College Cost Calculator
Project total college costs with tuition inflation and how much to save per month.
About College Cost Calculator
College costs have historically risen faster than general inflation — roughly 5–6% per year for private four-year colleges. This calculator projects costs forward at the rate you choose, then back-solves for the monthly contribution needed. It accounts for existing savings (which grow at the investment return), known scholarships, and the number of years until enrollment.
Formulas
Inflated annual cost
Future cost = Current cost × (1 + inflation rate)^years
- C_0
- Current annual cost
- i
- Annual inflation rate (decimal)
- t
- Years until that college year
Required monthly saving (sinking fund)
PMT = Shortfall × r / [(1+r)^n − 1]
- S
- Savings shortfall, as a future value at the enrolment date
- r
- Monthly investment return
- n
- Months until enrollment
Worked example
With the default values below, College Cost Calculator returns Required Monthly Saving of $1,443.92. Change any input above and every figure here is recalculated in your browser.
Inputs used
- Current Annual Cost (tuition + room & board)minimum 0 $
- 35,000 $
- College Duration (years)accepts 1–8
- 4
- Years Until College Beginsaccepts 0–22
- 10
- College Cost Inflation Rate (%/year)accepts 0–20
- 5
- Investment Return on Savings (%/year)accepts 0–20
- 6
- Current College Savingsminimum 0 $
- 5,000 $
- Expected Annual Scholarships / Grantsminimum 0 $
- 0 $
Results
- Required Monthly Saving
- $1,443.92
- Total Inflation-Adjusted Cost
- $245,725.88
- Current Savings at Enrollment
- $9,096.98
- Remaining Savings Needed
- $236,628.90
- Annual Cost in Year 1 of College
- $57,011.31
- Total Cost in Today's DollarsWithout inflation — for reference only.
- $140,000.00
Step by step
- 1Current annual cost= $35,000.00
- 2Cost in year 1 of college (10 years of 5% inflation)= $57,011.31
- 3Total inflated cost (4-year program)= $245,725.88
- 4Current savings grown to enrollment (6%/yr)= $9,096.98
- 5Savings shortfall= $236,628.90
- 6Required monthly saving= $1,443.92Earning 6%/yr over 10 years
Assumptions and limits
- The result is derived only from the 7 inputs listed above. Anything not among them is not part of the calculation.
- In particular, this calculator does not take tax into account.
- Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
- This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.
How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.
Frequently Asked Questions
What is a 529 plan?
A 529 is a tax-advantaged savings plan for education expenses. Contributions are made with after-tax dollars, grow tax-free, and withdrawals for qualified expenses are also tax-free. Many states offer a state income tax deduction for contributions to their own 529 plan.
What college inflation rate should I use?
Private four-year college costs have historically increased about 5–6% annually. Public in-state costs have risen faster, sometimes 8–10% in recent years but more volatile. Conservative planners use 6%; optimistic planners use 4%. The default of 5% is a reasonable middle ground.
Does this include room and board?
Your annual cost input should include whatever you expect to pay: tuition, fees, room, board, books, and personal expenses. The College Board's 'Trends in College Pricing' publishes all-in averages by school type each year.
What if I can't reach the required monthly saving?
Options include starting earlier (more time = more growth), increasing the investment return by choosing a more aggressive 529 portfolio, planning for loans, work-study, or seeking more aid. Filling part of the gap with student loans may be rational if the education yield justifies it.