When it comes to your children’s college education, it’s best to start saving as early as possible, especially since college costs are outpacing the inflation rate. Use our calculator to help structure your savings plan.
Use Our College Savings Calculator to Structure Your Savings Plan
College costs are on the rise and expected to outpace inflation. You can take steps today to make sure the money you've earned works hard for you and helps you save. At Nationwide Bank®, we offer savings products that can earn you interest, including a money market account and certificate of deposit.
Age to start education – The age your child will start college. By default, this is set to 18 but can be any age up to 25.
Annual tuition – The current estimated cost of 1 year of tuition and books. This amount should be per child and be specific to the school they may be interested in attending. The average published costs of college for the 2016-17 school year (including tuition, room and board, books, supplies, transportation and other personal expenses) as reported by the College Board’s “Trends in College Pricing 2016”.
Room and board – The current estimated cost of 1-year room and board. Like tuition and books, this amount should be per child and specific to the school they may be interested in attending. For the purposes of this calculator, all expenses are assumed to be due at the end of the year.
Education cost inflation – This is the percentage that you expect educational costs to increase per year. Data provided by The College Board's "Trends in College Pricing 2016" put tuition, room and board increases at approximately 4.8% per year for the last 10 years.
Current amount – Amount you currently have saved for your children’s education.
Monthly contributions – The amount you plan to contribute each month toward saving for your children’s education.