College Savings Goal Calculator
Calculate the monthly or annual contribution needed to meet a college savings goal.
Instructions
Enter the student timeline, current costs, and savings assumptions. Results update automatically. Percentages are entered as ordinary percentages.
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How to Calculate a College Savings Goal
This calculator first adds today's annual tuition, room and board, books, and other expenses. It compounds that amount by the college-cost inflation rate until enrollment, then increases each later academic year by the same rate. College-cost inflation can differ from general consumer inflation, so use an education-specific assumption you consider reasonable.
Current savings grow until college starts. Contributions are made at the end of each month or year. Withdrawals occur at the beginning of each academic year, and the remaining balance continues earning the during-college return. Scholarships and grants reduce the family target. Results are estimates, not investment, tax, legal, or individualized financial advice.
Why starting earlier matters
More time means more contributions and more potential compounding. For example, at a 6% assumed return, funding a fixed future target over 10 years generally requires a much smaller monthly contribution than funding it over 5 years. Change the child's age to compare the exact estimate for your assumptions.
Returns and future costs are uncertain. Try lower returns and higher inflation to see a more conservative scenario.
College Savings Goal Calculator FAQs
How much should I save for college each month?
Enter your target percentage, timeline, current savings, expected costs, aid, and returns. The required monthly result is the modeled contribution that funds the selected target.
Should I plan to cover 100% of college costs?
That is a personal decision. The editable target can be below 100% to reflect other expected funding sources or family priorities.
What college-cost inflation rate should I use?
Use a rate appropriate to the institutions and expenses you are estimating, and test a range because future costs are uncertain.
What investment return should I enter?
Use an assumption consistent with your savings vehicle, time horizon, fees, and risk. A return is not guaranteed.
Does the calculator include scholarships?
Yes. Expected scholarships, grants, and other non-loan aid reduce the family funding target, never below zero.
What if current savings are already enough?
The required contribution is shown as zero and any modeled balance remaining after college is shown as a surplus.
Does the fund grow during college?
Yes. After each beginning-of-year withdrawal, the remaining balance earns the editable during-college return.
Can I model more than four years?
Yes. Select from one through eight years of attendance.
Credits
College Savings Goal Calculator
Version: 1.0
Author: Calculator team