How Much Should I Save For College?
How much should you save for college? With college tuition increasing every year, you'll need the power of interest to help you reach your college savings goal. Use this calculator to get an idea of how much you'll need to sock away each month if you start now.
College Tuition in Today's Dollars
Enter the total cost of tuition for one year in today's dollars for the school you plan to attend.
Years of College
Enter total number of years you plan to attend college.
Years Until College
Enter the number of years until you start paying for college.
College Savings To Date
Enter the amount of money you currently have saved for college tuition.
Enter the amount of money you can save each month to meet your goal.
Annual Savings Rate
Enter the average annual savings rate (or interest rate) for the account in which your college savings are kept.
Federal Tax Rate
Enter your federal tax rate. If you are using a tax free savings instrument, then enter 0%.
State Tax Rate
Enter your state tax rate. If you are using a tax free savings instrument for the state in which you reside, then enter 0%.
Enter the inflation rate you would like to use for this calculation. The historical average is 2-3%.
1st Bergen FCU is a low-income-designated community development credit union (CDCU) specializing in serving populations with limited access to safe financial services, including low-income wage earners, recent immigrants, and people with disabilities with a connection to Bergen County, Jersey City and Paterson, NJ.
.93-95 Main StreetHackensack, NJ 076012019680202www.1stbergen.com
The College Savings Plan Network is a national non-profit association dedicated to making college more accessible and affordable for families. Learn about 529 plans and how they differ by state.
SavingforCollege.com - An Internet guide whose mission to help individuals and professional advisers better understand how to meet the challenge of paying higher education costs.
CULookup.com - Find a local credit union to join and benefit from in-person advice on how to tackle the cost of college. Credit unions are known for their friendly, in-branch service!