Use this worksheet to estimate how much college will cost for your child. You can then calculate how much you will need to invest to reach that goal. The calculations on this worksheet are based on the assumption that college costs will rise 7 percent yearly, a reasonable assumption according to financial planning experts. Fill out the form below using the instructions in each box to determine your suggested monthly savings amount.

——— Please Print For Your Convenience ———

Information Needed For Your Estimate
	1) Years to college: (You may want to give yourself more time by using your child’s senior year in college as your target date.)
	2) Current annual cost of tuition, fees, room and board *see note below	$
	3) College duration: Select the number of years you expect child will attend college.
	Future annual college cost:	$
	Future total college cost:	$
	4) After-tax rate of return: Select your anticipated annual rate of return for the funds you intend to apply to college.
	Annual savings amount required:	$
	Monthly savings amount required:	$
The above figures indicate the amount that you should set aside each month in order to pay for your child's college education. You may print this form for your convenience, or press the Reset button below to try a different set of numbers.

*Two references available through high school guidance counselors provide good average cost figures. They are the College Board’s College Cost Book and the ACT’s College Planning/Search Book. The average annual college costs for education and living expenses for the 2001-2002 academic year at a four-year public college or university is $11,976 and the average annual cost at a four-year private college or university is $26,070.

Updated Thursday, July 22, 2004