Savings and Retirement Calculators
Savings Calculator | College Planner | Retirement Planner

College Planner - Definitions

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Saving for your children's education requires a long-term plan. And, like saving for retirement, the earlier you start your plan the better. Use this calculator to help develop or fine tune your education savings plan.


TermDefinition
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.
Estimated rate of return The annual percentage rate you expect to earn on your educational savings. Past performance is no guarantee for future performance. You may wish to use a conservative rate of return if your child is within 10 years of enrolling in school.


These calculators are made available to you as self-help tools for your independent use. We do not guarantee their accuracy or applicability to your circumstances. These tools are not intended to provide investment, legal, tax, or accounting advice. All examples are hypothetical and for illustrative purposes only. You may wish to consult your financial institution or financial advisor for additional information and advice. The calculations in this Report are based on typical conventional fixed rate financing for the term of the loan selected. Actual results may vary depending on the specific product type and availability of loan terms. Additional fees may apply. All loans would be subject to lender approval and credit terms may vary. All user input is private and secure. We do not collect any of the personal information that you provide, nor do we save any of the Reports. All calculations are made on your own computer.