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.
Our rates on both products are highly competitive. From 2011-2013, we earned the Bankrate.com Top-Tier award for consistently offering top-tier annual percentage yields (APYs).
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 estimated cost of 1 year of tuition and books. This cost should be inputted for each child and should match the expense associated with the school they are interested in attending. By default, this is set to $30,094, the cost of tuition for a private 4-year university in 2013, according to The College Board’s “Trends in College Pricing 2013".
Room and board – The current estimated cost of 1-year room and board. This amount should be per child and specific to the school they may be attending. By default, this is set to $10,823, the cost of room and board for a private 4-year university in 2013, according to The College Board.
Education cost inflation – This is the percentage educational costs are expected to increase per year. According to data provided by The College Board, tuition, room and board increased at approximately 6.4 percent 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.