Let’s face it, planning out much money to save for your child’s college education is never easy. But there are plenty of college-savings tools out there to help you.
Luckily, the internet is filled with college savings calculators to help you gain insight into the financial saving for college will have on your life. From how much to save each month to the impact of inflation, there are many factors to consider when saving for college.
Let’s take a look at some of the best college-saving calculators online.
The Best College-Saving Calculators Online
Each of the college-savings tools listed below comes with its own unique set of options. They’re all designed to help both parents and students save enough money to keep student loan debt at a minimum.
Calculate your earnings, how much money you need to save, and where to put your monthly contribution to your child’s savings account. Bankrate will even put the college savings account at your fingertips so you can sign up and get started right away.
The Vanguard planner assumes you’re using specific tax benefits to help save for your child’s education. If you’re not, you’ll need to pay income taxes on the earnings in the account as it grows.
Fidelity has a whole host of tools and calculators to help students and parents alike plan for their college education. From a Planning and Guidance Center to Savings plan comparison and Student Loan Calculators, everything you need is at your fingertips.
The Scholar Share calculator was made to help parents create a plan for their child’s college education. It considers the child’s current age, when they’re likely to start college, and the cost of college tuition when the time comes. Parents can explore different savings options and monthly amounts.
With this tool, you can obtain a personalized projection of your future college costs. Like most of the others, you’ll need the age of your child, when they’re expected to start college, and your household income. It will give you a sense of how much you should save to meet the goal you need to pay for college.
For students who want to estimate how much college will cost, this is the calculator for you. Simply pick the school you’re interested in and answer the questions to gauge how much your education will cost and if you are eligible for need-based aid.
Planning for college is a big deal, and you want to do it right. These tools and resources are there to help you make smart financial decisions for you and your child’s future.
As always, if you have any questions about filing FAFSA® or financial aid options, reach out to Frank’s knowledgeable support team.