College Cost Calculator
Get a comprehensive estimate of your total college expenses. Enter costs and financial aid details to project the net price of your degree and the potential funding gap.
Your Estimated College Costs
Enter the details above to project your total college expenses and potential funding gap.
How to Accurately Estimate the Cost of College
The "sticker price" of a college education can be intimidating, but very few students actually pay that full amount. Our College Cost Calculator helps you drill down to the "net price"—what you will likely need to pay after accounting for grants, scholarships, and inflation. Understanding this number is the first step toward creating a realistic funding plan for your degree.
Breaking Down the Cost of Attendance (COA)
A college's Cost of Attendance includes more than just tuition. Our calculator separates these costs so you can plan effectively:
- Tuition & Fees: The core cost of instruction and use of campus facilities. This is the main number people associate with college expenses.
- Room & Board: The cost of housing (dorms or apartments) and meal plans. This can vary greatly depending on whether you live on or off campus.
- Books & Supplies: An estimate for textbooks, notebooks, software, and other course-related materials.
- Other Expenses: A crucial but often overlooked category. This includes transportation, personal items, laundry, and entertainment.
Why Factoring in Inflation is Essential
College costs typically rise faster than general inflation, often increasing by 3-5% per year. Our calculator includes a field for the "Annual Cost Increase" to provide a more accurate long-term projection. A 4-year degree that costs $40,000 in the first year won't cost the same in the final year. Factoring in this increase prevents unpleasant financial surprises down the road.
Understanding Your "Funding Gap"
The most important result from this calculator is the Funding Gap. This is the estimated amount you will need to cover after all scholarships, grants, and contributions are applied. This gap is what families typically cover using:
- Student Loans: Both federal and private loans can bridge the gap. Federal loans often offer more borrower protections and income-driven repayment plans.
- Parent PLUS Loans: A type of federal loan available to parents of dependent undergraduate students.
- Work-Study Programs: On-campus jobs funded by the federal government, allowing students to earn money to help pay for educational expenses.
- Additional Savings: Money from 529 plans, savings bonds, or other investments.
By understanding the size of your potential funding gap, you can make informed decisions about which schools are a good financial fit and how to strategically combine resources to pay for your education.