College Cost Calculator
Project total college costs with tuition inflation and how much to save per month.
Inputs
Typically 4 years for a bachelor's, 2 for community college.
College costs have historically risen ~5–6% per year.
Amount already saved in a 529 or other account.
Known aid you expect to receive each year of college.
Required Monthly Saving
$2,627.07
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 Dollars
$140,000.00
Without inflation — for reference only.
Step by step
Current annual cost
= $35,000.00
Cost in year 1 of college (10 years of 5% inflation)
$35,000.00 × (1 + 5%)^10
= $57,011.31
Total inflated cost (4-year program)
= $245,725.88
Current savings grown to enrollment (6%/yr)
= $9,096.98
Savings shortfall
$245,725.88 − $9,096.98
= $236,628.90
Required monthly saving
= $2,627.07
Earning 6%/yr over 10 years
Projected cost by college year
| College Year | Gross Cost | Scholarship | Net Cost |
|---|---|---|---|
| 1 | $57,011.31 | $0.00 | $57,011.31 |
| 2 | $59,861.88 | $0.00 | $59,861.88 |
| 3 | $62,854.97 | $0.00 | $62,854.97 |
| 4 | $65,997.72 | $0.00 | $65,997.72 |
How it works
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
PMT = Shortfall × r / [1 − (1+r)^−n]
- S
- Savings shortfall
- r
- Monthly investment return
- n
- Months until enrollment
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.