Encourage your baby to communicate emotions and needs through baby sign language. For many children, it reduces frustration and strengthens bonding with adults. You can find the basics online.
The 2022-2023 Average College Attendance Costs as provided by the College Board were used to estimate current college costs.
Tuition & Fees
Room & Board
Books & Supplies
Annual Basic Expenses
Private College / University
$39,400
$14,030
$1,240
$54,670
Public University (In-state)
$10,940
$12,310
$1,240
$24,490
Public University (Out-of-state)
$28,240
$12,310
$1,240
$41,790
Community College (In-state)
$3,860
$9,610
$1,460
$14,930
*Source: College Board, 2022 – 2023
The Savings Goal is calculated by multiplying the Shortfall by the savings percentage selected.
If the account owner wanted to make a one-time investment now to save enough to cover the shortfall, the amount needed was calculated by multiplying the Shortfall amount by an investment index multiplier that corresponds to the selected number of years until college as seen in the Necessary Investment Index.
Years Until College
Contribution LumpSum
Years Until College
Contribution LumpSum
1
0.93
10
0.51
2
0.87
11
0.48
3
0.82
12
0.44
4
0.76
13
0.41
5
0.71
14
0.39
6
0.67
15
0.36
7
0.62
16
0.34
8
0.58
17
0.32
9
0.54
18
0.30
If the account owner wanted to make monthly investments to save enough to cover the shortfall, the amount was calculated by multiplying the Shortfall amount by an investment index multiplier that corresponds to the selected number of years until college as seen in the Necessary Investment Index.
Years Until College
Contribution Monthly
Years Until College
Contribution Monthly
1
0.0803
10
0.0058
2
0.0388
11
0.0051
3
0.0250
12
0.0045
4
0.0181
13
0.0040
5
0.0140
14
0.0036
6
0.0112
15
0.0032
7
0.0093
16
0.0026
8
0.0078
17
0.0026
9
0.0067
18
0.0024
The Monthly Savings Goal Amount was calculated by multiplying the Savings Goal amount by an investment index multiplier that corresponds to the selected number of years until college as seen in the Necessary Investment Index.
Years Until College
Contribution Monthly
Years Until College
Contribution Monthly
1
0.0803
10
0.0058
2
0.0388
11
0.0051
3
0.0250
12
0.0045
4
0.0181
13
0.0040
5
0.0140
14
0.0036
6
0.0112
15
0.0032
7
0.0093
16
0.0026
8
0.0078
17
0.0026
9
0.0067
18
0.0024
The Value of Current Investments When College Starts was calculated by multiplying your current college savings by a growth index multiplier that corresponds to the selected number of years of possible investing (e.g. years until college), assuming a 7% annual rate of return as seen in the Growth Index table.
Years Investing
1
2
3
4
5
6
7
8
9
10
Multiply By:
1.07
1.14
1.23
1.31
1.40
1.50
1.61
1.72
1.84
1.97
Future Annual College Costs are calculated by multiplying the current annual college costs by an 8% inflation rate multiplier that corresponds to the selected number of years until college as seen in the Rising Cost Index.
Years Until College
8% Inflation Rate Multiply By:
Most families set a goal to save for a percent of the total cost of college, not necessarily the whole amount. Some save 25%, some want to cover 30%, others 50% and some families aim for 80%. Use this calculator to find out what amount works best for your current budget.
The Shortfall was calculated by subtracting the Value of Current Investments When College Starts from the Projected Total Cost of College.
Projected Total Cost of College was calculated by multiplying the future annual college costs by the planned number of years of attendance. The projection does not allow for inflation rate adjustments beyond the first year of college.