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How Much Do I Need to Save for College?

The U.S. Department of Education has named February Financial Aid Awareness Month. For many families, saving for college is a primary financial goal. 

This calculator projects the future cost of college and illustrates how your savings, if any, match up for each year of college. If there is a funding shortfall, the calculator shows that amount each year, and calculates both the monthly savings amount and the lump-sum amount needed to eliminate the shortfall. 

 This tool can help you take a step toward understanding your goals as you consider the best investment plan for your child’s future. Including financial aid, there are many options in saving for college. College savings plans, like 529 plans are popular. 

If you’re interested in receiving additional financial advice on saving for college or an analysis of your financial goals, contact Ballast Advisors for a complimentary consultation at a location near you:

Ballast Advisors – Woodbury Area
683 Bielenberg Dr., Suite 208
Woodbury, MN  55125-1705
Tel: 651.478.4644
Ballast Advisors – Arden Hills Area
3820 Cleveland Ave. N, Ste. 500
Arden Hills, MN  55112-3298
Tel: 651.200.3100
Ballast Advisors – Punta Gorda & Port Charlotte County Area
6210 Scott St., Suite 117
Punta Gorda, FL  33950-3901
Tel: 941.621.4015