College Savings Calculator
The cost of college keeps rising, and the earlier you plan the smaller each monthly contribution needs to be. Enter what a year of college costs today, when it will start, how fast you expect costs to rise, and what your savings might earn. The calculator projects the cost of each year and works out the monthly amount needed to cover it, after counting what you have already saved. All figures are assumptions, not predictions.
How to use the college savings calculator
- Enter today’s annual cost (tuition, housing and other expenses), the years until college starts and how many years it lasts.
- Set a cost-inflation rate and an expected return. Try a few values, since neither is guaranteed.
- Enter what you have saved and read the monthly amount needed.
Formula
Each year’s cost = today’s cost × (1 + inflation)years away. The lump sum needed on day one is the sum of each year’s cost discounted at the expected return. Monthly saving = (gap × i) ÷ ((1 + i)n − 1), where i is the monthly return and n the number of months, after subtracting current savings grown at the expected return.
Worked examples
A ten-year plan
$25,000 a year today with 4% yearly increases costs $37,006 in the first year of college and about $157,145 over four years. With $5,000 saved and a 6% return, the monthly saving needed is about $823.
Starting earlier
The same goal with 15 years to go needs a much smaller monthly amount because savings have longer to grow.
Planning for college costs
The value of starting early
Because savings compound, the same goal needs far smaller monthly contributions the earlier you start. Time does much of the work.
What to include in the annual cost
- Tuition and fees
- Housing and food
- Books and supplies
- Transport and personal expenses
Ways to reduce what you need to save
Scholarships and grants, part-time work, lower-cost starting options, and choosing a school with a good fit rather than the highest sticker price can all change the number. Financial aid depends on many factors and can change year to year.
Be careful with assumptions
A high expected return usually comes with higher risk. Run the calculator with both a cautious and an optimistic return, and with a higher cost-increase rate, to see a range. Then choose a monthly amount you can sustain. If you use a tax-advantaged education savings account, read its rules on eligible expenses and limits.
Related tools: the compound interest calculator and the student loan calculator.
Practice problems
Try these yourself first, then check your answer. The answers come from the calculator above.
- A $20,000 a year college in 12 years, 3% cost growth, 5% return, $3,000 saved. How much per month?
Show answer
Monthly saving needed: $535.95 · Total cost of college (in future dollars): $119,297.03
Common mistakes to avoid
- Ignoring the cost of housing, books and travel, not just tuition.
- Assuming a high return without risk. Test a lower rate as well.
- Forgetting that financial aid, scholarships and tax rules can change the amount you need. Check the rules for any savings account you use.
Frequently asked questions
How much should I save for college?
It depends on your goal, whether you want to cover all costs or a share, and other resources such as scholarships. This tool shows what a full-cost target implies.
What inflation rate should I use?
College costs have often risen faster than general inflation, but the rate varies. Try a range of values.
Does it include taxes or fees?
No. It is a simple projection. Tax-advantaged education accounts have their own rules, so check them or ask an adviser.
Is this financial advice?
No. It is an educational estimate.
Reviewed September 26, 2026 by the SolveCalcPro editorial team. Found a mistake? Tell us; see our editorial policy.