Determine When To Start Saving For College With Our College Savings Calculator
When should I begin saving for my child's college?
When saving for college, compound interest can be your friend. However the longer you wait to start saving the less interest you will accumulate and the more you will have to save. Use this calculator to determine when to start saving for college and to help illustrate what a small amount of monthly savings might grow to if you start today.
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- Child's current age (0-17)The age of your child at the end of this year.
- Planned monthly savings amountThe amount you plan to set aside each month for education costs.
- Annual before-tax returnThe interest rate you anticipate to receive on your college savings accounts.
- Amount saved so farThe outstanding balance on your current college savings accounts.
This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.