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College Fund Calculator to Calculate a College Saving Plan for 1 Child

Calculator Preferences
College Fund Calculator Sign
College Fund Calculator

This calculator will help you to create a college saving plan that anticipates the rising cost of college tuition -- as well as other educational expenses -- due to the inflation that is expected to occur between now and when your child graduates high school. Results include a year-by-year chart showing the growth of your college fund versus the rising costs. The $avvy tab includes:

  • Financial planning for college involves more than just saving money.
  • Help your child discover a work they will enjoy.
  • Suggestions for indecisive college-age students.
Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Name:Child's name:Child's name or nickname:Child's name or nickname:

Child's name or nickname:

If you don't want to enter a real name for your child, simply enter an identifying nickname.

Save years:Years to save:Years until college:Years until college:

Years until college:

Enter the number of years between now and when you expect your child will start college.

Now saved:Current savings:Current amount in college savings funds:Total currently in college savings funds:

Total currently in college savings funds:

Total up your current college savings accounts and enter the total on this line. Enter as a dollar amount, but without the dollar sign and any commas. If you have no savings, simply leave the field blank.

Offset $:Offset amount:Amount funded by outside sources:Amount funded by outside sources:

Total you expect to receive from outside funding:

Enter the amount of money you expect to receive from outside sources (inheritance, grants, scholarships, work study, etc.). Enter as a dollar amount, but without the dollar sign and any commas.

ROI %:Fund ROI %:Percent return on college fund:Percent return on college savings accounts:

Percent return on college savings accounts:

Enter the average annual percentage you expect to earn on the money deposited to your college savings accounts. Enter as a percentage, but without the percent sign.

Inflation %:Inflation % rate:Estimated annual inflation % rate:Estimated annual inflation percent rate:

Estimated annual inflation rate:

Enter the average annual inflation rate you expect to see between now and when your child starts school. Enter as a percentage, but without the percent sign.

The annual increase in costs was 3.1% in 2017, 2.4% in 2016, 2.9% in 2015, 1% in 2014, 2.9% in 2013, 4.8% in 2012, and 8.5% in 2011, not adjusted for inflation. This rate will also be used to inflate the annual cost from the base year of 2017 to present, as well as for each year your child is in college.

Type:Type:Type of school:Type of school:

Type of school:

If you want the College Fund Calculator to enter an estimated annual cost for you based on a recent college board survey, select the type of college from the pull-down menu. Otherwise, choose "Entering my own estimate" and enter your estimate on the next line.

Breakdown Based on The College Board's Annual Survey of Colleges.
Tuition and Fees:
Room and Board:
Books and Supplies:
Transportation:
Other:
Total:
Annual cost:Annual cost:Annual cost to attend college:Annual cost of attending college:

Annual cost of attending college:

If entering your own cost estimate, enter the current annual cost of attending college based on which type of education you believe the child (and your financial situation) will be best suited for. Enter as a dollar amount but without the dollar sign and any commas. Note that if you enter your own estimate the calculator will assume a 4-year degree.

Start year:Start year:Projected start year:Projected year child will start college:

Start year:

This is the calculated year that your child will start college.

Future cost:Future college cost:Future college education cost:Future college education cost:

Future college education cost:

Based on the entered current annual cost of attending college, and on the selected annual inflation rate, this is how much the selected college education will cost (total for 2-years or 4-years, depending on your selections/entries).

Savings FV:Savings future value:Future value of current savings:Future value of current college savings funds:

Future value of current college savings funds:

Based on your entries, this is the future value of the amount you currently have saved.

With offset:Savings with offset:Future savings plus outside funding:Future savings plus outside funding:

Future savings plus outside funding:

This is the total of the future value of your present savings, plus the amount you estimate will come from outside funding sources.

Shortfall:Savings shortfall:Savings shortfall:Savings shortfall:

Savings shortfall:

This is the difference between the forecasted cost of paying for your child's future college education, and the future value of your present savings and outside funding.

Monthly dep:Monthly deposit:Monthly deposit to cover shortfall:Monthly deposit to cover savings shortfall:

Monthly deposit to cover savings shortfall:

This is the monthly amount you will need to deposit into your college saving funds in order to cover the expected savings shortfall.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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About

About the College Fund Calculator

This calculator will help you to create a college saving plan that anticipates the rising cost of college tuition -- as well as other educational expenses -- due to the inflation that is expected to occur between now and when your child graduates high school.

Specifically, this calculator will allow you calculate your present college savings fund's shortfall (savings gap) based on the rate of return you expect to earn on your education investments, and on the rising college costs percentage you expect to experience. The calculator will then take that shortfall and calculate the monthly amount you need to add to your savings in order to eliminate the shortfall.

Finally, the college fund calculator will also create a year-by-year summary showing your savings growth versus the rising college costs.

Note that if you have more than one child and you would like to formulate a college savings plan for all of your children at one time, please visit the Multiple College Planning Calculator.

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Instructions

How to use the College Fund Calculator

Step #1:

Enter the name of the child.

Step #2:

Enter the number of years left until your child starts college.

Step #3:

Enter the current balance of your college fund (if any).

Step #4:

Enter the total amount of any funding you expect to receive from outside sources.

Step #5:

Enter the annual percent return you expect to earn on your college fund.

Step #6:

Enter the average annual rate of inflation you expect to occur between now and when your child starts college.

Step #7:

Either select the type of college you expect your child to attend, or enter your own estimate of the current total cost to attend a 4 year school.

Step #8:

Tap the Calculate Saving Plan button and scroll down to view the results.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

Glossary

Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.

 

Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

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Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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