Project future college costs and see if your savings plan is on track
Project future college tuition costs and see whether your savings plan is on track using our free college cost calculator. Enter your child's current age, college start age, current annual college costs, and your savings details to see the projected shortfall or surplus over a four-year degree.
The cost of higher education has risen dramatically over the past several decades, consistently outpacing general inflation. Our college cost calculator helps parents and students project future tuition, fees, and living expenses so you can set realistic savings goals and choose the right savings vehicle.
Whether you're using a 529 plan, Coverdell ESA, or a regular taxable account, this calculator shows you the gap between projected costs and expected savings. Understanding this shortfall early gives you time to adjust your savings rate or explore financial aid, scholarships, and education tax credits.
Future college costs are projected using compound inflation applied to current costs. Savings growth is computed using the future value of existing savings plus the future value of monthly contributions, both compounded at the expected return rate.
College tuition has historically increased at about 5% per year, significantly outpacing general inflation. Our default of 5% reflects this historical trend.
This calculator works for any education savings account. Enter your 529 plan balance as current savings and your monthly contribution to see if you are on track.
A 529 plan is a tax-advantaged savings plan designed for education expenses. Contributions grow tax-deferred, and withdrawals for qualified education expenses are federal tax-free. Many states also offer state income tax deductions for contributions.
Financial aid, including grants, scholarships, and loans, can significantly reduce the out-of-pocket cost of college. This calculator projects the total cost before financial aid. The Free Application for Federal Student Aid (FAFSA) determines your eligibility.
The annual college cost typically includes tuition, fees, room and board, books, supplies, transportation, and personal expenses. Public and private colleges can have very different cost structures — our calculator works for either.