College Cost Calculator
How much will higher education cost and how do you fund it? Estimate the total cost of a degree with inflation, identify the funding gap, or calculate how much to save monthly. Works with any currency.
Try another scenario
Calculate for your country ▼
How to Use This Calculator
Tab “Total Cost”
Enter your annual tuition, years of study, room & board, books & supplies, and personal expenses. Set the expected inflation rate and how many years until college starts. The result shows the total projected cost of the entire degree.
Tab “Funding Plan”
Enter the total estimated cost (from Tab 1 or your own estimate), plus your savings, scholarships & grants, and planned loans. The calculator shows the funding gap — how much more you need to cover the full cost.
Tab “Start Saving Now”
Enter your child’s current age, years until college, the total estimated cost, current savings, and expected annual return. The result shows how much you need to save each month to reach the goal.
The Formulas
Projected cost = Current annual cost × (1 + inflation)^years_until
Total cost of degree:
Total cost = Σ Projected annual cost for each year of study
Funding gap:
Gap = Total cost − (Savings + Scholarships + Loans)
Required monthly savings (PMT):
PMT = (FV − PV(1+r)^n) × r / ((1+r)^n − 1)
where r = annual return / 12, n = years × 12
All calculations use standard time-value-of-money formulas. No country-specific tuition data or financial aid rules are applied. Results are pre-tax estimates.
Worked Examples
Example 1 — State university: $30K/yr, 4 years, 5% inflation, starts in 10 years
A family estimates $30,000/year tuition plus $12,000 room & board, $1,200 books, and $3,000 personal expenses. College starts in 10 years.
Inflation makes a dramatic difference — the same degree that costs $184,800 today will cost over $324,000 if college starts in 10 years with 5% annual cost increases.
Example 2 — Funding plan: $195K cost, $50K savings, $20K scholarships, $80K loans
The family has accumulated funding from multiple sources and wants to know if it covers the total cost.
The family still needs $45,000 more. Options include additional savings, work-study income, larger loans, or choosing a less expensive institution.
Example 3 — Start saving: child age 5, $195K in 13 years, $10K saved, 7% return
A parent with a 5-year-old wants to know how much to save monthly to reach $195,000 by the time college starts.
Saving $580/month for 13 years at 7% return reaches the $195,000 goal. Starting earlier means lower monthly amounts — the power of compound growth.
Understanding College Costs
What Drives the Cost of College?
Tuition is the largest component, but room & board, books, supplies, and personal expenses add 30–50% on top. Costs vary dramatically by institution type (public vs private), location, and program. The “sticker price” is often higher than what students actually pay after financial aid.
Why Inflation Matters So Much
College costs have historically risen faster than general inflation — roughly 5–8% per year in the US. Over a 10–15 year horizon, this compounds dramatically. A degree that costs $180,000 today could cost over $300,000 by the time a young child reaches college age.
Funding Sources
Savings (529 plans, custodial accounts, regular savings), scholarships & grants (merit-based, need-based, institutional), loans (federal, private, parent), and work-study or income during school. The ideal mix minimises debt while maximising tax-advantaged savings growth.
Limitations
This calculator assumes a constant inflation rate and constant investment returns. In reality, both fluctuate. It does not account for financial aid formulas, tax benefits of 529 plans, or changes in tuition policy. Use it as a planning starting point, not a guarantee.