College Savings Calculator: Estimate How Much to Save

Our college savings calculator estimates how much you should save per month to cover your child’s college expenses. Use it to find out how much you can cover based on your current savings strategy and gain insights into the additional savings required. 

Here’s how to use it:

• Child’s age: Enter your child’s current age.
• Age to start college: Enter the age your child will start college.
• Current annual college cost: Enter the current estimated cost of one year of college. Our pre-filled fields offer College Board’s most current average college costs for 2022-20231 for different types of schools and include the total cost for tuition, books, and room and board. These are not adjusted for inflation. If you know the college your child will attend, select “custom yearly cost” and enter that school’s tuition cost (also include room and board in your custom cost, if applicable). 
• Amount saved: Enter how much money you have saved for your children’s education, if any. 
• Monthly savings contribution: Enter the amount you plan to contribute to your child’s college fund per month. 

Simply input your details into the college calculator and hit “calculate” to see your results. 

Now that you know the estimated cost of school for your child and how much to save monthly to build up your college fund, it’s time to put those savings into action. The sooner you start saving for college, the more you can save over time. A little goes a long way, and consistency is key.