Planning concepts
What college may cost, and what to save each month
A college savings calculator: parents enter today's annual cost, college inflation, years until college, years in college, current savings and a return to see the monthly saving needed.
Included on every plan, even the free Practitioner plan. No card needed.
How much should I save each month for college?
Inflate today's annual cost to each college year, add up the total, subtract what current savings will grow to, and find the monthly deposit that covers the gap by the first year of college. College costs often rise faster than general inflation: over ten years, 5% inflation raises a cost by about 63%.
Back-to-school season and children's birthdays
The start of a school year, a newborn or grandparents asking how to help prompt the question. Parents want a target they can act on.
What the client types into a search box
“how much should I save for my child's college”
How a client works through it
Enter today's cost
Annual tuition, fees and living costs.
Enter college inflation
Expected annual cost increase.
Enter timing
Years until college and years in college.
Enter savings and return
Current savings and expected return.
What lands in your inbox
When a client asks your firm to review the result, the request arrives as a contact record with their inputs and results attached, by email and, on paid plans, by webhook to your CRM.
Received
Costs, years and savings show family stage and resources. A large monthly figure suggests prioritization conversations; grandparents' involvement suggests gifting strategies.
Total cost and monthly target
Future Annual Cost shows the first-year cost. Total College Cost adds all years. Current Savings at College Start shows growth of existing savings. Monthly Savings Needed is the deposit to close the gap.
The full cost is targeted by the start of college, which is conservative.
Results shown: Monthly Savings Needed · Total College Cost · Future Annual Cost · Current Savings at College Start · Years Until College.
Why the inflation rate matters
Over ten years, 3% inflation raises a $30,000 annual cost to about $40,300; 5% raises it to about $48,900.
Why education planning is a family-wide engagement
Education savings involve tax-advantaged accounts, financial aid effects and gifting by grandparents. CPAs and planners both add value.
Families who plan for college often become long-term planning clients.
Follow-ups this request opens
- Open and fund a 529 plan
- Coordinate grandparent gifts
- Consider financial aid effects
- Balance college and retirement savings
What this calculator leaves out
- Financial aid and scholarships not modeled.
- 529 tax treatment not included.
- Full cost targeted by college start.
- Constant return and inflation.
Platform disclaimer shown under the calculator: Estimates only. College costs are inflated to the future and the full multi-year cost is targeted by the start of college; financial aid, scholarships and tax-advantaged 529 treatment are not modeled. Consult a financial professional.
Compliance note for firms
Recommending specific 529 plans is a securities recommendation; keep the calculator educational. State tax deductions for 529s vary and are tax advice.
Not legal advice. See our disclaimer and the guide to compliance for client calculators.
Terms your client sees in the calculator
These definitions appear in the calculator's collapsible Definitions block, so clients don't have to call to ask what a label means.
- Monthly savings needed
- The amount to set aside each month, starting now, so that savings plus investment growth cover the full projected cost of college by the first year. This calculator targets the entire multi-year cost at the start of college and does not count aid, scholarships, or saving and investing that continue during the college years.
- College cost inflation
- The yearly rate at which tuition, fees, room and board rise. College costs have historically risen faster than general inflation. Small changes here have a large effect: over ten years, 5% inflation raises a cost by about 63%, while 3% raises it by about 34%.
- Future annual cost
- What one year of college is projected to cost in the first year of enrollment: today’s annual cost grown by college cost inflation for each year until college. A $25,000 year today becomes about $40,700 in ten years at 5% inflation. Later years of college are inflated further.
- Total college cost
- The sum of all projected annual costs across the years in college, each year inflated one more time than the last. It is the savings target this calculator uses. Because it counts the full sticker price, it overstates what many families actually pay after grants and scholarships.
- Cost of attendance
- A school’s estimate of the full yearly cost of enrollment: tuition and fees, housing and food, books, supplies, transportation and personal expenses. It is the figure financial aid offices work from. Using it for the annual cost today gives a more complete target than tuition alone.
- Annual return
- The average yearly growth assumed on college savings, compounded monthly in this calculator. A higher return lowers the monthly amount needed, but returns are not guaranteed. Many college savings plans shift toward more conservative investments as the student approaches enrollment, which tends to lower the return in later years.
In our glossary: Future value
College Savings calculator: questions from firms and clients
What college inflation rate should I use?
Test several; 3% to 5% are common planning assumptions.
Does it include 529 tax benefits?
No; growth in a 529 is tax-free for qualified expenses.
What about financial aid?
Not modeled; aid can reduce costs.
Should I save for college or retirement first?
Many planners prioritize retirement; loans exist for college, not retirement.
Can grandparents help?
Yes, through gifts or their own 529 accounts.
What costs should I include?
Tuition, fees, housing, books and travel.
Is the full cost needed upfront?
The calculator assumes so, which is conservative.
Which plan includes it?
Every plan, including the free Practitioner plan, which runs up to 5 calculators at once alongside the other household planning tools. Firm (up to 50) and Network (no cap) add webhooks and white-label. See pricing.
No question matches that filter. Clear it to see them all, search the whole site, or ask us directly; we reply within one business day.
Clients who ask this usually ask next
Inflation Impact
how much will things cost in 20 years
Present Value
how much do I need to invest now to have 50000 in 10 years
Future Value
how much will my money grow if I invest it
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