Save for College with Confidence

Our College Savings Calculator helps you plan for future education expenses by estimating how much your savings will grow. Enter your details to see if you’re on track for college costs.

How to Use the College Savings Calculator

1. Enter your current savings (e.g., $5,000) for college.
2. Input your annual contribution (e.g., $3,000) to the savings plan.
3. Specify the years until college (e.g., 10 years).
4. Enter the expected annual return (e.g., 6%) on investments.
5. Input the estimated college cost (e.g., $100,000) for the total education expense.
6. Click Calculate Savings to view future savings, shortfall or surplus, and a growth chart.

The Logic Behind It

The calculator estimates future savings using the compound interest formula with annual contributions:
FV = PV × (1 + r)^t + PMT × ((1 + r)^t - 1) / r
Where:
- FV = Future Value
- PV = Current Savings
- PMT = Annual Contribution
- r = Annual Return (as a decimal)
- t = Years Until College
The shortfall or surplus is calculated as FV - Estimated College Cost. The chart shows savings growth over time compared to the college cost.

Benefits of Using the College Savings Calculator

• Clarity: Understand how much you need to save for college.
• Planning: Adjust contributions to meet education goals.
• Insight: See the impact of investment returns on savings.
• Visualization: Track savings progress with a growth chart.

Disclaimer: This is an estimate based on simplified assumptions. Consult a financial advisor for personalized planning.