00 $138.03 $24,742.07
98 $24,742.07 $192.19 $0.00 $139.90 $25,074.16
99 $25,074.16 $192.19 $0.00 $141.77 $25,408.12
100 $25,408.12 $192.19 $0.00 $143.66 $25,743.97
101 $25,743.97 $192.19 $0.00 $145.56 $26,081.72
102 $26,081.72 $192.19 $0.00 $147.47 $26,421.38
103 $26,421.38 $192.19 $0.00 $149.39 $26,762.96
104 $26,762.96 $192.19 $0.00 $151.32 $27,106.47
105 $27,106.47 $192.19 $0.00 $153.26 $27,451.92
106 $27,451.92 $192.19 $0.00 $155.22 $27,799.33
107 $27,799.33 $192.19 $0.00 $157.18 $28,148.70
108 $28,148.70 $192.19 $0.00 $159.16 $28,500.05
109 $28,500.05 $192.19 $0.00 $161.14 $28,853.38
110 $28,853.38 $192.19 $0.00 $163.14 $29,208.71
111 $29,208.71 $192.19 $0.00 $165.15 $29,566.05
112 $29,566.05 $192.19 $0.00 $167.17 $29,925.41
113 $29,925.41 $192.19 $0.00 $169.20 $30,286.80
114 $30,286.80 $192.19 $0.00 $171.25 $30,650.24
115 $30,650.24 $192.19 $0.00 $173.30 $31,015.73
116 $31,015.73 $192.19 $0.00 $175.37 $31,383.29
117 $31,383.29 $192.19 $0.00 $177.45 $31,752.93
118 $31,752.93 $192.19 $0.00 $179.54 $32,124.66
119 $32,124.66 $192.19 $0.00 $181.64 $32,498.49
120 $32,498.49 $192.19 $0.00 $183.75 $32,874.43
121 $32,874.43 $192.19 $0.00 $185.88 $33,252.50
122 $33,252.50 $192.19 $0.00 $188.01 $33,632.70
123 $33,632.70 $192.19 $0.00 $190.16 $34,015.05
124 $34,015.05 $192.19 $0.00 $192.33 $34,399.57
125 $34,399.57 $192.19 $0.00 $194.50 $34,786.26
126 $34,786.26 $192.19 $0.00 $196.69 $35,175.14
127 $35,175.14 $192.19 $0.00 $198.89 $35,566.22
128 $35,566.22 $192.19 $0.00 $201.10 $35,959.51
129 $35,959.51 $192.19 $0.00 $203.32 $36,355.02
130 $36,355.02 $192.19 $0.00 $205.56 $36,752.77
131 $36,752.77 $192.19 $0.00 $207.81 $37,152.77
132 $37,152.77 $192.19 $0.00 $210.07 $37,555.03
133 $37,555.03 $192.19 $0.00 $212.34 $37,959.56
134 $37,959.56 $192.19 $0.00 $214.63 $38,366.38
135 $38,366.38 $192.19 $0.00 $216.93 $38,775.50
136 $38,775.50 $192.19 $0.00 $219.24 $39,186.93
137 $39,186.93 $192.19 $0.00 $221.57 $39,600.69
138 $39,600.69 $192.19 $0.00 $223.91 $40,016.79
139 $40,016.79 $192.19 $0.00 $226.26 $40,435.24
140 $40,435.24 $192.19 $0.00 $228.63 $40,856.06
141 $40,856.06 $192.19 $0.00 $231.01 $41,279.26
142 $41,279.26 $192.19 $0.00 $233.40 $41,704.85
143 $41,704.85 $192.19 $0.00 $235.81 $42,132.85
144 $42,132.85 $192.19 $0.00 $238.23 $42,563.27
145 $42,563.27 $192.19 $0.00 $240.66 $42,996.12
146 $42,996.12 $192.19 $0.00 $243.11 $43,431.42
147 $43,431.42 $192.19 $0.00 $245.57 $43,869.18
148 $43,869.18 $192.19 $0.00 $248.04 $44,309.41
149 $44,309.41 $192.19 $0.00 $250.53 $44,752.13
150 $44,752.13 $192.19 $0.00 $253.04 $45,197.36
151 $45,197.36 $192.19 $0.00 $255.55 $45,645.10
152 $45,645.10 $192.19 $0.00 $258.08 $46,095.37
153 $46,095.37 $192.19 $0.00 $260.63 $46,548.19
154 $46,548.19 $192.19 $0.00 $263.19 $47,003.57
155 $47,003.57 $192.19 $0.00 $265.77 $47,461.53
156 $47,461.53 $192.19 $0.00 $268.35 $47,922.07
157 $47,922.07 $192.19 $0.00 $270.96 $48,385.22
158 $48,385.22 $192.19 $0.00 $273.58 $48,850.99
159 $48,850.99 $192.19 $0.00 $276.21 $49,319.39
160 $49,319.39 $192.19 $0.00 $278.86 $49,790.44
161 $49,790.44 $192.19 $0.00 $281.52 $50,264.15
162 $50,264.15 $192.19 $0.00 $284.20 $50,740.54
163 $50,740.54 $192.19 $0.00 $286.89 $51,219.62
164 $51,219.62 $192.19 $0.00 $289.60 $51,701.41
165 $51,701.41 $192.19 $0.00 $292.33 $52,185.93
166 $52,185.93 $192.19 $0.00 $295.07 $52,673.19
167 $52,673.19 $192.19 $0.00 $297.82 $53,163.20
168 $53,163.20 $192.19 $0.00 $300.59 $53,655.98
169 $53,655.98 $192.19 $0.00 $303.38 $54,151.55
170 $54,151.55 $192.19 $0.00 $306.18 $54,649.92
171 $54,649.92 $192.19 $0.00 $309.00 $55,151.11
172 $55,151.11 $192.19 $0.00 $311.83 $55,655.13
173 $55,655.13 $192.19 $0.00 $314.68 $56,162.00
174 $56,162.00 $192.19 $0.00 $317.55 $56,671.74
175 $56,671.74 $192.19 $0.00 $320.43 $57,184.36
176 $57,184.36 $192.19 $0.00 $323.33 $57,699.88
177 $57,699.88 $192.19 $0.00 $326.24 $58,218.31
178 $58,218.31 $192.19 $0.00 $329.17 $58,739.67
179 $58,739.67 $192.19 $0.00 $332.12 $59,263.98
180 $59,263.98 $192.19 $0.00 $335.09 $59,791.26
181 $59,791.26 $192.19 $0.00 $338.07 $60,321.52
182 $60,321.52 $192.19 $0.00 $341.07 $60,854.78
183 $60,854.78 $192.19 $0.00 $344.08 $61,391.05
184 $61,391.05 $192.19 $0.00 $347.11 $61,930.35
185 $61,930.35 $192.19 $0.00 $350.16 $62,472.70
186 $62,472.70 $192.19 $0.00 $353.23 $63,018.12
187 $63,018.12 $192.19 $0.00 $356.31 $63,566.62
188 $63,566.62 $192.19 $0.00 $359.41 $64,118.22
189 $64,118.22 $192.19 $0.00 $362.53 $64,672.94
190 $64,672.94 $192.19 $0.00 $365.67 $65,230.80
191 $65,230.80 $192.19 $0.00 $368.82 $65,791.81
192 $65,791.81 $192.19 $0.00 $372.00 $66,356.00
193 $66,356.00 $192.19 $0.00 $375.19 $66,923.38
194 $66,923.38 $192.19 $0.00 $378.39 $67,493.96
195 $67,493.96 $192.19 $0.00 $381.62 $68,067.77
196 $68,067.77 $192.19 $0.00 $384.87 $68,644.83
197 $68,644.83 $192.19 $0.00 $388.13 $69,225.15
198 $69,225.15 $192.19 $0.00 $391.41 $69,808.75
199 $69,808.75 $192.19 $0.00 $394.71 $70,395.65
200 $70,395.65 $192.19 $0.00 $398.03 $70,985.87
201 $70,985.87 $192.19 $0.00 $401.36 $71,579.42
202 $71,579.42 $192.19 $0.00 $404.72 $72,176.33
203 $72,176.33 $192.19 $0.00 $408.10 $72,776.62
204 $72,776.62 $192.19 $0.00 $411.49 $73,380.30
205 $73,380.30 $192.19 $0.00 $414.90 $73,987.39
206 $73,987.39 $192.19 $0.00 $418.34 $74,597.92
207 $74,597.92 $192.19 $0.00 $421.79 $75,211.90
208 $75,211.90 $192.19 $0.00 $425.26 $75,829.35
209 $75,829.35 $192.19 $0.00 $428.75 $76,450.29
210 $76,450.29 $192.19 $0.00 $432.26 $77,074.74
211 $77,074.74 $192.19 $0.00 $435.79 $77,702.72
212 $77,702.72 $192.19 $0.00 $439.34 $78,334.25
213 $78,334.25 $192.19 $0.00 $442.91 $78,969.35
214 $78,969.35 $192.19 $0.00 $446.50 $79,608.04
215 $79,608.04 $192.19 $0.00 $450.12 $80,250.35
216 $80,250.35 $192.19 $0.00 $453.75 $80,896.29
217 $80,896.29 $192.19 $42,188.04 $457.40 $39,357.84
218 $39,357.84 $192.19 $0.00 $222.53 $39,772.56
219 $39,772.56 $192.19 $0.00 $224.88 $40,189.63
220 $40,189.63 $192.19 $0.00 $227.24 $40,609.06
221 $40,609.06 $192.19 $0.00 $229.61 $41,030.86
222 $41,030.86 $192.19 $0.00 $231.99 $41,455.04
223 $41,455.04 $192.19 $0.00 $234.39 $41,881.62
224 $41,881.62 $192.19 $0.00 $236.80 $42,310.61
225 $42,310.61 $192.19 $0.00 $239.23 $42,742.03
226 $42,742.03 $192.19 $0.00 $241.67 $43,175.89
227 $43,175.89 $192.19 $0.00 $244.12 $43,612.20
228 $43,612.20 $192.19 $0.00 $246.59 $44,050.98
229 $44,050.98 $0.00 $44,297.44 $249.07 $2.61