Your College Savings Plan
What is a college cost calculator?
A College Cost Calculator projects what college will cost by the time a child enrolls and how much you need to save each month to cover the share you want to pay from savings. It accounts for rising costs, the years until college, the length of study, your current savings and their expected growth. It is aimed at parents and students planning ahead.
How to use it
- Enter today’s annual college cost for the kind of school you have in mind: tuition, fees, housing, food, books and transport. The default value is only an example; for real figures, look up each school’s cost of attendance on its website or on College Navigator (nces.ed.gov).
- Enter the yearly cost increase rate, the number of years of college and how many years until it starts.
- Enter the percentage of costs you want to cover from savings, your current savings, an expected return and the tax rate on returns (0% for a 529 plan).
- Click Calculate.
How the calculation works
Cost in year k = Today’s annual cost × (1 + increase rate)^(years until college + k), added up over each year of study.
Savings target = Total future cost × Percent from savings
Your current savings are grown at the after-tax return until college starts, and the calculator finds the monthly deposit that closes the remaining gap.
Example
A school costs $30,000 a year today, costs rise 5% a year, college starts in 10 years and lasts 4 years. You want to cover 50% from savings, already have $10,000 in a 529 plan and expect 6% returns:
- Total future cost: about $210,622
- Savings target (50%): about $105,311
- Your $10,000 grows to about $18,194
- Monthly saving needed: about $532
529 plans and other ways to pay
A 529 plan lets savings grow tax-free when used for qualified education expenses, which is why the calculator suggests a 0% tax rate for it. The rest of the cost is usually covered by current income, scholarships and grants, work-study and student loans. Grants and scholarships lower the amount you need; loans spread it out but must be repaid. To compare aid and loan options, see studentaid.gov.
Comparing colleges
Look at each school’s net price (cost of attendance minus grants and scholarships) rather than the published tuition. Every US college has a net price calculator on its website that estimates aid for your family.
Tips
- Start early: in the example, starting five years later would roughly double the monthly amount needed.
- Use a realistic cost increase rate and revisit your plan every year.
- Do not count on a specific amount of financial aid until you have an offer.
- Include housing, food and books, not just tuition.
Frequently Asked Questions
It depends on today’s cost and how fast costs rise. At $30,000 a year today with 5% yearly increases, four years starting in 10 years would cost about $210,622 in total. Enter your school’s figures for your own estimate.
A College Net Price Calculator estimates what a student may actually pay after considering grants and scholarships. It provides a more personalized estimate than published tuition alone.
It is a calculation of how much to save, often in a 529 plan, to cover future education costs. This calculator does that: set the tax rate to 0% to model a 529 plan.
Compare each school’s total estimated cost of attendance, including tuition, fees, housing, meals, books, and transportation. Then consider scholarships, grants, and other financial aid.
Check the school’s cost of attendance and net price calculator on its website, or compare schools on College Navigator from the National Center for Education Statistics.
Disclaimer: This calculator gives estimates for general information only. It is not financial, tax or legal advice. Results depend on the numbers you enter and on simplified assumptions, so your actual figures may differ. Check important decisions with a qualified professional or the official source.
Related Calculators
To plan how you will pay for college, try these calculators.