College Savings Calculator

How much will you need to save in order to pay for your child’s college education?

As the cost of education continues to grow, saving for your children’s education becomes even more important. Developing a long-term plan will help you reach your goals, and the earlier you begin your plan, the better. Please use this calculator to help develop or fine-tune your education savings plan.

Calculator’s Capabilities:

  • Determine monthly savings needed today in order to pay for a college education when it begins.
  • Estimate college costs given different rates of inflation.
  • Account for differences between public and private institutions.
  • Account for cost differences based on a resident or nonresident student.
  • Determine what percentage of your annual income you will need to save.


PLEASE DO NOT use dollar signs, commas, or any other characters except numbers and decimals.


  1. Name of student
Instructions & Explanation
  2. Years until college
  3. Current amount saved for college
  4. Additional funding you expect to receive
  5. Gross annual income
  6. Estimated annual rate of inflation.
  7. Type of student
Resident
Commuter

  8. Type of college
Public
Private
  9. Location of college
In-state
Out-of-State




10. Starting year
Instructions & Explanation
11. Tuition cost in the future
12. Future value of current savings
13. Future value of savings & funding
14. Total savings needed
15. Monthly deposit required to reach goal
16. Percent of annual Income


Determining the cost of a four-year education is based on The College Board’s Annual Survey of Colleges for the 2003-2004 school year. The cost includes room and board (adjusted by “resident”/”commuter” selection), tuition, books, transportation, and other expenses. The costs are enrollment weighted, and they are inflated based upon your selected estimated annual rate of inflation. An 8% annual return on investment is assumed but does not represent a specific security. The calculation also assumes that no additional investments or earnings are made once the child begins college and that investments are made at the beginning of each school year.

Information in this College Savings Calculator is made available to you as a self-help tool for your independent use. We do not and cannot guarantee its accuracy or its applicability to your specific circumstances. Please seek advice from a qualified professional regarding all personal finance issues.