College cost and savings calculator
Enter today’s yearly costs (tuition, housing, living) that you know for the school you have in mind. The tool does not invent average costs.
Result
380.49Amount to save each month
- Total cost of studies (with increases)
- 63,436.96
- Amount needed when studies start
- 59,777.67
- Your current savings by then
- 6,719.58
- Still to save
- 53,058.08
Inputs
- Cost per year of study (today’s prices)
- 10000
- Years of study
- 5
- Studies start in
- 10
- Cost increase per year
- 2
- Return on savings per year
- 3
- Savings already set aside
- 5000
How it is calculated
Cost of year k = cost × (1 + increase)^(years until start + k).
Result
Amount to save each month
- Total cost of studies (with increases)
- 63,436.96
- Amount needed when studies start
- 59,777.67
- Your current savings by then
- 6,719.58
How it is calculated
- Cost of year k = cost × (1 + increase)^(years until start + k).
- Amount needed at the start = each year’s cost brought back to the start at the chosen return (paid at the start of each year).
- Monthly saving = gap × i ÷ ((1 + i)^n − 1), with i the equivalent monthly rate and n the months until the start.
Example
10,000 a year for 5 years, starting in 10 years, 2% increase, 3% return, 5,000 already saved: total cost 63,436.96, 59,777.67 needed at the start, current savings grow to 6,719.58; save 380.49 a month.
Good to know
- Increase and return are constant assumptions.
- Grants, aid and taxes are not counted.
Frequently asked questions
What is this tool used for?
Enter today’s yearly costs (tuition, housing, living) that you know for the school you have in mind. The tool does not invent average costs.
How is the result calculated?
Cost of year k = cost × (1 + increase)^(years until start + k).
What should I check before using the result?
Increase and return are constant assumptions.