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1 | Key Assumptions - College Duration & Cost | Values | Default | Source/Comment on Default Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | (Total) College Cost | $106,960 | $106,960 | 2017 Average Net Tuition, Fees, Room & Board for Four Year Non-Profit Private; https://trends.collegeboard.org/sites/default/files/2017-trends-in-college-pricing_0.pdf | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | # of Years in College | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | Key Assumptions - Wages & Time to Retirement | Except for retirement age, all data here comes from 2017 Census Current Population Survey | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | Wage Growth (YoY %) for non-College Grad - until age 35 | 5.82% | 5.82% | median nominal salary CAGR comparing 25-34 yr old High School (only) in 2017 and 2007 with 18-24 yr olds in 2007 and 1997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7 | Wage Growth (YoY %) for non-College Grad - age 35-55 | 3.26% | 3.26% | median of 10-yr and 20-yr nominal wage CAGRs comparing cohorts of workers from 2007 and 1997 with 2017 and 2007 with only high school | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8 | Wage Growth (YoY %) for College Grad - until age 35 | 6.72% | 6.72% | median nominal salary CAGR comparing 25-34 yr old Bachelor's (only) in 2017 and 2007 with 18-24 yr olds in 2007 and 1997 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9 | Wage Growth (YoY %) for College Grad - age 35-55 | 4.01% | 4.01% | median of 10-yr and 20-yr nominal wage (in 2017 dollars) CAGRs comparing cohorts of workers from 2007 and 1997 with 2017 and 2007 with Bachelor's only | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
10 | Starting Wage for High School Diploma-only | $30,696 | $30,696 | 2017 mean wage (both sexes), high school only (includes equivalency), 18-24 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11 | Starting Wage for College Grad | $47,551 | $47,551 | 2017 mean wage, bachelor's degree (only), 18-24 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12 | Retirement Age | 65 | 65 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14 | Tax Brackets | $ cutoff | % bracket | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
15 | Bracket 1 | $9,525 | 10.0% | $952.50 | 2018 Tax Brackets; https://www.cnbc.com/2019/02/07/how-to-find-out-what-tax-bracket-youre-in-under-the-new-tax-law.html | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 | Bracket 2 | $38,700 | 12.0% | $4,453.50 | 2018 Tax Brackets; https://www.cnbc.com/2019/02/07/how-to-find-out-what-tax-bracket-youre-in-under-the-new-tax-law.html | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17 | Bracket 3 | $82,500 | 22.0% | $14,089.50 | 2018 Tax Brackets; https://www.cnbc.com/2019/02/07/how-to-find-out-what-tax-bracket-youre-in-under-the-new-tax-law.html | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
18 | Bracket 4 | $157,500 | 24.0% | $32,089.50 | 2018 Tax Brackets; https://www.cnbc.com/2019/02/07/how-to-find-out-what-tax-bracket-youre-in-under-the-new-tax-law.html | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
19 | Bracket 5 | $200,000 | 32.0% | $45,689.50 | 2018 Tax Brackets; https://www.cnbc.com/2019/02/07/how-to-find-out-what-tax-bracket-youre-in-under-the-new-tax-law.html | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 | Bracket 6 | $500,000 | 35.0% | $150,689.50 | 2018 Tax Brackets; https://www.cnbc.com/2019/02/07/how-to-find-out-what-tax-bracket-youre-in-under-the-new-tax-law.html | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
21 | Bracket 7 | 37.0% | 2018 Tax Brackets; https://www.cnbc.com/2019/02/07/how-to-find-out-what-tax-bracket-youre-in-under-the-new-tax-law.html | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
23 | IRR | 8.06% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
24 | Age when investment pays off | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
25 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
26 | Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
27 | Age (assuming Year 1 = 18) | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 |
28 | Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 |
29 | Financial Impact | -$53,943 | -$55,514 | -$57,177 | -$58,936 | $7,093 | $7,819 | $8,633 | $9,519 | $10,481 | $11,527 | $12,664 | $13,898 | $15,237 | $16,631 | $18,091 | $19,676 | $21,395 | $23,259 | $24,601 | $26,059 | $27,590 | $29,198 | $30,887 | $32,661 | $34,523 | $36,478 | $38,507 | $40,155 | $41,889 | $43,712 | $45,630 | $47,646 | $49,766 | $51,762 | $53,854 | $56,054 | $58,368 | $60,801 | $60,801 | $60,801 | $60,801 | $60,801 | $60,801 | $60,801 | $60,801 | $60,801 | $60,801 | $60,801 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
30 | Tuition | $26,740 | $26,740 | $26,740 | $26,740 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
32 | After-tax - High School Diploma (only) | $27,203 | $28,774 | $30,437 | $32,196 | $34,057 | $35,824 | $37,672 | $39,626 | $41,695 | $43,884 | $46,200 | $48,650 | $51,244 | $53,988 | $56,891 | $59,964 | $63,215 | $66,655 | $68,687 | $70,738 | $72,857 | $75,044 | $77,303 | $79,635 | $82,043 | $84,530 | $87,097 | $89,748 | $92,486 | $95,313 | $98,232 | $101,246 | $104,358 | $107,571 | $110,889 | $114,316 | $117,854 | $121,507 | $121,507 | $121,507 | $121,507 | $121,507 | $121,507 | $121,507 | $121,507 | $121,507 | $121,507 | $121,507 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
34 | After-tax - College Grad | $0 | $0 | $0 | $0 | $41,150 | $43,644 | $46,305 | $49,145 | $52,176 | $55,411 | $58,863 | $62,548 | $66,480 | $70,618 | $74,982 | $79,640 | $84,610 | $89,914 | $93,288 | $96,797 | $100,447 | $104,242 | $108,190 | $112,296 | $116,566 | $121,008 | $125,605 | $129,903 | $134,375 | $139,025 | $143,861 | $148,892 | $154,124 | $159,333 | $164,743 | $170,370 | $176,222 | $182,308 | $182,308 | $182,308 | $182,308 | $182,308 | $182,308 | $182,308 | $182,308 | $182,308 | $182,308 | $182,308 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
35 | Cumulative Financial Impact | -$53,943 | -$109,458 | -$166,634 | -$225,570 | -$218,477 | -$210,658 | -$202,024 | -$192,506 | -$182,025 | -$170,497 | -$157,833 | -$143,936 | -$128,699 | -$112,068 | -$93,977 | -$74,301 | -$52,906 | -$29,647 | -$5,046 | $21,013 | $48,603 | $77,801 | $108,688 | $141,349 | $175,872 | $212,351 | $250,858 | $291,013 | $332,902 | $376,614 | $422,244 | $469,890 | $519,656 | $571,418 | $625,271 | $681,325 | $739,694 | $800,495 | $861,296 | $922,098 | $982,899 | $1,043,701 | $1,104,502 | $1,165,304 | $1,226,105 | $1,286,907 | $1,347,708 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 | $1,408,510 |
36 | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | FALSE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE | TRUE |