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- Estimates the future cost of college from today’s yearly cost.
- Projects what your current savings and monthly saving will grow to.
- Shows the share of the cost covered and any shortfall.
- Works out the extra monthly saving needed to be fully funded.
How to use the college savings calculator
Enter the child’s age and college start age
For example 5 and 18.
Enter the yearly cost today
Tuition, fees, room and board you plan to pay.
Enter your savings and monthly saving
For example $10,000 saved and $300 a month.
Adjust cost growth and return
Open the advanced options to change the default 5% and 6%.
How college costs are estimated
College costs have historically risen faster than general inflation. The calculator grows today’s yearly cost by the cost increase rate until each year of college, adds up all the years, and compares the total with what your savings are projected to be when college starts.
Key formulas
Cost of college year k = cost today × (1 + cost growth)^(years until college + k)
Projected savings = savings × (1 + i)^n + monthly saving × ((1 + i)^n − 1) ÷ i
i is the monthly return and n the number of months until college.
Example: a 5-year-old starting college at 18
4 years at $25,000 a year today, 5% cost growth, $10,000 saved, $300 a month at 6%.
- Estimated total cost $203,185
- Projected savings at 18 $91,155
- Share of cost covered 45%
- Extra to save each month $481.33
Ways to close the gap
Start early
Thirteen years of growth does a lot of the work.
Tax-advantaged plans
Education savings plans can grow tax-free for qualified costs.
Aim for part of the cost
Many families plan to cover a share and use aid for the rest.
Scholarships and grants
Free money lowers the amount you need to save.
College costs and investment returns vary. Check what different saving amounts build with the investment calculator, or set a target date with the savings goal calculator.
College savings calculator FAQ
How much should I save for college?
It depends on the school and how much you want to cover. This calculator estimates the total and the monthly saving needed.
How fast do college costs rise?
Historically faster than inflation; 4% to 6% a year is a common planning assumption.
When should I start saving for college?
As early as possible. More years of growth means a smaller monthly amount.
Does the calculator include financial aid?
No. It assumes you pay the full cost, so any aid or scholarships reduce what you need.
Why must the full cost be saved before college starts?
It is a safe assumption. In reality later years can still be saved for during college.
What return should I use?
A lower rate such as 4% to 6% is common, since money is often moved to safer investments as college nears.