Financial Calculators College Savings Calculator

College Savings Calculator

Start planning for your child’s education with our college savings calculator. See how regular contributions can grow over time and estimate how much you’ll need to save based on college cost projections and your timeline.

Your Child's Information

Child's Current Age

5 years

College Start Age

Type of College

Public (In-State)

Average: $10,500/year

Public (Out-of-State)

Average: $27,000/year

Private College

Average: $39,000/year

Custom Amount

Enter your own

College Duration

4 years

Annual College Tuition Cost Inflation

5.5 %

What Percentage Do You Want to Cover?

100 %

Current College Savings

Expected Annual Return on Investments

6 %

To reach your goal, you need to save: $500 monthly

Monthly Contribution

Expected Annual Return on Investments

6 %

With this contribution, you'll cover approximately: 65% of college tuition costs

Total projected college tuition cost

Projected Savings:

Your Savings Target:

The College Savings calculator uses a formula that assumes steady contribution amounts and investment returns over the number of years until the child reaches college age. The calculations account for college tuition cost inflation and investment growth over time. College tuition cost estimates are based on national averages for the 2023-2024 academic year. Actual costs will vary by institution and may include tuition, fees, room, board, books, and other expenses. Public in-state costs average around $10,500 per year, public out-of-state around $27,000, and private colleges around $39,000.

Facet is an SEC registered investment adviser. This calculator is not intended to provide investment, legal, tax or accounting advice. The accuracy of this projection is not guaranteed nor is it necessarily applicable to your circumstances and should be seen as an estimate only. All calculations are for information and illustrative purposes, and based on the user’s inputs at a point in time, and do not account for any other specific situations. This is not an offer to sell securities or the solicitation of an offer to purchase securities. All investments carry a degree of risk and past performance is not a guarantee of future results.