College Cost Calculator
Estimate total college cost and savings needed for your child's education.
Include room, board, and fees
Results update as you type.
This calculator is for illustrative purposes only. Actual rates, fees and terms vary by lender. Consult a qualified financial adviser before making borrowing decisions.
How it works
College costs have risen faster than general inflation for decades, so a college cost calculator and early planning are essential for most families. Average tuition and fees have historically increased 4–7% annually at four-year institutions, meaning a school costing $35,000 per year today could cost $50,000–$65,000 by the time a child born today enrolls. Over four years, projected costs at many private universities could exceed $250,000 in future dollars. This college cost calculator models that future cost and compares it against your current savings trajectory, revealing the funding gap you need to fill. The most tax-advantaged college-savings vehicle in the US is the 529 plan, which allows after-tax contributions that grow tax-free and are withdrawn tax-free for qualified education expenses. Contribution limits are effectively per-beneficiary lifetime maximums of $300,000–$550,000 depending on the state, with no annual federal limit (though large contributions may require filing a gift tax return). Starting early dramatically reduces the required monthly contribution: saving for 18 years at 7% return requires roughly a third of the monthly contribution needed if you start at age 10. Don't forget that college costs may be partially offset by scholarships, grants, work-study, and merit aid — especially at schools where your child is a strong applicant. The actual out-of-pocket cost (net price) is often significantly below the published sticker price.
Future Cost = Current Annual Cost × (1 + inflation)^years × 4; Projected Savings = FV of current savings + FV of contributions
Future annual tuition is current tuition grown at the inflation rate for the number of years until enrollment. Total 4-year cost multiplies by 4. Projected savings compounds current savings at the investment return rate, then adds the future value of monthly contributions using the standard annuity formula. The savings gap is the difference; monthly needed is back-solved from the gap using the present value of an annuity formula.
Source:College Board Trends in College Pricing
We review all our tools from time to time to ensure accuracy.
Worked example
How to use this calculator
- 1
Enter your values
Enter child's current age and current annual tuition + fees.
- 2
Adjust the options
Adjust years until college, annual tuition inflation, current college savings, monthly contribution and expected annual return if they apply — sensible defaults are already set.
- 3
Read your result
Estimated total 4-year cost updates instantly as you type — no button to press.
Frequently asked questions
What is a 529 plan and how does it work?
A 529 plan is a state-sponsored, tax-advantaged savings account designed for education expenses. Contributions are made with after-tax dollars, but earnings grow tax-free and withdrawals for qualified education expenses (tuition, fees, room, board, books) are also tax-free at the federal level. Many states offer a state income tax deduction for contributions. If the beneficiary doesn't attend college, funds can be transferred to another family member, used for K-12 tuition (up to $10,000/year), or withdrawn with taxes plus a 10% penalty on earnings. Since 2024, unused 529 funds can also be rolled into a Roth IRA for the beneficiary, subject to limits.
How much should I save for college?
A common rule of thumb is to save one-third of projected college costs (the other two-thirds come from income at the time, aid, and student loans). For a projected $200,000 four-year cost, that suggests saving $67,000. The exact target depends on your income at the time of enrollment, your expectations for aid, how many children you have, and whether you plan to target selective private schools or in-state public universities. Use the 529 savings multiplier: $100 saved monthly from birth at 7% return grows to about $40,000 by age 18.
Does having 529 savings reduce financial aid?
529 plans owned by parents are assessed at 5.64% of the balance in FAFSA's Expected Family Contribution formula — meaning a $50,000 529 balance increases EFC by at most $2,820 per year. This is much more favorable than assets in the student's own name, which are assessed at 20%. Grandparent-owned 529s used to hurt aid calculations on the prior FAFSA but new FAFSA simplification rules (effective 2024–2025) have largely eliminated this issue. On balance, the tax benefits of 529s almost always outweigh the marginal aid impact.
What if my child doesn't go to college?
529 funds can be repurposed in several ways. The beneficiary can be changed to another family member — a sibling, cousin, or even yourself — without penalty. Since 2024, up to $35,000 (lifetime) in unused 529 funds can be rolled into a Roth IRA for the beneficiary, a powerful provision for families who saved more than needed. Funds can also be used for trade school, community college, or vocational training. If funds are withdrawn for non-qualifying expenses, you pay income tax plus a 10% penalty on earnings only — not on your principal contributions.
Should I prioritize retirement or college savings?
Financial planners broadly recommend prioritizing retirement savings over college savings, for a compelling reason: you can borrow for college but not for retirement. Max your 401k (at least to the employer match), then your Roth IRA, and direct remaining savings toward college. This doesn't mean ignoring college savings — starting a 529 early with even modest contributions lets compounding do heavy lifting. The practical goal for many families is to retire comfortably while helping children graduate with manageable loan debt, not necessarily zero debt.