Planning for college can be easier when you have an idea of what it may cost in the future. College tuition and other education expenses can increase over time, so the amount you need to save may be different from today’s college cost.
Our College Cost Calculator helps you estimate the future cost of college and how much you may need to save each month. You can enter today’s annual college cost, expected college cost inflation, college duration, your current savings, expected investment return, and the percentage of college costs you want to cover from savings.
The calculator also lets you use average U.S. college cost presets for private four-year colleges, public four-year colleges, and public two-year colleges. Adjust the numbers to create an estimate based on your own college savings goal.
How to Use the College Cost Calculator
Using the calculator is simple. Enter your current college cost and adjust the assumptions to match your situation.
Today’s Annual College Cost: Enter the current annual cost you want to use for your estimate. You can also select one of the average U.S. college cost presets.
College Cost Inflation Rate: Enter the annual rate at which you expect college costs to increase. The default is 5%, but you can change it to test different scenarios.
Expected College Duration: Enter the number of years you expect to attend college. A four-year degree would normally use 4 years.
Percent of Costs from Savings: Enter the portion of the projected college cost you plan to cover with savings. For example, entering 35% means the calculator will estimate a savings goal equal to 35% of the projected college cost.
Current College Savings: Enter the amount you have already saved for college.
Investment Return Rate: Enter the annual return you expect your college savings to earn before taxes.
Estimated Tax Rate on Investment Returns: Enter an estimated tax rate for investment returns. If your savings are in a tax-advantaged account where applicable, you can use 0% for this estimate.
College Starts In: Enter how many years remain before college begins.
What the Results Mean
The calculator estimates your total projected college cost based on the annual cost, inflation rate, and number of college years.
It then calculates your savings goal based on the percentage of college costs you want to cover from savings. Your existing savings are also projected forward based on the investment return and time remaining before college.
The monthly savings needed shows approximately how much you would need to save each month to reach your selected savings goal. The calculation assumes monthly contributions are made at the end of each month.
The results also show estimated investment growth and the portion of projected college costs that would remain to be covered by other sources.
College Costs Can Vary
College costs can be very different depending on the school, state, degree program, housing arrangements, and other expenses. Tuition is only one part of the overall cost of attending college. Room and board, books, transportation, fees, and personal expenses can also affect the total amount a student may need.
Use the calculator as a planning estimate and adjust the inputs as your circumstances and college plans become clearer.
Frequently Asked Questions
What is a College Cost Calculator?
A College Cost Calculator estimates how much college may cost in the future and how much you may need to save. It can account for college cost inflation, the number of years you expect to attend college, current savings, investment growth, and the percentage of costs you want to cover with savings.
How much does college cost in the U.S.?
College costs vary significantly by school type and location. The calculator includes average U.S. college cost presets that you can use as a starting point. For a more personal estimate, replace the preset with the current annual cost of the college or program you are considering.
How does college cost inflation affect future expenses?
If college costs increase over time, the amount you would need to pay in the future can be higher than today’s cost. For example, if today’s annual college cost is $30,000 and costs increase by 5% per year, the estimated cost several years from now will be higher.
How much should I save for college each month?
There is no single monthly amount that works for every family. It depends on the future college cost, how many years remain before college, your current savings, expected investment return, and the percentage of costs you want to cover. Enter your own numbers into the calculator to get an estimate.
What percentage of college costs should I plan to cover with savings?
That depends on your financial situation and how you expect to pay for college. Some families may plan to cover most costs from savings, while others may combine savings with scholarships, financial aid, income, or other sources. You can change the percentage in the calculator to compare different scenarios.
Does the calculator include investment growth?
Yes. The calculator estimates growth on your existing college savings using the investment return and estimated tax rate you enter. It also uses the after-tax return when calculating future savings.
What if I have already saved money for college?
Enter your existing amount in the Current College Savings field. The calculator estimates how that money could grow before college starts based on the investment return you enter.
Can I use this calculator for a two-year or four-year college?
Yes. Enter the expected number of years of college. You can use 2 years for a typical two-year program or 4 years for a typical four-year degree, and you can change the number to match your plans.
Are the college cost estimates guaranteed?
No. The results are estimates based on the assumptions you enter. Actual college costs, inflation, investment returns, taxes, scholarships, financial aid, and other expenses can be different.
What college expenses should I consider besides tuition?
Depending on the school and your situation, college expenses can include tuition, fees, housing, food, books, supplies, transportation, and personal expenses. A college’s published cost of attendance can provide a more complete starting point for planning.
Can I use the calculator to compare different college savings scenarios?
Yes. Try changing the college inflation rate, savings percentage, current savings, investment return, and years until college begins. Comparing different assumptions can help you see how those changes affect the estimated monthly savings amount.
Note: This calculator is for educational and planning purposes only. Its results are estimates and should not be considered financial, investment, tax, or legal advice.