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College Need Calculator

Description

Use this calculator to determine the required savings needed to send yourself, your spouse, child or grandchild to college. The model will assist in determining how much you need to save to meet this lofty financial obligation.

When to use

Use this calculator when:

  • You want to stay on track to save for a young one's college education
  • To compare saving requirements between public and private schools

What information you will need

To effectively use this financial tool kit it is best to have the following on hand:

  • annual cost of target school (in today's dollars)
  • amount saved so far
  • # of years until college
  • interest rate
  • inflation rate

Note: You do not need to have all this information to use the tool, but the more you have available, the more accurate the calculation.

Date:
Student Name:
College Name:

Annual Cost of the Desired College:
    Avg Private College annual cost: $185,567
    Avg Public College annual cost: $82,868
    Source: Annual survey of colleges, Trends in College Pricing 2014 The College Board, New York, NY
Note: Actual costs can vary widely. Call to check the costs of desired Institution.
 
Years of College:
Amount saved so far:
Amount of anticipated scholarships/aid (% of cost):
Years until College begins:
 
Interest Rate %:  (Enter 7¾% as 7.75)
College cost inflation %:  (Enter 8% as 8)
Your Tax Rate:  (Enter 20¾% as 20.75)
    (if investing in tax free accounts OR paying tax separately...enter '0' here)