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Saving enough for their children’s education is a major financial concern for many parents. With the current cost of a four-year college education reaching six figures in some instances, your child’s college education may cost more than you expect. This calculator is designed to help you estimate the cost of your child’s education, based on the variables you input.

Keep in mind that the age of your child may influence how you invest and the potential return on your savings and investments.

These results show the total cost of four years of college for your child and the amount you would have to save year by year — or the lump sum amount you would need now — at the rates of return and inflation you specified. Be aware that the sooner you begin the more manageable the amount you need to save each year. Return to the input page and increase your child’s age by one year to see the cost of waiting a year to begin your college funding plan.

Your Results
Description	Amount
Total cost of your child’s education (in future dollars):	$0
Amount needed to save each year to cover the costs:	$0
Lump sum needed including the amount you have already saved to cover future college costs: (If you had a lump sum of savings today and were able to realize your expected rate of return, you would not need to put away additional funds.)	$0

Are you on target to meet your college savings goal? One of the factors that will determine if you reach your goal is whether the earnings on your college fund meet your expectations. This graph shows how much you’ll accumulate if your college fund’s earnings meet your expectations or fall below your expectations by 2 percent. You may be surprised by the effect of a mere 2 percent difference in your expected rate of return. Total accumulated if earnings fall below your expectations by 2 percent: $0.

Growth of College Savings

The information provided is not specific investment advice, a guarantee of performance, or a recommendation. Rates of return will vary over time, particularly for long-term investments. Investments offering the potential for higher rates of return also involve a higher degree of risk. For simplicity the effects of taxes, fees, and expenses are not considered in this illustration and would reduce the results shown if they were.

College Funding

How Much Will Your Child's Education Cost?

According to The College Board, in 2020-2021 the average total charges, including tuition and fees and room and board, at public four-year institutions, were $22,180 (in-state) and $38,540 (out-of-state), and $50,770 at private non-profit four-year institutions.

According to The College Board, over the past 10 years, the inflation rate of college tuition has been double the rate of general inflation, as measured by the CPI.

Growth of College Savings