$65,470/Year College, 15 Years Away
Cost projection assuming a 5% annual increase and a 4-year degree. Use the calculator below to change any assumption.
Total Projected College Cost
$586,640
Example
At $65,470/year today rising 5%/year, college will cost about $136,107 in the first year when it starts in 15 years, or $586,640 total across 4 years. Covering 50% from savings needs about $966/month, on top of the $5,000 already saved.
First-Year Cost at Start
$136,107
Required Monthly Savings
$966
Amount From Savings
$293,320
Amount From Other Sources
$293,320
How the total cost is funded
- From Savings: $293,320
- Other Sources: $293,320
What Goes Into the Cost of College?
The total cost of attendance includes tuition and mandatory fees (usually the largest share), room and board, textbooks and supplies, and miscellaneous expenses like transportation. These costs have historically risen faster than general inflation — averaging around 5% per year — which is why a college that costs $31,000 today can easily cost twice that by the time a young child enrolls.
Not every dollar has to come from savings. Financial aid falls into four categories: grants and scholarships (no repayment required, merit- or need-based), loans (borrowed money that accrues interest), and work-study (subsidized part-time campus employment). This calculator lets you set what percentage of the total you intend to cover yourself, and treats the rest as coming from these other sources.
Projected college fund balance while saving
Year-by-Year Savings Growth
| Year | Projected Fund Balance |
|---|---|
| 1 | $17,230 |
| 2 | $30,213 |
| 3 | $43,998 |
| 4 | $58,633 |
| 5 | $74,171 |
| 6 | $90,666 |
| 7 | $108,180 |
| 8 | $126,773 |
| 9 | $146,513 |
| 10 | $167,471 |
| 11 | $189,722 |
| 12 | $213,345 |
| 13 | $238,424 |
| 14 | $265,051 |
| 15 | $293,320 |
How Is the Projection Calculated?
Today's annual cost is compounded forward by the increase rate until the year college starts, then compounded again across each year of attendance to get the total four-year (or however many years) cost in future dollars. The required monthly savings is then solved as a standard savings-annuity problem: how much would you need to contribute each month, growing at your after-tax investment return, for your current balance plus contributions to reach your target share of that total by the time college starts?
Why 529 Plans Are Popular
A 529 plan lets savings grow tax-free as long as withdrawals are used for qualified education expenses — which is why the tax rate on returns defaults to 0% in this calculator. 529 balances also typically receive favorable treatment on the FAFSA compared to assets held in the student's own name.
Why Costs Rise Faster Than Inflation
College tuition has historically outpaced general consumer inflation for decades, driven by rising labor costs, expanded student services, and reduced state funding per student at public institutions. A 5% annual increase — roughly double typical CPI inflation — is a commonly used planning assumption.
Starting Early Matters More Than the Amount
Because investment growth compounds over time, a family that starts saving when a child is born needs a dramatically smaller monthly contribution than one that starts when the child is already a teenager, even though both are saving toward the same eventual cost.
Example — Your Current Inputs
At $65,470/year today rising 5%/year, college will cost about $136,107 in the first year when it starts in 15 years, or $586,640 total across 4 years. Covering 50% from savings needs about $966/month, on top of the $5,000 already saved.
Additional Example — Newborn, Private College
A $65,470/year private college, starting in 18 years and rising 5% annually, will cost roughly $157,600 in its first year and about $681,000 across four years. Covering half that from a 529 plan earning 6% tax-free, with no starting balance, requires saving around $1,000/month for the full 18 years.
About These Parameters
- Today's Annual Cost & Increase Rate
- Use a specific school's published cost of attendance if known, or a national average — roughly $21,000 for 2-year public, $31,000 for in-state 4-year public, $51,000 for out-of-state public, and $65,000 for private.
- Years Until College Starts & Years in College
- The first sets how long your savings have to grow; the second sets how many years of rising tuition are added together for the total cost figure.
- % From Savings, Current Balance & Return Rate
- Together these determine the funding gap between what you're already on track to save and what you'll actually need, expressed as a required monthly contribution.
Frequently Asked Questions
Should I plan for 100% from savings?
Most families use a mix of savings, financial aid, and sometimes loans. Planning for 50%–75% from savings while leaving room for scholarships and aid is a common, less stressful target than aiming for the full cost.
Why does the tax rate matter?
Investment returns in a taxable account lose some growth to taxes each year, so a taxable account needs a higher required contribution than a tax-free 529 plan targeting the same final balance.
Does this account for financial aid?
Not directly — the "% from savings" input is where you factor in your own estimate of expected aid, scholarships, or loans, since actual aid awards depend on a family's specific financial and academic profile.