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College may seem like a distant dream, but the future
belongs to those who prepare today.
Projected Tuition in 2023
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Eighteen years from now, an education at a four-year public
university could cost about $126,000. At a four-year private
university the cost could be more than $299,000.1 |
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Start Early, Start Today |
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Monthly Contribution Rates |
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While you can start a college savings account for your future student when your child is 12, 8 or still an infant, consider the difference time can make.
As you can see, the longer you wait to start your savings plan, the more you'll have to invest each month. If your goal is to reach $50,000 in 18 years, you may need to set aside about $100 a month. That monthly contribution jumps to more than $540 if you only give yourself six years to save.
This hypothetical example illustrates how much money you would need to save each month in order to achieve a $50,000 savings goal. For this example we've assumed an annual return of 8 percent in a tax-favored account.
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1Estimates are based on 2006–2007 total average
charges for tuition, fees and room and board for a four-year
program, as published in The College Board: Trends in
College Pricing 2006. |
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Dream
