🎓 College Cost Calculator
📘 How This Calculator Works
This calculator estimates the total cost of attending college, factoring in tuition, room & board, years of study, and projected annual inflation.
It uses compound growth to project rising tuition and living costs:
- Future Year Cost = Current Cost × (1 + inflation rate)^year
- Total sums are calculated year by year and added together.
- The calculator accounts for educational inflation which typically exceeds general inflation rates.
💡 Financial Recommendations
- Start saving early through 529 plans or education savings accounts
- Research scholarships, grants, and work-study programs
- Consider starting at a community college to reduce overall costs
- Evaluate the return on investment for your chosen degree
- Explore income-share agreements as an alternative financing option
🤔 Frequently Asked Questions
Does this calculator include textbooks and transportation costs?
No, this tool focuses on tuition and room & board. You should add approximately $1,200-$1,500 per year for textbooks and supplies, and additional amounts for transportation depending on your circumstances.
Is the inflation rate realistic for college costs?
College costs have historically increased at about 2-3% above the general inflation rate. The default value of 3% is conservative; you may want to adjust it based on historical data for your specific colleges of interest.
Are the costs shown yearly or total?
The calculator shows both - the detailed breakdown includes yearly costs, and the final result shows the total cost over all years combined.
Should I include financial aid in these calculations?
This calculator shows the full cost before financial aid. Once you have estimates of grants, scholarships, or other aid, you can subtract those amounts from the total to determine your out-of-pocket expenses.
How accurate are these projections?
These are estimates based on the inputs you provide. Actual costs may vary based on many factors including changes in inflation rates, scholarship opportunities, and changes in your living situation.