Here’s how much you need to put in a 529 savings plan every month to send your kid to Harvard debt-free
Many parents dream about giving their children an Ivy League education but not everyone does the math to see how much the degree will cost them.
CNBC ran the numbers, and we can tell you how much money you would need to save to send your child to Harvard.
First, some assumptions.
For saving, we assume you use a 529 plan and start saving when your child is born. We also estimate that your investments earn a 4% return throughout. We do not account for any fees or expenses you may face.
For future school costs, we assume Harvard tuition will continue to increase around 3% a year, every year.
Harvard estimates it will cost students more than $75,000 to attend the school in 2020-2021. That includes fees, textbooks, and room and board.
Check out this video to learn how much you will need to save to pay for your child’s Harvard education.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.