College Savings Calculator

How this college savings calculator works

College costs rise faster than general inflation — historically around 4% per year. This calculator inflates today's tuition to what it will cost when your child enrolls, then projects how much your current savings and monthly contributions will grow to by then, and tells you if you are on track.

The formula

Future cost (year i) = Today's cost × (1 + inflation)^{years until college + i}

Projected savings = Current × (1+r)ⁿ + Monthly × [(1+r)ⁿ − 1] / r, where r = monthly return and n = months until college.

College cost benchmarks (annual, 2024)

• Public in-state: ~$10,000 tuition, ~$27,000 with room and board
• Public out-of-state: ~$28,000 tuition, ~$45,000 with room and board
• Private nonprofit: ~$42,000 tuition, ~$58,000 with room and board

A 529 plan is the most tax-efficient vehicle — earnings grow tax-free and withdrawals are tax-free for qualified education expenses. Many states also offer income tax deductions for contributions.