Calculate how much to save for college. Project 529 plan growth and estimate future education costs.
Plan for future education costs with 529 plans.
Start planning for education expenses with the College Savings Calculator. With tuition costs rising faster than inflation, early and consistent saving is crucial.
College costs have increased at roughly 5-7% annually, outpacing general inflation. A child born today could face $300,000+ for a 4-year degree. Starting early with a 529 plan leverages compound growth and tax advantages to make these costs manageable.
Where PV = current savings, PMT = monthly contribution, r = monthly return, n = months until college.
Child age 5, college at 18, $5,000 saved, $300/month at 6% return. After 13 years: ~$78,000 saved vs ~$120,000 projected cost (4-year public university).
| Institution Type | Annual Cost | 4-Year Total |
|---|---|---|
| Public In-State | $25,000 | $100,000 |
| Public Out-of-State | $45,000 | $180,000 |
| Private | $60,000 | $240,000 |
Related tools: Investment Calculator for growth projections, Savings Goal Calculator for target planning, and Compound Interest Calculator for growth modeling.
Future Cost = Current Cost × (1 + Inflation)^Years. Project 529 growth with compound interest. Gap = Projected Cost - Projected Savings. Start early for compounding benefit.
To cover 50% of public university ($100K total), save $400-500/month starting at birth. Starting at age 10, need $800+/month. Earlier is much better due to compounding.
Yes for tax benefits: tax-free growth, state deductions in 30+ states. Unused funds can transfer to other family members or roll to Roth IRA (new 2024 rule).