College Cost Calculator

This calculator projects the total cost of 4 years of college (accounting for tuition inflation) and tells you how much you need to save each month to cover it.

• Current Annual Cost: for 2024-2025, average costs (tuition, fees, room and board) are about $28,000 for in-state public universities and $58,000 for private colleges. Use your target school's published Cost of Attendance.
• Annual Cost Increase: college costs have historically grown at 3-5% per year, well above general inflation. Use 5% for a conservative (higher) estimate.
• Current Savings: enter any money already saved in a 529 plan, UGMA, or other college savings account. Early savings benefit the most from compound growth.
• Expected Return: 529 plans invested in age-based portfolios typically target 5-7% returns for young children, shifting to more conservative holdings near college age.

The "Required Monthly Savings" tells you exactly what you need to save starting today to fully fund the projected 4-year cost.

Projected annual cost at college start:

Future Cost = Current Cost × (1 + cost increase rate)^years to college

Total 4-year cost adds up all four years, each with one more year of inflation:

Total = Year 1 Cost + Year 2 Cost + Year 3 Cost + Year 4 Cost

Savings growth uses monthly compound interest:

Balance = Previous Balance × (1 + r/12) + Monthly Contribution

Example: child is 5 years old, college starts at 18 (13 years). Current cost is $35,000/year. At 5% growth: Year 1 cost = $35,000 × 1.05^13 = $66,210. Four-year total = $247,760. Saving $300/month at 6% for 13 years grows to $75,408, leaving a $172,352 funding gap.