The magic number for college savings

Joseph HurleyBy Joseph HurleyBy
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The day finally arrives when you get to bring your new baby home from the hospital. Maybe you've already given some thought to saving for her college education. If not, you can be sure that one of your friends will remark in a joking sort of way that paying for college in 18 years could put you in the poorhouse. So you ask yourself how much you really should be putting away for each month to prepare.

You don't necessarily need a 100% solution

You shouldn't try to save for 100% of the published price at an Ivy League school, even when you know in your heart that's where your exceptional child is headed. A realistic goal for many families is to aim to save 25% of projected college expenses. Of course, this amount will vary depending on the type of school your child plans to (and realistically will be able to) attend.

So what's the magic number? We used our World's Simplest College Calculator and data from the College Board to find out:

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