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Personal College Savings


Excerpted from Saving for college.com’s Family Guide to College Savings

Establish a savings budget. One of the first steps you should take in planning for your child’s future college expenses is to establish a savings goal. 

Monthly Savings Goal*
Child's Age Average Public
(4 Yrs. = $50,000)
Average Private
(4 Yrs. = $124,000)
Average Ivy
(4 Yrs. = $166,000)
Newborn $312 $ 773 $1,036
Four $352 $ 871 $1,167
Eight $417 $1,034 $1,385
Twelve $544 $1,347 $1,804
Sixteen $874 $2,167 $2,902
* Assumes 6% annual college cost increase and 6% annual percentage yield. Current costs include approximate average tuition, fees, room, board, and books.   This is only an estimate.  Your costs and results will vary.  Please seek professional advice.

 
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