Cost of Waiting Tool

It is never too late to begin saving for college, but beginning as soon as possible is important due to the impact of compounding growth. If you begin now, you may need to save considerably less than if you wait a few years. This calculator helps you estimate the cost of waiting by calculating how much extra you will need to save if you wait.

Current annual college cost   
$
College name or type
Public 4-year school, in-state
Years until college   
  
Number of years in college   
  
Education cost inflation rate   
  %
Hypothetical annual rate of return   
  %
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Results assume no deduction of fees and that no withdrawals are made. Your investment will vary and may perform better or worse than the example, which are for illustrative purposes only and is not meant to depict the performance of a specific investment. This hypothetical example does not take any taxes into account and assumes any withdrawals from the account would be used for qualified higher education expenses.

Information and interactive calculators are provided by Wealth Management Systems Inc. (not affiliated with Legg Mason) and are made available to you as self-help tools for your independent use. Legg Mason and its affiliates cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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National average costs include tuition & fees, books & supplies, and room & board.
National Average Cost Data: ©2019 The College Board, “Trends in College Pricing 2019”
Individual College Cost Data: ©2019 Wealth Management Systems Inc.

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The Cost of Waiting Tool uses the specified hypothetical fixed average annual rate of return to estimate hypothetical earnings on education savings.

The Cost of Waiting Tool uses the education cost inflation rate to estimate future college costs. The college cost inflation rate has tended to be higher than general inflation. On average, college costs have historically increased by between approximately 5% and 7% per year.

The Cost of Waiting tool uses an estimate of the cost of one year of college in today’s dollars along with the Education Cost Inflation input to estimate future college costs. A national average cost or the cost for a specific school (comprehensive costs with tuition & mandatory fees plus room & board or tuition and mandatory fees only) can be selected from the select “College Search” function, or a customized college cost amount can be entered.