College Savings Calculator
Calculate how much to save for college with projected future costs and monthly savings needed for a 529 plan.
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
How much will college cost in 18 years?
With 5% annual cost inflation, today's $25,000/year public college could cost $60,000/year in 18 years. A 4-year degree that costs $100,000 today could cost $240,000. This calculator projects these future costs.
What is a 529 plan?
A 529 is a tax-advantaged education savings account. Earnings grow tax-free and withdrawals for qualified education expenses are tax-free. Many states offer tax deductions for contributions. It can be used for K-12 and college.
How much should I save for college each month?
Depends on college type and timeline. For a public university in 18 years, $300-500/month may cover most costs. For private schools, $800-1,200/month or more. Longer time horizons benefit more from compound growth.
What if my child does not go to college?
529 funds can be transferred to another family member, used for trade schools or apprenticeships, or up to $35,000 can be rolled into a Roth IRA (2024 rule). Non-qualified withdrawals face taxes plus 10% penalty on earnings only.
Can grandparents contribute to a 529?
Yes, anyone can contribute to a 529. Grandparent-owned 529s were previously counted as student income for FAFSA, but 2024 FAFSA changes eliminated this disadvantage.
Is it too late to start saving for college?
Any savings helps, though earlier starts benefit more from compound growth. Even 5-10 years of saving can be meaningful. Shorter timelines may warrant different investment strategies, and scholarships, financial aid, and community colleges remain options.