A college savings calculator shows whether your current savings and monthly contributions are on track to cover your children's future education costs, tracked individually for up to three children.
The rate you expect college costs to rise each year, typically higher than general inflation.
What you've already set aside for education.
How much you plan to add going forward.
The annual growth rate you expect your education savings to earn.
Costs are grown forward at your education cost inflation rate across four years of college.
Your savings fall short by $123,406 across all college years.
Projected four-year cost for each child, grown forward at your education cost inflation rate.
The ending balance never falls below zero. When a year's expenses exceed the balance, the uncovered portion is shown as unfunded rather than driving the balance negative.
These results are estimates, not predictions. They're calculated from the figures you entered and assume your rate of return and inflation rate hold steady every year, which real markets don't do. Change any input and the result changes. Use this to compare scenarios, not to plan around a specific number.
Enter your expected education cost inflation rate, current savings, monthly contribution, and rate of return. Then, for each child, enter their current age, the age they'll start college, expected annual tuition, and expected annual room and board. The calculator shows your total projected expenses and a year-by-year comparison of your savings balance against those expenses.
Education cost inflation is the rate you expect college costs to rise each year, typically higher than general inflation.
Current savings is what you've already set aside for education. Monthly contributions is how much you plan to add going forward.
Rate of return is the annual growth rate you expect your education savings to earn.
For each child, enter their current age and the age they'll start college, which together set your savings timeline. Then enter expected annual tuition and room and board for that child, which the calculator grows forward using your education cost inflation rate.
Total Expenses shows your combined projected cost across all children you've entered. The Total Cost by Child chart breaks that figure out per child. The year-by-year table shows your starting balance, savings contribution and interest, expenses for that year, and ending balance, so you can see exactly when each child's college years draw down your savings.
A fiduciary financial advisor can help you build a funding strategy across multiple children's timelines and choose the right accounts for each. Matching with an advisor is free and comes with no pressure to commit.
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