How to use the College Cost Calculator
Estimate projected college cost from today's annual college costs, college cost increase rate, expected college attendance duration with the College Cost Calculator. Use it as a planning baseline, then compare the estimate with current rates, fees, taxes, and provider terms.
Step by step
- For the College Cost example, select How Much Does College Cost? and enter today's annual college costs, college cost increase rate, expected college attendance duration, percent of costs from savings, college savings balance now, and the remaining settings listed in the worked example. Keep each value in the unit displayed beside its field.
- Review the selected College Cost workflow and inputs, then read projected college cost in the result panel.
- Change one College Cost assumption at a time to compare scenarios. Use Reset to restore this tool's worked example values.
How the calculation works
Inflates each attendance year's cost, applies the desired savings share, grows current savings after tax, and solves the required monthly contribution.
Worked example
To reproduce the College Cost worked example, reset the calculator. Select the How Much Does College Cost? workflow. Use today's annual college costs $35,000; college cost increase rate 5 %; expected college attendance duration 4 years; percent of costs from savings 70 %; college savings balance now $30,000; interest or investment return rate 6 %; tax rate on interest or investment return 0 %; college will start in 10 years. The result is projected college cost of $245,725.88. Savings-funded target: $172,008.12. Review the displayed units before comparing the result.
Understanding the result
The College Cost reports projected college cost. Use it as a planning baseline, then compare the estimate with current rates, fees, taxes, and provider terms. Planning estimate only. Rates, fees, taxes, eligibility rules, timing, and provider terms can change the result.
How to check the answer
Check the College Cost result by entering the same today's annual college costs, college cost increase rate, expected college attendance duration in an independent statement, lender, provider, or official tool. Change one input and confirm that projected college cost moves in the direction implied by Inflates each attendance year's cost, applies the desired savings share, grows current savings after tax, and solves the required monthly contribution.
Common questions
What does the College Cost calculate?
Estimate projected college cost from today's annual college costs, college cost increase rate, expected college attendance duration with the College Cost Calculator.
Which inputs does the College Cost example use?
The worked example uses today's annual college costs, college cost increase rate, expected college attendance duration, percent of costs from savings, college savings balance now, and the remaining settings listed in the worked example in the How Much Does College Cost? workflow. Other workflows can show different fields. Keep the chosen workflow and units with the result when comparing calculations.
Is the College Cost result exact?
Planning estimate only. Rates, fees, taxes, eligibility rules, timing, and provider terms can change the result. Recheck today's annual college costs, college cost increase rate, expected college attendance duration and use projected college cost only for a decision where that level of precision is appropriate.