How Much Will Your Child’s Education Cost?

Saving enough for their children’s education is a major financial concern for many parents. This calculator is designed to help you estimate the cost of your child’s education, based on the variables you input.

The number of years until your child enters college: 2 yrs

0 18

The number of years your child will attend college (it may be more than four years in some cases) 2 yrs

1 8

The rate of inflation you expect for college costs: 2.0%

0% 10%

The estimated annual cost of the college he/she will be attending (include tuition, fees, room and board, books, etc., using today’s prices): $1,000

$0 $100k

How Much Will Your Child’s Education Cost?

Keep in mind that the age of your child may influence how you invest and the potential return on your savings and investments.

Based on data given above this will be the Calculation Result:

Total cost of your child’s education (in future dollars)

$0

Sum of projected costs for all college years in future dollars, based on inflation.

Amount needed to save each year to cover the costs

$0

If you save this amount at the end of each year until college starts, and earn the expected return, you are projected to meet the goal.

Lump sum needed including the amount you have already saved to cover future college costs

$0

If you had a lump sum of savings today and were able to realize your expected rate of return, you would not need to put away additional funds.

These calculations are estimates for planning purposes only and do not constitute financial advice. Actual results will vary.

How Much Will Your Child’s Education Cost?

Are you on target to meet your college savings goal? One of the factors that will determine if you reach your goal is whether the earnings on your college fund meet your expectations. This graph shows how much you’ll accumulate if your college fund’s earnings meet your expectations or fall below your expectations by 2 percent. You may be surprised by the effect of a mere 2 percent difference in your expected rate of return.