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College Savings Goal CalculatorFuture Tuition and Monthly Savings Needed

What do these figures come to once the work is shown?

Future cost of tuition with inflation, growth of current savings, the shortfall and the monthly savings that close it.

  • Runs in your browser
  • Nothing stored or sent
  • Free, no sign-up
Your figures
Example figuresIllustrative only. Type over them with your own.
Monthly savings needed
$740
Level monthly deposits until the first year starts
Total cost of all years in future dollars
$157,145
Cost of the first year
$37,006
Drawn to one scale
Monthly savings needed$740
Total cost of all years in future dollars$157,145
Cost of the first year$37,006
Current savings grown to the first year$35,817
Shortfall to fund$121,328
All results
MeasureResult
Monthly savings needed$740
Total cost of all years in future dollars$157,145
Cost of the first year$37,006
Current savings grown to the first year$35,817
Shortfall to fund$121,328
Share of cost already covered22.79%
How this was worked out
Work shownrecomputed as you type
Cost of year k = cost x (1 + inflation)^(years until start + k)
Savings grown = saved x (1 + return)^years
Monthly deposit = shortfall / [((1 + r/12)^(12 x years) - 1) / (r/12)]

Illustrative arithmetic on the figures you enter. Check the result against your firm's methodology before relying on it.

The formulas

  • Cost of year k = cost x (1 + inflation)^(years until start + k)
  • Savings grown = saved x (1 + return)^years
  • Monthly deposit = shortfall / [((1 + r/12)^(12 x years) - 1) / (r/12)]

How it works

This projects each year of college at its inflated price and adds them. It then grows current savings to the start date and finds the level monthly deposit that closes the gap. It treats the whole bill as needed on day one, which is conservative, since later years can keep earning after enrollment.

Returns and costs are assumptions, not forecasts. Net price after grants and scholarships is lower than sticker price. Whether savings are in a 529 plan or a taxable account changes the after-tax return, which this tool does not model.

Illustrative figures only. Check the result against your firm's methodology before relying on it.

Common questions

What inflation should I use?

Use a rate you can defend for your target school type. Check the school's published history of cost increases.

Does it include financial aid?

No. Enter an annual cost net of expected aid if you want it reflected.

Why monthly compounding?

Deposits are monthly, so the return is applied monthly at the annual rate divided by 12.

Formulas on this page are the standard definitions.

Runs in your browser. The figures you type are not sent to CORAA or stored. Check the result against your firm's methodology before relying on it.

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