FINANCIAL NEEDS ANALYSIS
THINK ABOUT HOW MUCH TUITION and other costs have risen since you went to school. Then multiply a college education price tag by the number of booster seats you've seen around your breakfast table over the years. It's easy to jump to the conclusion that your projected college savings budget could rival that of the Defense Department. Using the tables on this page and the attached worksheet we will help you take stock of how big that number really has to be and to take stock of what you've already got.
Expected cost for public and private schools (including tuition, room and board, transportation, books and other expenses, are shown in Table 1.
Enter the approperate values from these tables into the Worksheet (Click here to bring up Worksheet). Where computer capabilities are limited it may help to print these tables for use in entering the information in the Worksheet.
Table 1. Expected Four - Year Cost Of Attending College
|
||||||
Years |
Public
College |
Private
College |
Years
Beginning |
Public
College |
Private
College |
|
2010
|
$79,579
|
$223,298
|
2017
|
$117,139
|
$334,736
|
|
2011 |
$79,054 |
$236,336 |
2018 |
118,868$ |
$352,340 |
|
2012
|
$88,797
|
$250,156
|
2019
|
$131,000
|
$373,120
|
|
2013 |
$88,825 |
$258,805 |
2017 |
$133,560 |
$389,147 |
|
2014
|
$99,154
|
$280,333
|
2020
|
$146,573
|
$449,496
|
|
2015 |
$99,804 |
290,793 |
2021 |
$153,560 |
$520,367 |
|
2016
|
$110,792
|
$314,293
|
2022
|
$172,573
|
$559,419
|
|
Table 2 Lump-Sum Multiplier |
Table 3 Monthly
Savings Divisor |
|||
Years Until Child Begins College |
Multiplier
|
Years Until Child
Begins College |
Divisor
|
|
18 |
4.1
|
18
|
573.2
|
|
17 |
3.8 |
17 |
519.1 |
|
16 |
3.6
|
16
|
469.2
|
|
15 |
3.4 |
15 |
423.5 |
|
14 |
3.1
|
14
|
380.5
|
|
13 |
2.9 |
13 |
341.8 |
|
12 |
2.8
|
12
|
304.0
|
|
11 |
2.2 |
11 |
268.0 |
|
10 |
2.1
|
10
|
236.4
|
|
9 |
2.0 |
9 |
207.2 |
|
8 |
1.8
|
8
|
180.4
|
|
7 |
1.6 |
7 |
155.2 |
|
6 |
1.5
|
6
|
132.2
|
|
5 |
1.4 |
5 |
110.5 |
|
4 |
1.3
|
4
|
91.2
|
|
3 |
1.2 |
3 |
72.2 |
|
2 |
1.1
|
2
|
54.5
|
|
1 |
1.0 |
1 |
39.6 |
|