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College Savings Calculator: Estimate How Much to Save

Sophie Isbell • September 29, 2023

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College Savings Calculator

Enter a number between 1 and 30

Enter a number between 1 and 30

Enter a number between 0 and 999,999

Enter a number between 1 and 999,999

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Your estimated total
college cost is

$105,233

Based on your current savings,
you’ll be able to cover

$94,982

in expenses.

To reach the full amount,
you should save

$576

more per month.

Learn more about how to save for college and different ways you can save.

This calculator is for educational purposes only. It calculates estimated savings amounts and costs based on the information you provide. This calculator assumes all years of college expenses will be saved up before the child’s first year of college. It does not assume you’ll continue saving toward tuition while they’re in college. You should enter figures that are appropriate to your situation. This calculator is not intended to offer any tax, legal, financial or investment advice.

How to use the college savings calculator

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. 

Don't wait to start saving for college

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. 

Ready to put your savings to work? Open a Chime high-yield savings account* to watch your money grow.

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1 Information from CollegeBoard’s Trends in College Pricing as of July 2023 https://research.collegeboard.org/trends/college-pricing

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