College Cost Calculator
Calculate the future cost of college and how much you need to save. Compare different college types, see your funding gap, and plan your 529 savings strategy.
Child Information
Annual Costs (Current)
Your Savings
Total Projected Cost
for 4 years, starting in 13 years
Funding Progress
To Fully Fund
Save $1,383/month to cover 100% of projected costs.
Cost by Year
| Year | Age | Projected Cost |
|---|---|---|
| Year 1 | 18 | $80,517 |
| Year 2 | 19 | $84,543 |
| Year 3 | 20 | $88,770 |
| Year 4 | 21 | $93,209 |
| Total | $347,039 | |
Monthly Savings Scenarios
| Monthly | Will Have | Gap | % Funded |
|---|---|---|---|
| $100 | $44,874 | $302,165 | 13% |
| $200 | $68,419 | $278,621 | 20% |
| $300 | $91,963 | $255,076 | 26% |
| $500 | $139,053 | $207,986 | 40% |
| $750 | $197,915 | $149,124 | 57% |
| $1,000 | $256,777 | $90,263 | 74% |
College Type Comparison
| Type | Current/Year | Total (4 yrs) |
|---|---|---|
| Public In-State | $28,700 | $233,256 |
| Public Out-State | $41,700 | $338,912 |
| Private | $62,700 | $509,587 |
| Community | $9,700 | $78,836 |
College Savings Tips
529 Plans
Tax-advantaged savings for education. Earnings grow tax-free and withdrawals for qualified expenses are tax-free. Many states offer tax deductions for contributions.
Start Early
Starting when your child is born vs age 10 can mean saving half as much monthly due to compound growth. Even small amounts early make a big difference.
Financial Aid
File the FAFSA every year. Aid includes grants (free money), work-study, and loans. Many families qualify for more aid than they expect.
Frequently Asked Questions
Current Average College Costs (2024)
| Type | Tuition + Fees | Total w/ Room & Board |
|---|---|---|
| Public (In-State) | $11,000 | $23,000 |
| Public (Out-of-State) | $23,000 | $41,000 |
| Private | $42,000 | $54,000 |
| Community College | $4,000 | $4,000* |
*Community college typically doesn't include room & board
How much should I save?
Common approaches:
- 1/3 Rule: Save 1/3, financial aid 1/3, student pays 1/3
- Full funding: Cover 100% of projected costs
- State school target: Save enough for in-state public
529 Plan Benefits
- Tax-free growth: No federal tax on earnings
- Tax-free withdrawals: For qualified education expenses
- State tax benefits: Many states offer deductions
- High limits: $300,000+ lifetime contribution limits
- Flexibility: Can change beneficiary if needed
Ways to Reduce College Costs
- Start at community college (2 years)
- Apply for scholarships and grants
- Choose in-state public schools
- File FAFSA every year
- Consider work-study programs
- Graduate in 4 years (5th year costs ~$50K+)