College Savings Calculator
Free college savings calculator. Calculate monthly savings needed, compare 529 plans, estimate tuition costs, and track your progress.
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Last updated: January 2026
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Frequently Asked Questions
How much should I save for my child's college?
A reasonable target is to cover 50-100% of projected costs. For a 4-year public university, expect roughly $100,000-$150,000 total by 2040; private universities may exceed $300,000. Start by saving about 1/3 of the projected cost—the rest typically comes from financial aid, scholarships, and current income. The key is starting early: even $200/month from birth can grow to $80,000+ by age 18 at 7% returns.
What is a 529 plan and why should I use one?
A 529 plan is a tax-advantaged savings account specifically for education expenses. Key benefits: earnings grow tax-free, and withdrawals are tax-free for qualified education costs (tuition, books, room & board, computers). Many states offer additional tax deductions for contributions. Unlike ESAs, 529 plans have high contribution limits ($300,000+) and no income restrictions. Anyone can contribute, making them ideal for grandparent gifts.
How much does college really cost?
For 2024-2025: Public in-state averages $23,000/year (tuition + room/board), out-of-state public averages $42,000/year, and private universities average $56,000/year. Education inflation runs 5-7% annually—higher than general inflation. A child born today may face $40,000-$60,000/year for public schools and $100,000+/year for private by age 18. Online tools and this calculator help estimate your specific target.
When should I start saving for college?
Start as early as possible—ideally at birth. The power of compounding is enormous: $300/month from birth at 7% return becomes about $130,000 by age 18. The same $300/month starting at age 8 only reaches about $50,000. Starting late means higher monthly contributions: if you begin at age 10, you'll need roughly double the monthly amount to reach the same goal.
What if my child doesn't go to college?
529 plans are flexible: you can change the beneficiary to another family member (siblings, cousins, even yourself) for any education level including graduate school. The SECURE 2.0 Act now allows rolling up to $35,000 of unused 529 funds into a Roth IRA (subject to annual limits). If used for non-education expenses, you pay taxes plus 10% penalty on earnings only—original contributions are never penalized.