 |
| Age of children |
| Current age of your children.
This calculator is based on each child beginning their
college education at age 18. The difference between their
current age and 18 is the number of years you have to
save. |
|
| Annual tuition |
| Current estimated cost of
one year of tuition and books. This amount should be per
child and be specific to the school they may be interested
in attending. The cost of college for the 1998-99 school
year, including tuition, room and board, books, supplies,
transportation and other personal expenses, as reported
by the College Board was $10,458 for one year at a four-year
public college and $22,533 for one year at a four-year
private college. |
|
| Room and board |
| Current estimated cost of
one year room and board. Like tuition and books, this
amount should be per child and specific to the school
they may be interested in attending. |
|
| Education cost inflation |
| This is the percentage that
you expect educational costs to increase per year. |
|
| Current amount |
| The total amount you currently
have saved for your child's (or children's) education.
|
|
| Monthly contributions |
| The amount you plan to save
per month toward your child's (or children's) education.
|
|
| Rate of return |
| The annual percentage rate
you expect to earn on your educational savings. The average
annual rate of return for the U.S. stock market has been
11% for the last 75 years. You may wish to use a more
conservative rate of return if your child is within 10
years of enrolling in school. This calculator compounds
all growth annually. |
|
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