| 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. |
| 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 Savings |
The total amount you currently
have saved for your child's (or children's) education.
|
| Monthly Additions
to Savings |
The amount you plan to save
per month. |
| Rate of Return |
The annual percentage rate
you expect to earn on your educational savings. The
average rate of return on 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 attending school. |
