College-Cost and Savings Calculator

Future Costs of College Calculation Step 1 Current College Costs

Determine the current cost of college at a school you think likely to attend, public or private. Visit that school's Web s current year's cost of tuition and books--and room and bo child will live on campus.

Step 2 Years Before Enrollment College-Cost Inflation Rate

College costs have historically increased by about 8% a y according to The College Board. To determine how much college is likely to cost in the future, plug in an inflation rat 3% and 12%.

Step 3 Future College Costs, Annual $ -

This represents the cost of one year of college years from

Step 4 Total Four-Year Costs $ -

College-cost price escalation doesn't stop the moment yo enrolls. Each year will more more expensive than the prev generally increasing by the cost of college inflation you plu above. Thus, this is the result: The cost of four years of hi education.

Monthly Savings Needs Calculation Step 5 Current Savings Growth Rate Future Value $ -

Enter the amount of money you have already saved for yo college costs -- even if that number is zero. Rate at which you expect your Current Savings to grow. Estimated value of Current Savings years from now.

Step 6 Unmet Need $ -

This shows how many additional dollars you still need. Yo not necessarily have to be the entire four-year cost of colle kids can pursue loans, grants and scholarships to cover s costs.

This shows how many additional dollars you still need. Yo not necessarily have to be the entire four-year cost of colle kids can pursue loans, grants and scholarships to cover s costs.

Step 7 Monthly Savings Needs

This represents the amount of money you need to save st to reach your unmet need by the time your child enrolls in

Adapted from "The Wall Street Journal Personal Finance Workbook," by Jeff D. Opdyke.

Copyright 2006 by Dow Jones & Co. Published by Three Rivers Press, an imprint of the Crown Publishing Group, a division of Ra

Calculator

ost of college at a school you think your child is private. Visit that school's Web site for the tion and books--and room and board, if your .

orically increased by about 8% a year, e Board. To determine how much a year of n the future, plug in an inflation rate between

of one year of college years from now.

ation doesn't stop the moment your child ore more expensive than the previous, he cost of college inflation you plugged in result: The cost of four years of higher

ney you have already saved for your child's hat number is zero.

ct your Current Savings to grow.

ent Savings years from now.

dditional dollars you still need. Your goal does be the entire four-year cost of college, since grants and scholarships to cover some of the

dditional dollars you still need. Your goal does be the entire four-year cost of college, since grants and scholarships to cover some of the

ount of money you need to save starting today ed by the time your child enrolls in years.

e Crown Publishing Group, a division of Random House Inc.