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College and General Savings Calculator

Use this calculator to estimate the amount of money to save monthly to reach a savings goal.

  • The College Savings portion of this calculator uses information from the College Board's 2003 Annual Survey of Colleges to help you arrive at a four year savings goal for your child's college education.
  • The General Savings portion lets you specify a goal, then estimates the monthly savings necessary to meet that goal.

College Savings:

Use your mouse or tab key to move from box to box and enter numbers.

Annual cost of college (select Public, Private, or specify an amount):

Public ($4,694.00 per year)
Private ($19,710.00 per year)
Specify an annual amount:

Number of years until child starts college (e.g., 3)
College tuition inflation rate (e.g., 6% according to the College Board)
Interest rate you earn on savings or investments (e.g., 5%)

The college calculation is based on information from the College Board's 2003 Annual Survey of Colleges; the average annual costs shown here include tuition, room, board, and some extras.

General Savings:

Use your mouse or tab key to move from box to box and enter numbers.

Your savings goal (e.g., $20,000)
Number of years you will save towards the goal (e.g., 15)
Interest rate you earn on savings or investments (e.g., 5%)

These calculators are provided to give you some general guidelines and cannot predict factors unique to your finances. For more information or assistance with your personal finances, please contact your banker.

Copyright 2003 by American Bankers Association
Created by Propel Technologies, Inc.