College Cost Calculator (Future Tuition and Savings Needed)
Enter today’s yearly cost, years until college and expected cost growth to plan your savings.
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College Cost Calculator (Future Tuition and Savings Needed) by TheCalcTools
How the College Cost Calculator (Future Tuition and Savings Needed) works
College costs have historically grown faster than general inflation. Each future year costs today’s price × (1 + growth)^years. The total adds up each year of study.
The monthly saving is the payment that, with your expected return and what you already have, reaches the goal by the time college starts. Many families aim to save a share and cover the rest from income, aid and scholarships.
The formula
Worked example
Using the default values shown in the calculator:
| Yearly cost today (tuition, housing, books) | $28000 |
|---|---|
| Years until college starts | 10 |
| Years of study | 4 |
| Yearly cost growth | 4 % |
| Share you want to save for | 50 % |
| Expected return on savings | 5 % |
| Already saved | $5000 |
- $28,000 a year today growing 4% a year: the first year in 10 years costs $41,447; four years cost $176,003.
- Saving for half, with $5,000 already saved, needs $514 a month at 5%.
Result:
| Projected total cost of the degree | $176,003 |
|---|---|
| First-year cost | $41,447 |
| Savings goal | $88,001 |
| Monthly saving needed | $514 |
| Current savings will grow to | $8,235 |
Frequently asked questions
What cost growth should I use?
Look at your target schools’ recent increases. The College Board publishes yearly trends in college pricing.
Sources and further reading
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This calculator gives estimates for information only. Check important results independently before you rely on them. See our disclaimer.