College Cost Calculator · Practical guide
How Much Should I Save Each Month for College?
Work backward from the four-year cost to a monthly savings target that fits your timeline.
At a glance
The Short Answer
Divide the projected total cost by the months you have left to save. To fully cover a $122,162 four-year college cost with no investment growth, you need about $566 per month if you start when the child is born (18 years × 12 = 216 months), or about $2,545 per month if you start four years before enrollment.
Interactive tool
College Cost Calculator
Enter your own values, then compare the result with the examples below.
Cost Breakdown by Year
| Year | Tuition | Room & Board | Books & Supplies | Personal | Total |
|---|
Monthly Targets by Timeline
Months needed to reach $122,161.91 from zero savings:
| Years to Save | Months | Monthly Savings Needed |
|---|---|---|
| 18 | 216 | $565.56 |
| 10 | 120 | $1,018.02 |
| 4 | 48 | $2,545.04 |
Current Savings Reduce the Target
Projected savings at the start of college are simply your current savings plus monthly contributions times the number of months. With $10,000 already set aside and 18 years to go, the monthly target drops from $565.56 to about $519. The calculator above shows this split directly: total estimated cost, projected savings at start, and the remaining amount needed from loans or scholarships.
Let Growth Do Some Work
These figures assume cash savings with no return. Money invested in a 529 plan that earns, say, 5% annually needs noticeably smaller monthly deposits to reach the same goal — and a 529's earnings are tax-free when used for qualified education expenses. Model the growth separately, then use this calculator to size the gap.
Frequently Asked Questions
What if I can't save the full amount?
Partial savings still shrink the loan burden dollar for dollar. Saving $200 a month for 18 years builds $43,200 — enough to cover roughly a third of a typical four-year cost.
Does this calculator assume my savings earn interest?
No — projected savings equal current savings plus your monthly deposits times the months saved. It is a conservative cash-basis estimate.
Should I save in a 529 plan or a regular account?
A 529 plan offers tax-free growth for education expenses and is the standard choice for most families, though regular savings accounts offer more flexibility if plans change.
How much do most families actually pay out of pocket?
It varies widely after grants and scholarships. Estimate your total cost with the calculator, subtract expected aid, and size your monthly savings against the remainder.