About the College Cost Calculator
College costs have usually risen faster than general prices, so what a year costs today is not what it will cost when your child starts. This college cost calculator projects the cost of each year of study from today's yearly cost, the years until college begins, the length of the course and the yearly rise in costs. It then projects the savings you already have and the amount you add each month at the return you expect, compares the two and shows the gap. If there is a shortfall, it works out the extra you would need to save each month to close it. It is useful for parents, grandparents and students planning ahead.
Updated October 2026
How to use the College Cost Calculator
- 1Enter the yearly cost of college today, including tuition, housing, books and fees.
- 2Enter how many years until college starts and how many years of study.
- 3Enter the yearly rise in costs you expect.
- 4Enter your savings so far, your monthly saving and the return you expect.
- 5Read the total cost, your projected savings and the gap.
A worked example
Take a four-year course costing 20,000 a year today, with costs rising 5 percent a year and college starting in 10 years. The first year costs about 32,600 and the four years total about 140,400. If you have 10,000 saved and add 200 a month at 6 percent, your savings reach about 50,400 by the start date. That covers around 36 percent of the cost and leaves a gap of roughly 90,000, which would take around 554 more a month to close.
Ways to close a gap
- Start saving earlier, even small amounts
- Increase monthly saving each time income rises
- Look at in-state, community college or shorter routes
- Apply for scholarships and grants
- Let the student contribute through work or loans
Related tools
The Student Loan Calculator shows what borrowing the gap would cost, the Savings Goal Calculator and Compound Interest Calculator project saving, the Inflation Calculator shows the effect of rising prices and the Budget Calculator helps you find room for saving. Costs and returns are estimates only.
Features
- Yearly cost for each year of study
- Cost rises at a rate you set
- Projected savings with monthly deposits
- Gap between savings and cost
- Extra monthly saving needed to close the gap
- Percent of the cost covered
- Runs in your browser
Frequently asked questions
How much will college cost in the future?
Multiply today's yearly cost by (1 plus the rise) for each year until the year of study. With 28,000 a year today, a 4 percent annual rise and 12 years until the first year, the first year costs about 44,800 and four years cost around 190,000 in total.
What rise in college costs should I assume?
Costs have often risen 3 to 6 percent a year, faster than general inflation, but it varies by country, school and period. Using 4 to 5 percent is a cautious choice. Try a lower and a higher rate to see how much your plan depends on it.
How much should I save each month?
Enter your numbers and read the extra monthly saving shown if there is a gap. Starting early lowers the monthly amount, because growth on early savings does much of the work. Saving 250 a month for 12 years at 5 percent builds around 49,000, plus growth on what you have already saved.
Does this include scholarships or financial aid?
No. Grants, scholarships, work-study and family contributions would reduce what you need to save. The calculator estimates the full cost, so treat any aid as a bonus, or lower the yearly cost you enter to reflect it.
What kind of account should I use?
Many countries offer tax-advantaged education savings accounts, such as 529 plans in the US. Rules, limits and tax treatment differ and change, so check what is available where you live. The calculator uses the return you enter and doesn't model tax.
What if the child starts college soon?
Set years until college to 0 or a small number. With little time, investing earns little, so the monthly saving figure becomes less useful and the cost of each year matters more. Look at cheaper options or financial aid.