Ask Holly - Financial Planning Services, Inc.

Phone: 919-676-2806

Fax: 919-848-4310

Contact

Selecting a Planner

Email Holly: hollyknick@gmail.com

College Cost Worksheet

The 2009-2010 average cost figures for tuition, fees, room and board are $15,213 for public and $35,636 for private colleges. If you have an institution you’d like your child to attend contact them to obtain a current cost estimate. Some may be significantly different than the average. Duke University in Durham, NC will cost $53,390 for undergraduates for the 2009-2010 academic year (this includes tuition, fees, books and supplies and room and board). If you live in North Carolina, visit www.cfnc.org for college savings programs and financial aid information.

Step 1 Future Cost of Education

Age of child	Current Annual Cost	X	Estimated Future Cost Factor	=	Total College Future Cost
Name
	$	X		=	$
Name
	$	X		=	$

Step 2 Annual Savings Required

Age of child	Current Annual Cost	X	Estimated Future Cost Factor	=	Total College Future Cost
Name
	$	X		=	$
Name
	$	X		=	$

Age	Estimated Required		Age	Estimated Required
	Savings Factor	Cost Factor		Savings Factor	Cost Factor

1	11.780	0.025	10	6.972	0.074
2	11.113	0.027	11	6.578	0.087
3	10.484	0.031	12	6.205	0.104
4	9.891	0.034	13	5.854	0.126
5	9.331	0.038	14	5.523	0.158
6	8.803	0.043	15	5.210	0.205
7	8.304	0.049	16	4.915	0.285
8	7.834	0.056	17	4.637	0.445
9	7.391	0.064	18	4.375	0.926

The factor used assumes an average rate of return of 8% before taxes.