Instructions

This calculator will help you to determine how much money you need to invest on a monthly basis now, in order to be able to pay for your child's college education by the time they are ready to start college. The calculator allows you to choose between In-State and Out-of-State, between Resident and Commuter and between Public or Private -- and adjusts the estimated costs according to those selections. Plus, the calculator even adjusts the future cost of attending college based on your own estimated rate of inflation.

Projected Total Four-Year Costs of Attending College: Four-year costs are based on The College Board's Annual Survey of Colleges for the 2002-2003 school year and include tuition, room and board (adjusted by "resident"/"commuter" selection), transportation, books, and other expenses. The costs are enrollment-weighted and inflated based upon your selected estimated annual rate of inflation. An 8% annual return on investment is assumed but does not represent a specific security. The calculator also assumes no additional investments or earnings once the child starts school and that investments are made at the beginning of each school year.

The large text box will display detailed instructions/information when clicking in or tabing into any text box.

1. Student's name
Instruct/Explain
2. Years till college
3. Current savings
4. Outside funding
5. Gross annual income
6. Est. annual inflation rate
7. Student type Resident
Commuter
8. College type Public
Private
9. College location In-state
Out-of-State
10. Start year
Instruct/Explain
11. Future tuition cost
12. Current savings FV
13. Future savings/funding
14. Total savings gap
15. Monthly deposit required
16. Percent of annual Income

The information provided by these calculators is for illustrative purposes only. The information entered may vary from your actual loan, mortgage, investment, or savings results. Interest rates are hypothetical and are not meant to represent any specific investment. Rates of return will vary over time, particularly for long-term investments. The calculated results are not guaranteed to be accurate and are in no way endorsed, offered or guaranteed by Mercantile Bank.