College expenses (Lifetime Planner)

College expenses are the costs associated with paying for a college education for your family. You may need to use your savings to cover these expenses, which could impact your retirement or other financial goals.

For screen level information see Enter information about college expenses.

When your child will start college

Most children typically start college in September when they are 18 years old. However, some may start earlier or later due to factors like early graduation, gap years, or alternative education paths.

Type of institution

Estimating costs depends on the type of institution. Private colleges are generally more expensive than public colleges, and small colleges are typically more expensive than large institutions. Community colleges and trade schools are generally more affordable options, providing lower tuition rates and shorter program durations that may reduce overall education costs.

College location

If the school is far from home, consider potential long-term costs such as nonresident fees, recurring travel expenses during holidays, and ongoing living expenses. Planning for these costs years in advance allows for better financial preparation and the possibility of exploring more affordable travel and housing options.

Estimating costs in today's dollars

Estimate how much it would cost if your child started college today. Parents and students typically cover around half of the total annual cost, with the rest covered by loans, grants, and scholarships. Estimating higher can provide a conservative figure.

Time spent in college

While four years is standard for undergraduate degrees, some students graduate in three years by attending summer classes. Others may take five years or more if they work part-time and cannot maintain a full course load. Community colleges and trade schools often offer shorter programs, typically two years or less. Additionally, if you anticipate your child pursuing a master’s or doctorate degree, you may want to plan for additional years of schooling and higher costs.

Not Available in Canada

This tool is unavailable for users of our Canadian products.