College Cost Calculator: Estimate how much college may cost you
Senior Associate, JPMorgan Chase
According to the National Center for Educational Statistics, in 2022 (the latest year data is available), the median earnings of those with a bachelor’s degree were 59% higher than those whose highest level completed was high school. The median earnings for those with a master’s degree were even higher.
The decision of whether to pursue a degree can have financial implications beyond the possibility of earning more after receiving a degree. To earn a degree, many students need to apply for student loans. According to a Department of Education analysis conducted and provided by the White House in 2022, the typical undergraduate student with loans graduates with nearly $25,000 in student loan debt. There can also be additional costs associated with pursuing a degree, even for students who don’t take on student loan debt.
It’s this variety of factors – the possibility of increasing your earning potential, the potential for debt, and the costs involved – that can make deciding whether to obtain an advanced degree such a big financial decision.
For many of those considering a college or another advanced degree, the decision involves calculating the return on investment (ROI) that the degree may provide. For instance, knowing you may need to spend a certain amount on your education, you may want to consider how much you might expect to make in your first job following graduation.
There are many factors that go into this calculation, but this College Cost Calculator may help. Utilize it to see how much a college degree may cost you at different schools and how much you could earn after you graduate with a particular major. These estimates may provide insight to help you make a better-informed decision when choosing the right college for your budget, major, and financial future.
Here’s how to use the College Cost Calculator
Take the following steps to use the College Cost Calculator to explore how much the average student makes after graduating from a specific school with a particular degree.
- Enter the school you have in mind (i.e., trade school, two-year college, four-year college, or university).
- Enter the major you want to explore.
- Select the type of degree you want to look into (i.e., bachelor’s degree, master’s degree, PhD, or professional degree program).
- If you’re exploring a state school, select if you’d be an in-state student or out-of-state student.
- Click see results and begin to analyze the data points the calculator provides, including post-college salaries for the degree and major you input and the estimated annual cost of attendance for the school you input.
How does the College Cost Calculator work?
The tool utilizes data from the U.S. Department of Education’s College Scorecard. Once you enter the required information, such as the school, major, and degree level program you’re exploring, you’ll see the median post-college salary for the school, degree, and major you input versus the national median.
You’ll also see a comparison between your school’s estimated annual cost of attendance and the national median. Cost of attendance figures provided by colleges factor in tuition and fees, living expenses, books, and supplies. Of note, not all students pay a school’s total cost of attendance if they qualify for and receive financial aid, including grants and scholarships.
The College Cost Calculator also provides additional facts and figures about schools, including:
- Percentage of enrolled students at your inputted school that received a Pell Grant.
- Admissions rate for your inputted school.
- Median debt for students who’ve graduated from your inputted school.
- Percentage of students that received a federal student loan at your inputted school.
- Percentage of students who graduated within four years at your inputted school.
How can I use the College Cost Calculator to help with my decision about schools and degree programs?
The College Cost Calculator may help you decide which college to attend, help you narrow down on a major, and assist you in determining the affordability of various schools. Keep reading for how to utilize the tool to make informed choices about the school and major you want to pursue.
It can help when it comes to deciding what college or university to attend based on affordability
If you’re deciding which colleges and universities to apply to, you may be weighing factors such as a school’s cost of attendance. You can utilize this tool to compare different schools to see which ones could fall within your budget.
It’s important to remember that how much students end up paying for a degree will also depend on whether they receive financial aid like scholarships and grants. Still, cost of attendance data provides a starting point to analyze how much different schools and degrees may ultimately cost you.
It can help you narrow down on a major or specialization to pursue
It’s not just what school you attend but what you study that can potentially impact how much you’ll earn after receiving a degree. While picking a major doesn’t mean you’ll be confined to pursuing a related career, specific jobs do pay more than others, and sometimes people choose a major that’s related to the career they want to pursue. Analyzing the median post-college salary of graduates from a particular degree program at a specific school may help you make decisions as you explore options.
It can help you begin to analyze the ROI of a particular school, degree, and major
It may be helpful for prospective students to consider the ROI that a particular school, degree, and major may provide. Considering how much a specific school and degree may cost you, alongside the median post-college salary for those with that degree and major, can be a starting point to make this calculation.
Glossary of College Cost Calculator terminology
As you use the College Cost Calculator, you may come across terms that may be unfamiliar to you. Here are some definitions that may be helpful as you use the tool.
Median income
Median income is the middle point of a group of incomes, where half of the people earn more, and half earn less. It’s different from the average, which adds up all incomes and divides by the number of people. The median may give a better picture of what a typical person earns, as it’s less affected by very high or very low incomes.
Estimated annual cost of attendance
The estimated cost of attendance is an estimate of a student’s educational expenses, including tuition, room and board, books, and additional living costs. The cost of attendance for out-of-state and in-state students may differ. Keep in mind that your estimated cost of attendance could also differ if you’re not planning to live on campus and thus wouldn’t be affected by the cost of room and board.
Schools often list their estimated annual cost of attendance on their websites but may not account for all expenses that a student may incur, such as off-campus housing, technology expenses, and travel costs.
Pell Grant
The Pell Grant is a form of federal financial aid provided to eligible college students to help with education costs. It’s given to students who demonstrate financial need, determined by the information shared on their Free Application for Federal Student Aid (FAFSA®). If students are ultimately eligible for the aid, colleges award and distribute that aid.
The maximum award for the 2024-25 academic year is $7,395, and the U.S. Department of Education announces the amount for the upcoming academic year every February.
Admissions rate
The admissions rate is the percentage of accepted students out of the total number who apply to a specific school. For example, if 100 students apply and 20 are accepted to a particular school, the admissions rate is 20%.
Median debt
Median debt is the middle amount of debt in a group, where half of the people owe more, and half owe less.
Final thoughts
Choosing what college or university to attend is a big financial decision. It can be helpful to utilize all the resources you have available to you to make the decision and don’t hesitate to go to a college or university’s financial aid office for assistance as you try to determine how much a particular degree may cost you.