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.
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.
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%.
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.
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