College Cost Calculator: Can You Actually Afford That School?
Can you afford college?
College Cost Calculator
529 Projections · Funding Gap · Contribution & Return Scenarios · Year-by-Year
Results update in real time as you adjust any input.
College Cost Details
Tuition + room + board today
Historical avg: 4–5%/yr
Grants + scholarships only
529 Savings Plan
Federal 2024: 6.53% (subsidized)
Results are estimates only and do not constitute financial, tax, or legal advice. Consult a qualified professional before making financial decisions.
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College costs have increased 2–3x faster than inflation over the past 30 years. The sticker price of a four-year degree at a private university now averages $220,000–280,000 including room, board, and fees. Public out-of-state isn't far behind at $150,000–200,000. Even public in-state — the "affordable" option — runs $100,000–140,000 at many schools. These numbers are before financial aid. But planning based on financial aid assumptions without calculating your actual net cost is a mistake that leaves families buried in loans they didn't anticipate. The right planning sequence is: calculate total cost → estimate aid → determine gap → plan financing for the gap. This calculator projects total 4-year cost accounting for tuition inflation (historically 3–5%/year above general inflation), estimates your 529 savings trajectory given current balance and contributions, calculates the expected gap, and projects total student loan debt at graduation. It also shows the monthly payment on that debt load — because the real question isn't what college costs, it's whether the income that degree produces can service the debt it creates. Use this before touring campuses, before your student applies, and definitely before signing financial aid award letters — the terms of those letters determine decades of financial outcomes.
- →Your child is 5–15 years from college and you want to know if you're saving enough
- →Comparing the true cost of different college options (in-state, out-of-state, private)
- →Calculating how much student loan debt a given school will generate
- →Evaluating whether a 529 plan is on track to cover projected costs
- →Understanding the monthly loan payment burden a college graduate will face
The Nguyen family has a daughter starting college in 8 years. Their target school costs $48,000/year today. At 4% annual tuition inflation, the first-year cost will be $65,700 — total 4-year cost: $274,000. They have $42,000 in a 529 and save $700/month (7% return). At enrollment: $106,000 in 529. Gap: $168,000. Expected financial aid: $20,000/year = $80,000. Remaining gap: $88,000 in loans. Monthly payment after graduation: $897 (10-year, 6.5%). They decide to increase 529 contributions to $1,200/month.
How much does tuition actually increase per year?
Historically, college tuition has risen 4–6% annually — roughly 2–3x general inflation. Private university tuition has increased faster than public. The past decade has seen some moderation (3–5% average), and some schools have frozen tuition for short periods. For long-term planning, 4% is a reasonable assumption; model 5% to be conservative.
How much should I have in a 529 when my child enters college?
A common target: enough to cover 1/3 to 1/2 of projected 4-year cost at enrollment — expecting the child to contribute through work/loans and aid to cover the rest. For a $200,000 projected 4-year cost, that's $67,000–100,000 at enrollment. The calculator shows your specific trajectory based on current balance, contributions, and expected return.
What's the maximum student loan debt a new grad can reasonably handle?
A commonly used rule: total student loan debt at graduation should not exceed your expected first-year salary. If the degree typically leads to $55,000/year jobs, borrowing $55,000 total is manageable; $100,000 is stressful; $150,000 is potentially crippling. The loan-to-income ratio matters more than the absolute dollar amount — a $100,000 loan for a nursing degree is different than for a humanities degree.
Is a 529 the best way to save for college?
For most families, yes. Contributions grow tax-free and withdrawals for qualified education expenses are tax-free. The downside: if the funds aren't used for education, withdrawals face income tax + 10% penalty on gains. Recent rule changes now allow rolling up to $35,000 in unused 529 funds to a Roth IRA after 15 years — reducing the 'overfunding' risk significantly.
Should I pay for college or prioritize my own retirement?
Retirement first, almost universally. Your child can borrow for college; you cannot borrow for retirement. An underfunded retirement is a crisis with no escape valve. An underfunded college plan has solutions: more affordable schools, community college transfers, scholarships, working during school, or modest loans. Fund your retirement to at least the employer match, then invest in college savings.