College Savings Calculator
Estimate future college costs and how much to save each month, for a 529 plan or any savings account
Your Plan
Tuition, fees, housing and food
Save each month
$742.83
for 13 years to have $194,225 when college starts
Total cost of college
$212,120
4 years, in future dollars
Needed when college starts
$194,225
covers 100%; money keeps growing during college
Current savings will grow to
$21,329
Gap to fill
$172,895
Savings on track for the goal
With the monthly amount above
Cost of each college year
Rising 4.0% a year
Projected College Costs
| College Year | Child's Age | Cost | Your Share |
|---|---|---|---|
| Year 1 | 18 | $49,952 | $49,952 |
| Year 2 | 19 | $51,950 | $51,950 |
| Year 3 | 20 | $54,028 | $54,028 |
| Year 4 | 21 | $56,189 | $56,189 |
Planning for College
College costs have historically risen faster than general inflation. Money saved for later years keeps earning while earlier years are paid, so you need less than the total cost on the first day. In the US, 529 plans let savings grow tax-free when used for qualified education expenses, and many states add a tax deduction.
The Formulas
Cost in year k = today's cost × (1 + inflation)^(years until then)
Needed at start = Σ cost ÷ (1 + return)^k
Monthly saving = gap × r ÷ ((1 + r)^months − 1)
r is the monthly return; savings are added at the end of each month.
Saving for College
- •Starting early lets compounding do much of the work
- •Check your state's 529 plan for tax benefits
- •Scholarships, grants and aid can cover part of the cost
- •Don't sacrifice retirement savings; loans exist for college, not for retirement
- •Shift to safer investments as college gets closer