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College Fund Calculator

Moneyzine Editor
Author: 
Moneyzine Editor
3 mins
October 4th, 2023
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You can use this college fund calculator to estimate how much a college education will cost in the future. The calculator will also determine if you're saving enough money for college. Finally, the calculator also figures out how much you will have in your college fund each year to pay for tuition, room, and board.

Calculator Definitions

The variables used in our online calculator are defined in detail below, including how to interpret the results.

Today's College Cost ($ / Year)

This is the annual cost of attending a college or university today. This value can vary greatly depending on whether or not you are considering a local college or prestigious university. The average cost of a public college education is around $36,000 per year, while the average cost of a private institution is closer to $50,000 per year.

Years Until Matriculation (Years)

This is the number of years before matriculation, the formal process of entering college, begins.

College Costs Increase (% / Year)

This is your best guess at the average increase in college costs (tuition, room, and board) that will occur between now and matriculation. Recently college costs are rising around 5.5% each year for public institutions and 7.1% for private colleges and universities.

Funds in College Account ($)

If you've already started a college fund, or have money set aside to pay for college then enter the amount of money saved here. If not, then just enter zero into this section of the calculator.

Annual Contribution to Account ($ / Year)

This is how much money you plan to set aside each year into a college fund.

Expected Annual Return on Fund (%)

This is the annual rate of return you expect to earn on your college fund.

Year X College Cost ($)

This is the calculated college cost for years 1 through 4. This value is based on today's college cost estimate, the years until matriculation, and the anticipated annual increase. The calculator increases college costs each year to reflect increases that will likely occur while the student is enrolled.

Total College Cost ($)

This is the total cost of college, which is equal to the sum of the four years of projected college costs.

College Fund Balance Year X ($)

This is the estimated balance that is left in your college fund after paying for college costs. This calculator provides an estimate of college funds at the end of each of the four years the student attends college. The ultimate savings goal would be to have a positive balance in the cell labeled College Fund Balance Year 4. Keep in mind that you may qualify for financial aid or student loans to help pay for school.


College Fund Calculator


Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.

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