Future Annual Cost
$40,722.37
College Savings Calculator
Project future college costs and the savings needed to fund them.
Projected Shortfall
$60,949.79
Total Cost (all years)
$162,889.46
Projected Savings
$101,939.67
Years to Save
10
How to use the College Savings Calculator
The College Savings Calculator is free and runs entirely in your browser — no sign-up, and nothing you enter leaves your device. It opens pre-filled with a realistic example, so you can see how it works before replacing any figure with your own; the results update as you type. Press Calculate to refresh the result panel, or Reset to return to the example.
The inputs it asks for:
- Current Annual Cost — a dollar amount.
- Years Until Enrollment — a number.
- College Cost Inflation — a percentage (enter 6 for 6%).
- Years in School — a number.
- Current Savings — a dollar amount.
- Monthly Contribution — a dollar amount.
- Expected Return — a percentage (enter 6 for 6%).
The formula
It inflates today's annual cost forward to enrolment, multiplies by the years in school for the total bill, then grows your savings — current balance plus monthly deposits — to the same date and reports the gap:
Future cost = Cost·(1 + i)^Y
Savings = Balance·(1 + r)ⁿ + PMT·((1 + r)ⁿ − 1)/r- Cost, i, Y
- today's annual cost, annual college-cost inflation, years until enrolment
- Balance, PMT
- current savings and the monthly deposit
- r, n
- the monthly return and the number of months until enrolment
It compounds savings monthly up to enrolment but treats the whole bill as due then — it doesn't model the balance continuing to earn (or costs continuing to inflate) during the years in school, so read it as a planning estimate, not a drawdown schedule.
Worked example
Using the example values — Current Annual Cost $25,000.00, Years Until Enrollment 10, College Cost Inflation 5%, Years in School 4, Current Savings $20,000.00, Monthly Contribution $400.00, and 1 more — the College Savings Calculator returns a Projected Shortfall of $60,949.79. It also reports Future Annual Cost ($40,722.37), Total Cost (all years) ($162,889.46), Projected Savings ($101,939.67).
Prefer your own numbers? Change any field above and this recomputes instantly.
Key terms
- 529 plan
- A tax-advantaged US education account; earnings grow tax-free when used for qualified expenses.
- College-cost inflation
- Tuition has historically risen faster than general inflation.
- Shortfall / surplus
- The gap between the projected bill and projected savings.
Frequently asked questions
What inflation rate should I use?
College costs have often risen a few points faster than general CPI. A higher assumption is the conservative choice — try a range.
Does it assume savings keep growing during school?
No — it compares the total cost at enrolment against savings at enrolment. In reality the unspent balance keeps earning, so a small projected shortfall may be manageable.
Should I count financial aid or scholarships?
It models the sticker cost. Aid, scholarships and tax credits reduce what you actually pay, so treat the result as a worst case.