College Planning

3 College Savings Calculators for Parents of College Bound Students

Are you saving enough for your child's college education?  Use the calculators in this article to help you assess your needs and set savings goals to help ensure your child can follow their dreams.

How Much To Save For College

The experts will all tell you that you should begin putting away as much money as possible for your child's education - and the earlier the better. It may seem like a simple strategy, but it can potentially reduce the amount both you and your children need to borrow for future college expenses. But the question remains, how much should you be saving?

The following are three college savings calculators to help parents establish savings goals for funding college tuition costs.

  • The Savings Plan Designer Chart. Here, you'll be able to see how much money you'll need to save in an interest-bearing bank account or savings fund each month in order to reach your college savings goals. It coincides with the one-third rule in that parents should try to save at least one-third of their child's projected college costs.
  • Bankrate.com. This college savings calculator can help you develop or even fine-tune your college education savings plan by looking at where you may be falling short of your goals.
  • Bigfuture. Here you'll find an easy-to-use calculator that considers tuition, fees, transportation, and any other expenses that you plan on covering. This will give you a realistic idea of how much you should actually be saving.
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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

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Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

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How To Save For College

When it comes to knowing how much to save for college, there's no ideal method. This article gives you three easy to use college savings calculators that may help you better estimate how much you should be saving for your child's college education. Is there one, best way to save for college? The first step is knowing how much to save for college. Protective Life briefly highlights a few different tools that can help you begin saving for college. It is never too early to start saving for college. For more information, visit the Protective Life Learning Center.

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