College Savings Calculator

Be prepared for the high price of higher education.

Tuition costs are skyrocketing. Steady savings is the key to making college more affordable.

Once upon a time, you just needed good grades and solid SAT scores to get into college. Now, with tuition costs increasing every year, it can take a sizable financial commitment as well. Fortunately, there are several types of educational savings accounts that can help you make the grade. The best approach is to develop a long-term plan and to stick with it. This calculator will let you see how much you're likely to save at your current pace and help you decide whether to fine-tune your approach.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

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College Savings plan:

Total expenses $377,265

Education cost inflation:*This entry is required.Enter an amount between 0% and 20%

Current savings:*This entry is required.Enter an amount between $0 and $1,000,000

Monthly contributions:*This entry is required.Enter an amount between $0 and $100,000

Rate of return:*This entry is required.Enter an amount between 0% and 20%

College expenses child one:

$377,265

child 1

Age of child one:*This entry is required.Enter an amount between 0 and 25

Age to start education:*This entry is required.Enter an amount between 0 and 25

Tuition:*This entry is required.Enter an amount between $0 and $100,000

Room and board:*This entry is required.Enter an amount between $0 and $100,000

College expenses child two:

College expenses child three:

College expenses child four:

Balance and Expenses by Year Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Balance and Expenses by Year

Total Costs By Child Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

Total Costs By Child

Definitions

Age of children

The current age of your children. The difference between their current age and the age they start college is the number of years you have to save.

Age to start education

The age your child will begin college. The default is 18, but this can be any age up to 25.

Annual tuition

The current estimated cost of one year of tuition and books. This amount should be per child and be specific to the school they may be interested in attending. The average published costs of college for the 2022-23 school year (including tuition, room and board, books, supplies, transportation and other personal expenses) as reported by the College Board:

U.S. Undergraduate College Costs for 2022-23 School Year
Source: College Board's 2022 Trends in College Pricing, www.collegeboard.com
College Type	Tuition & Fees	Additional Expenses^*	Total	Change from 2019-20
Public 4-Year (in-state tuition)	$10,940	$17,000	$27,940	1.8%
Public 4-Year (out-state tuition)	$28,240	$17,000	$45,240	2.2%
Private 4-Year	$39,400	$18,170	$57,570	3.5%

^*This includes room and board, books, supplies, transportation and other personal expenses.

For the purposes of this calculator all expenses are assumed to be due at the end of the year.

Room and board

The current estimated cost of one-year room, board and any other expenses not included in annual tuition. This could include room and board, books, supplies, transportation and other personal expenses. Like tuition, this amount should be per child and specific to the school they may be interested in attending. For the purposes of this calculator, all expenses are assumed to be due at the end of the year.

Education cost inflation

This is the percentage that you expect educational costs to increase per year. Data provided by The College Board's "Trends in College Pricing 2022" reported tuition and fees increased approximately 4.8% annually over the past 30 years. 2022 saw a smaller increase of approximately 2%.

Current amount

The total amount you currently have saved for your children's education.

Monthly contributions

The dollar amount you plan to save per month toward your children's education. All amounts are assumed to be added to your account at the beginning of the month.

Rate of return

This is the annually compounded rate of return you expect from your investments. This will also be the rate used if you end up with a negative balance and need to borrow money to meet your goal. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31^st 2022, had an annual compounded rate of return of 12.6%, including reinvestment of dividends. From January 1, 1970 to December 31^st 2022, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.7% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.

It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment, tax, or legal advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Disclaimer

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. TCU Investment Services and Teachers Credit Union (TCU) are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using TCU Investment Services, and may also be employees of TCU. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, TCU or TCU Investment Services. Securities and insurance offered through LPL or its affiliates are:

Not insured by NCUA or Any Other Government Agency

Not Credit Union Guaranteed

Not Credit Union Deposits or Obligations

May Lose Value

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.