College Savings Calculators

So, the big question - how much will college cost?

While it is true that college tuition and fees continue to outpace inflation, it is also true that experts expect this trend will continue. If your child or grandchild is very young, this could mean tens of thousands of dollars to reach their education goal.

By figuring out how much college will cost, you can figure out how much you need to save, and then begin your savings journey.

Estimate the cost of attending college when it’s time for your child or grandchild to attend. Run several options using the variable inputs to give yourself a range of options in planning your savings goals.
» Cost of college calculator

How much do I need to save?

Ask yourself a few questions about your and the student’s (even if you are the student) expectations:

• Will the student be attending college in state or out of state?
• Will the student be going to a public university or a private one?
• Will they consider starting with a 2-year community college program, going into the traditional 4-year program following high school, or a vocational or trade school?
• Will they be applying for scholarships? Or student loans?
• Will other family members (parents, grandparents, aunts, uncles, and friends) be helping out? We suggest that most often, grandparents are very willing to help in some way financially.
• Is the student willing to work part-time while going to school?
• How much of their total expense are you willing to pay for?

Keep in mind that tuition is only part of the total cost. Room and board, books, supplies and fees can be the same or more as tuition costs.

Try the personalized College Savings Planner report. It will help you take a closer look at how to pay for college using a 529 plan, taking college savings goals into account , summarizing total projected costs in and estimating the monthly savings needed.
» Plan for College Savings Report

Take the risk out of determining your risk tolerance

Aggressive? Conservative? No idea? By figuring out your risk tolerance, you can better determine the asset allocation that’s right for you. Questions like the following will help determine your investor temperament, which is a reflection of your risk tolerance.

• Who influences your decisions? Friends? Advisors? Internet research?
• Are you experienced in investing?
• How do you feel about market fluctuation?
• When the market goes down, would you prefer to transfer to safe assets?

Take a survey to determine your investor temperament and risk tolerance.
» Risk Tolerance Survey

Other Calculators & Tools

• Estimate your Colorado state tax deduction for your 529 contributions: Save on my taxes!?!? Yes indeed. Find out how much.
• Education Cents: Education Cents is a financial literacy program from CollegeInvest which can help you take control of your finances to reach your financial goals – and help you talk to your children and family about reaching theirs. Planning for education beyond high school is a part of that equation, either for yourself, your family or both! Plus you can use the Education Cents Workbook filled with worksheets and an abundance of information to help make sense out of college financing.
• College In Colorado: College In Colorado is our sister-agency, and they host a website is full of tools to help parents with students from middle school to college help determine things like financial aid availability, college planning timelines and preparing for ACT/SAT’s.
• Colorado Department of Higher Education (DHE): The DHE’s website offers handy tools to help with admission requirements, tuition and fees, exchange programs and other higher education resources you may need.

Important Considerations

To learn about CollegeInvest’s 529 program, its objectives, risks, charges, expenses, limitations, restrictions and qualifications regarding the Plans’ benefits and potential tax advantages, please read and consider carefully the Program Disclosure Statements (PDS) available at www.collegeinvest.org before investing. Also, check with your or your beneficiary’s home state to learn if it offers tax or other benefits for investing in its own plan. Administered and issued by CollegeInvest.

CollegeInvest and the CollegeInvest logo are registered trademarks of CollegeInvest.