Department of Labor Federal Credit Union

How Much Should I Save For College?

How much should you save for college? With college tuition increasing every year, you'll need the power of interest to help you reach your college savings goal. Use this calculator to get an idea of how much you'll need to sock away each month if you start now.

Your Information

Tuition in Today's Dollars:
Years of College:
Years Until College Starts:
College Savings to Date:
Amount You Can Save Monthly:
Annual Savings Rate:
Your Federal Tax Rate:
Your State Tax Rate:
Estimated Inflation Rate:

College Tuition in Today's Dollars

Enter the total cost of tuition for one year in today's dollars for the school you plan to attend.

Years of College

Enter total number of years you plan to attend college.

Years Until College

Enter the number of years until you start paying for college.

College Savings To Date

Enter the amount of money you currently have saved for college tuition.

Monthly Savings

Enter the amount of money you can save each month for college tuition.

Annual Savings Rate

Enter the average annual savings rate (or interest rate) for the account in which your college savings are kept.

Federal Tax Rate

Enter your federal tax rate. If you are using a tax free savings instrument, then enter 0%.

State Tax Rate

Enter your state tax rate. If you are using a tax free savings instrument for the state in which you reside, then enter 0%.

Inflation Rate

Enter the expected inflation rate for the period in question. The historical average is about 3%. This should be the rate by which you think college tuition will increase.


Department of Labor Federal Credit Union

Serving employees and contractors who work for the Department of Labor, their families and associated organizations. See website for details.

200 Constitution Ave
Rm S-3220
Washington, DC 20210-0001
(202) 789-2901

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