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Here's how much you need to save every month to send your child to Yale

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How much to save for a debt-free Yale education

Parents and students alike may dream about attending an Ivy League school, but elite schools come with premium price tags. 

CNBC ran the numbers, and we can tell you how much money you would need to save to send your child to Yale. 

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 Yale tuition will continue to increase around 3% a year, every year. 

Yale estimates it will cost students more than $78,000 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 Ivy League education. 

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.