Here are the basic steps for calculating your future college costs, as well as the required annual savings to meet a shortage in funds:
A Step-By-Step Guide to Calculating College Costs and Required Savings
By Ken Clark, About.com
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Introduction
While there are plenty of college cost and savings calculators available online, it’s wise to compute it by hand at least once. Doing so gives you a better sense of whether or not other estimates are in the right ballpark.
Index: A Step-By-Step Guide to Calculating College Costs and Required Savings
- Introduction
- Determine What Your College of Choice Costs Now
- Determine What Your College of Choice Will Cost in the Future
- Determine What Your Current College Fund Will Be Worth
- Determine What Your Future Shortfall Will Be
- Determine What You Need to Save Each Year to Cover the Shortfall
- Begin Investigating Your Savings Options
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