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College Savings Calculator
With the cost of college constantly on the rise, it's never too early to start saving! Our free, online "College Savings Calculator" is a great way for parents and students to make the most of their savings.
Enter your information in the boxes below. Please do not include
commas or dollar signs. When you click "Calculate," the
amount you need to save each year will appear below.
Help with terms used on the calculator.
College Savings Calculator Help
Years to College
How many years before your child will be entering college?
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Current Savings
How much do you currently have set aside for your child's college
education?
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Rate of Return
What is the average annual long-term investment return you
expect to earn on your college savings? The lower the expected
rate, the more you'll need to save to meet your goal. For
stocks or mutual funds you should consult a prospectus. Please
be aware that past performance is no guarantee of future performance.
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Current Annual Cost
What is the current annual cost for the college of your choice? Remember to factor
tuition, room and board, and books into your calculation. If you are unsure,
a typical public university costs about $8,000.00 per year and a typical private
university can run $20,000.00 per year, today.
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Annual Increase
What is the percentage that the annual cost might
increase? A good rule of thumb is that tuition rates will increase at about
twice the general inflation rate. On average, tuition tends to increase about
8% per year.
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Number of Years Enrolled
How many years will your child take to complete college? Remember
some courses of study may take more than the typical 4 years.
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