How to use the College Cost Calculator
This tool projects the future cost of a degree and the monthly saving needed to cover the gap.
Open the College Cost Calculator →
What you need to enter
- Current annual cost ($)
- College cost inflation (% / year)
- Years until enrollment
- Years of study
- Already saved ($)
- Return on savings (%)
The formula
Cost in each year = current cost × (1 + college inflation)^years. Savings grow at your return rate; the shortfall is divided over the months using the savings formula.
Worked example
Using the default values in the calculator:
- Current annual cost ($): 28000
- College cost inflation (% / year): 5
- Years until enrollment: 10
- Years of study: 4
- Already saved ($): 5000
- Return on savings (%): 5
| Total future cost | $196,580.70 |
| Savings will grow to | $8,144.47 |
| Shortfall | $188,436.23 |
| Monthly saving needed | $1,213.51 |
Tips for better results
- Use a realistic college-cost inflation rate (often higher than general inflation).
- Start early, because compounding does much of the work.
Common mistakes to avoid
- Using today's costs without inflation.
- Ignoring financial aid or scholarships that may change the figure.
Please note: Calculators and guides give general estimates, not financial, tax or investment advice. Real offers depend on your lender, location and personal situation. See our Disclaimer.