You can use this simple college cost calculator to estimate how much it will cost to attend a college or university at a future point in time. This calculator uses the current college cost, years until matriculation, and an estimate of the annual increase to project future college costs.
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 or university 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 education is around $8,000 per year, while the average cost of a private institution is closer to $30,000 per year.
This is the number of years before matriculation, the formal process of entering college, begins.
This is your best guess at the average increase in college costs (tuition, room, and 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.
This is the calculated college cost for years 1 through 4. This value is based on today's college cost estimate, the years until matriculation, and the anticipated annual increase. The calculator increases college costs each year to reflect increases that will likely occur while the student is enrolled.
This is the total cost of college, which is equal to the sum of the four years of projected college costs.
Simple College Cost Calculator - Copyright © 2005 - 2015 Money-Zine.com (Last Reviewed on January 21, 2015)
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.