College cost calculator
The future cost of college and how much to save each month to pay for it.
About this calculator
This college cost calculator estimates what university will cost when your child starts, with prices rising each year.
It takes your current savings into account and works out how much to put aside each month to cover all or part of the cost.
How it works
Each year’s cost grows with college price inflation until it is due. The amount needed at the start is the cost of every year, discounted back at your return. Your current savings are grown to that date, and the monthly saving covers the rest.
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Worked example
- Yearly cost today: $30,000
- Years until college starts: 10 years
- Years of study: 4 years
- College cost increase: 4% a year
- Saved so far: $10,000
- Return on savings: 5% a year
- Share of the cost to cover: 100%
Save each month: $1,028.87
Common questions
How much should I save for college each month?
It depends on the cost, the years left and your return. Starting 10 years ahead needs far less each month than starting 3 years ahead, because savings have longer to grow.
How fast do college costs rise?
Historically, college prices have often risen faster than general inflation, so planners commonly allow a few percent a year.
What is a 529 plan?
A US savings plan for education. Earnings grow free of federal tax, and withdrawals are tax-free when used for qualified education costs.
Sources and further reading
The story behind it
Where the idea came from: Section 529 of the US tax code, which created tax-advantaged college savings plans, was added in 1996.
Earnings in a 529 plan grow free of federal tax when used for qualified education costs. Starting early matters most, because the monthly saving needed falls sharply the more years you have.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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