How it works
Estimate the future cost of college and determine if your current savings plan is on track.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
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?childAge=Child's Current AgeNumber · Optional · Default: 5
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?collegeAge=College Start AgeNumber · Optional · Default: 18
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?annualCost=Annual Cost (Today)Number · Optional · Default: 25,000
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?yearsInCollege=Years in CollegeNumber · Optional · Default: 4
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?currentSavings=Current SavingsNumber · Optional · Default: 10,000
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?monthlyContribution=Monthly ContributionNumber · Optional · Default: 500
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?returnRate=Exp. ReturnNumber · Optional · Default: 6
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?inflationRate=InflationNumber · Optional · Default: 3
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Estimate the future cost of higher education
Description
The College Cost Calculator helps parents and students prepare for the significant expense of higher education. It projects the inflated cost of tuition years into the future and compares it against your current and planned savings, showing you exactly where you stand.
Inputs
- Child’s Current Age: The current age of the student.
- College Start Age: The age at which collegiate studies are expected to begin (usually 18).
- Annual Cost (Today): The current yearly cost of tuition, room, and board ($).
- Years in College: The expected duration of the degree (usually 4 years).
- Current Savings: The amount already set aside for education ($).
- Monthly Contribution: The amount you plan to save each month until college starts ($).
- Exp. Return: The annual investment return you expect to earn on your savings (%).
- Inflation: The annual rate at which you expect college costs to increase (%).
Outputs
- Projected Total Cost: The estimated total price of the degree, adjusted for inflation until the student graduates.
- Projected Savings: The estimated total value of your savings account when the student starts college.
- Shortfall / Surplus: The difference between the projected cost and your projected savings.
Chart
- Savings Growth Area Chart: Visualizes your savings trajectory over time relative to the target cost.
“Good to Know”
- College costs historically rise at a rate higher than general inflation. Using a 3-5% inflation rate is a common starting point for planning.
- The earlier you start saving, the less “monthly contribution” is required thanks to the power of compounding.
- Consider utilizing tax-advantaged accounts like 529 plans to maximize your savings efficiency.
Examples
Example 1: Newborn Planning
- Input:
- Child Age: 0, Start Age: 18
- Cost: $25,000, Years: 4
- Inflation: 4%, Return: 7%
- Saving: $500/mo
- Output:
- Projected Cost: ~$226,000
- Projected Savings: ~$215,000 (Near Track)
Example 2: Late Starter
- Input:
- Child Age: 12, Start Age: 18
- Cost: $30,000, Saving: $200/mo
- Output:
- Significant shortfall; college starts in just 6 years.
Example 3: Private University Aim
- Input:
- Cost: $60,000
- Inflation: 5%
- Output:
- Demonstrates the extreme impact of high tuition combined with high inflation over time.