Calculators
Calculators

Saving for College Made Easy (or at least easier)

The costs of sending a child or a grandchild to college are high and getting higher. Actual costs vary by school, but a general place to begin is to consider that today's tuition, room, board, books, transportation, and incidentals will probably run:

  • Private 4-year University - $30,000
  • Public 4-year University for instate students - $14,000
  • Public 4-year University for out-of-state students - $22,000

The rate of college costs increases has been higher than inflation, 5% to 8% for the past several years. If we assume just a 5% annual cost increase, the cost of a child's first year of college will be:

Current age Years to college First year costs at a private university First year costs at a public university for an instate student First year costs at a public university for an out-of-state student
16 2 $33,075 $15,435 $24,255
12 6 $40,203 $18,761 $29,482
8 10 $48,867 $22,805 $35,836
4 14 $59,398 $27,719 $43,558
Just born 18 $72,199 $33,693 $52,946

Save early and often

Even considering that the child may qualify for a scholarship or that you may have already started saving, the costs shown above can be frightening. They only represent the first year. When you consider that most students will attend college for four years and maybe graduate school beyond that, the need to save more is obvious.

Here is a calculator so you can determine how much you should save monthly to completely fund four years' of college for children of different ages. This assumes you save the entire amount before the student enters college.

Calculating College Costs & How Much to Save
Years until college
 Current annual college cost
$
(Currently $14,000 for public instate, $22,000 for public out-of-state and $30,000 for private)
Estimated annual increase in college cost
%		 Estimated earnings on accumulation
%
Estimated first year college cost
Estimated four years' college cost
Estimated monthly savings needed

Interest is compounded monthly. This calculator is to be used for estimation purposes only. The financial institution is not responsible for its accuracy and the results are not guaranteed.

Start Saving Today Automatic

There is no easier way to save than with an automatic transfer from your Integra Checking account into your Savings account each pay period.

This allows a set amount of money to move into your Savings Account each month without you having to remember to do it. Over time, your Savings balance will build to a large nest egg.

You can set up your recurring automatic transfer through your Integra's BankAnytime online banking service. It's easy to set up, and BankAnytime offers many other convenient features.

You may also set up your recurring automatic transfer at any Integra Banking Center. If you have any questions, please call an IntegraCare representative at 1-800-467-1928.

Integra uses reasonable care in creating and maintaining the information contained in the Learning Center. Integra makes no representations or warranties as to the accuracy, reliability or content of any information provided. In no event, shall Integra be liable for loss of business or profits, or for any indirect, incidental or consequential damages arising from use of this information. Information available in the Learning Center has been obtained through an agreement with Financial Wisdom Marketing Services, Inc.