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College Savings Calculator

Estimating how much you need to save

There's no time like the present to start saving for your child's education, and this calculator can help you estimate just how much you'll need to set aside on an annual basis in order to fund four years of college enrollment. Just enter your figures below, and click "Calculate." If you have more than one child, you can combine results from this calculator on a staggered schedule taking into consideration the various ages, and times of metriculation, of your children.


Current annual cost of college enrollment (see below)
Child's date of birth (mm/dd/yyyy)
% College tuition inflation rate (enter percentage value)
Amount you've saved so far
% Estimated annual yield on savings or investments (enter percentage value)

 

Current annual costs of college enrollment

According to the College Board's Independent College 500 index, the cost of enrollment for the 2005-2006 academic year is $31,465, up 5.62% over 2004-2005. This figure includes tuition and fees, room and board, books and supplies, transportation, and personal expenses.

For Connecticut residents, 2005-2006 UConn tuition and fees are $20,416, room and board is $7,704, and, assuming $2,245 in books, supplies, and personal expenses, the total cost of enrollment is $30,509.

Weston Wealth Strategies conducted a survey of selected four-year colleges found an mean of $44,528. This includes tuition and fees (such as student health insurance), room and board, and books, supplies and personal expenses. It does not include transportation, which can vary substantially from case to case. In this sample, the cost of enrollment varies little from school to school: the least expensive school in the survery (Providence College) being only 9.8% below average, and the most expensive school (Georgetown University) being only 7.7% above average. Standard deviation for the sample population is only $1,494! The sample of 40 colleges is neatly devided in half by the median figure of $44,534. Surprisingly, no Ivy League shools are in the top ten, and only two (Harvard and Columbia) are above the median for the sample.

NOTE: Our sample was expanded to forty colleges, and the new results were published 5 July 2006.

See the details our survey of cost of college enrollment, for comparison, and to help you prepare projections.


DISCLAIMER: This calculator is designed for informational and educational purposes only, and when used alone, does not constitute investment advice. This model is provided as a rough approximation of future financial performance. The results presented by this calculator are hypothetical and may not reflect the actual growth of your own savings or investments. Weston Wealth Strategies is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by this tool. Weston Wealth Stratgies is not responsible for any human or mechanical errors or omissions.