This paper shows there is an annual financing gap of US$39 billion over 2015-2030 for reaching universal pre-primary, primary and secondary education of good quality in low and lower middle income countries. There is a large financing gap for achieving the post-2015 education agenda. The key findings from the EFA Global Monitoring Report analysis of the cost of meeting key targets of the post-2015 education agenda can be summarized as follows: • The annual total cost of achieving universal pre-primary, primary and secondary education in low and lower middle income countries is projected to increase from US$149 billion in 2012 to US$340 billion, on average, between 2015 and 2030. The total cost will more than triple in low income countries. The projected increase reflects a combination of greater numbers of students and higher per-student expenditure to improve quality and address marginalization. • To improve education quality as envisaged in the post- 2015 agenda, spending per student will need to increase substantially. For example, low income countries will need to increase the amount they spend per primary school student from US$70 to US$197 by 2030. • Government spending on education by low income countries, excluding post-secondary education, will need to increase by 50% as a share of GDP between 2012 and 2030. the key education targets by 2030. • The total annual financing gap between available domestic resources and the amount necessary to reach the new education targets is projected to average $US39 billion between 2015 and 2030. The gap is particularly large in low income countries, where it constitutes 42% of annual total costs. • Aid will thus remain a crucial source of education finance over the next 15 years if the targets are to be met. Across low and lower middle income countries, donor aid for pre-primary, primary and secondary education will need to increase by at least six times.