The greatest asset parents have available when preparing for the costs of their children's education is time . It is never too soon to start saving. The sooner you begin, the more your money will grow due to the wonders of compound interest. This Savings Growth Projector illustrates how regular contributions to an interest-bearing bank account or investment fund will grow due to compound interest.
Interest is compounded at the same rate as the contribution frequency.
A good goal is to save at least half the projected costs of the child's college education. If you're trying to reach specific savings goals, you may wish to use the Savings Plan Designer to calculate the amount of your regular savings plan contribution. All rights reserved.