You can use this college fund calculator to estimate how much college will cost in the future and if you're saving for college, then the calculator also figures out how much you will have in your college fund each year to pay for tuition, room and board.
Calculator Definitions
The variables used in our online calculator are defined in detail below, including how to interpret the results.
This is the annual cost of attending a college today. This value can vary greatly depending on whether or not you are considering a local college or prestigious university. The average cost of a public college is around $5,500, while the average cost of a private college is around $21,000 / year.
Years Until Matriculation (Years)
This is the number of years before matriculation, the formal process of entering college, begins.
College Costs Increase (% / Year)
This is your best guess at the average increase in college costs (tuition, room, board) that will occur between now and matriculation. Recently college costs are rising around 5.5% each year for public institutions and 7.1% for private colleges and universities.
Funds in College Account ($)
If you've already started a college fund or have money set aside to pay for college then enter that amount here. If not, then just enter zero into this part of the calculator.
Annual Contribution to Account ($ / Year)
This is how much money you plan to set aside each year into a college fund.
Expected Annual Return on Fund (%)
This is the annual rate of return you expect to get on your college fund.
Year X College Cost ($)
This is the calculated college cost for years 1 through 4 based on today's college cost estimate, the years until matriculation and the anticipated annual increase in college costs. The calculator increases college costs each year to reflect increases that will likely occur while the student is enrolled.
Total College Cost ($)
This is the total cost of college, which is equal to the sum of the four years of projected college costs.
College Fund Balance Year X ($)
This is the estimated balance that is left in your college fund after paying for college costs. This calculator provides an estimate of college funds at the end of each of the four years the student attends college. The ultimate savings goal would be to have a positive balance in the cell labeled College Fund Balance Year 4. Keep in mind that you may qualify for financial aid or student loans to help pay for school.
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.
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