Project the total future cost of college and the monthly saving needed to cover it.
| College year | Cost that year | Cumulative |
|---|---|---|
| 1 | $41,446.84 | $41,446.84 |
| 2 | $43,104.71 | $84,551.55 |
| 3 | $44,828.90 | $129,380.46 |
| 4 | $46,622.06 | $176,002.51 |
Costs rise at your chosen rate (historically about 3–5% a year). Savings keep earning your return while you pay each year.
Please do not make financial decisions based on these results.
What is the College Cost Calculator?
The college cost calculator projects the total future cost of college using a yearly cost increase, then compares it with your savings and shows the monthly saving needed.
Where the College Cost Calculator fits
Project the total future cost of college and the monthly saving needed to cover it. The main figure it returns is the Total cost of college, worked out from the values you enter.
It belongs with the other business & everyday tools tools. If you are comparing options or checking a result from another angle, try the Margin Calculator, Cash Counter (Denomination Breakdown) or the Sales Tax Calculator.
How to use the College Cost Calculator
- Enter your numbers. The inputs are Current yearly cost: tuition, fees, room & board ($), Years until enrollment, Years of college, College cost increase (% per year), Saved so far ($), Monthly saving ($), Return on savings (% per year). Use real figures from your own records where you can. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Total cost of college, and the cards below show Projected savings at enrollment, Shortfall (in enrollment-year $), Extra monthly saving needed. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the College Cost Calculator using the default values shown in the calculator above:
Inputs
| Current yearly cost: tuition, fees, room & board ($) | 28,000 |
|---|---|
| Years until enrollment | 10 |
| Years of college | 4 |
| College cost increase (% per year) | 4 |
| Saved so far ($) | 10,000 |
| Monthly saving ($) | 300 |
| Return on savings (% per year) | 5 |
Results
| Total cost of college | $176,002.51 |
|---|---|
| Projected savings at enrollment | $63,054.78 |
| Shortfall (in enrollment-year $) | $100,379.19 |
| Extra monthly saving needed | $646.43 |
| Cost of first year | $41,446.84 |
| Total cost in today's dollars | $112,000.00 |
With these inputs the calculator returns Total cost of college: $176,002.51. Change any value in the calculator to see how the result moves.
What the results tell you
The results panel of the College Cost Calculator reports Total cost of college, projected savings at enrollment, shortfall (in enrollment-year $), extra monthly saving needed, cost of first year and total cost in today's dollars. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Tips for better results
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. The result is only as accurate as the numbers you enter and the formula shown above. It is for information, not financial, tax or legal advice.
Frequently asked questions
How fast do college costs rise?
Historically about 3% to 5% a year. You can set your own rate.
How much should I save for college?
It depends on the school and aid. The tool shows the monthly amount needed to close any gap.
What is the difference between margin and markup?
Margin is profit divided by the selling price. Markup is profit divided by cost. A 50% markup equals a 33% margin.
Can I rely on these for tax filing?
No. Use them for estimates and quick checks. For filings, use official forms and guidance or a professional.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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