Finance

College Savings Calculator

Estimate the monthly saving needed for future education costs.

—

The result shows the future first-year cost, the total cost for all the years of college, and the monthly amount to save, so the monthly figure is the regular saving that covers the projected total.

Formula

Future cost grows with inflation, then the monthly saving is found from the future-value-of-an-annuity formula at the monthly return rate.

How it works

College costs vary hugely by institution and country, so enter costs for the type of school you expect. This assumes costs are paid at the start of college and saving stops then.

Worked example

For example, with a current annual cost of $20,000, 10 years until college, 4% annual cost inflation, a 6% annual investment return, and 4 years of college, the future first-year cost is $29,604.89, the total for 4 years is $125,716.08, and the monthly saving needed is $767.13.

FAQs

Why inflate costs?
Education costs have often risen faster than general inflation.

Should I save for all four years?
This total covers all years, discounted to a single saving plan.

What if returns are lower?
You would need higher monthly savings — try a lower return to stress-test.

Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.

Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.

Related calculators

Annuity Payment Calculator

APR Estimate Calculator

Biweekly Mortgage Savings Calculator

Fast results

Instant result, no sign-up.

Free to use

All tools are free.

Formula shown on the page

Each page shows the formula it uses, so you can check the result yourself.

Works on mobile

Built for phone browsers.

Start with a free calculator

Search, pick a calculator, and get an instant result. No sign-up, no download.

Browse categories Read the blog