When Should I Begin Saving for My Child’s College?

How to Use the College Savings Calculator

The cost of higher education continues to rise, making early savings crucial. Use the college savings calculator to see how your current savings, monthly contributions, and expected investment growth can help you prepare for future tuition costs. Simply input your details and get a clear projection of your potential savings.

Input Your Savings Details:

• Child’s Current Age (0-17): Enter the age of the child you’re saving for.
• Planned Monthly Savings Amount ($): Input how much you plan to contribute each month.
• Annual Before-Tax Return (-12% to 12%): Estimate the average annual return rate on your savings, accounting for investment growth.
• Compound Frequency: Select how often your savings will compound (e.g., annually, semi-annually, quarterly, or monthly).
• Amount Saved So Far ($): Enter the total amount you’ve already saved toward college expenses.
• Once all the information is entered, click Calculate

Once details are entered, the calculator will display:

• Projected College Savings Balance: The estimated amount you will have saved by the time your child reaches college.
• Growth Over Time: How investment returns impact your total savings.
• Savings Shortfall (If Any): If your savings are projected to fall short, you can adjust your monthly contributions or expected return rate to see how different scenarios affect your savings outcome.