College Savings Calculator (529 Plan)
Find what college will cost when your child starts and how much to save per month in a 529 plan, from today's cost, tuition inflation and your return.
| College year | Age | Cost |
|---|
The goal is the whole cost saved by the first day of college, which is on the safe side: money for the later years keeps growing meanwhile.
What it does
College costs usually rise faster than general inflation. The calculator grows today's yearly cost until each year of college, adds them up and finds how much to save every month so your current savings plus new deposits reach the goal. A 529 plan is a US education savings account: the money grows tax-free and withdrawals for qualified education expenses are not taxed.
How to use it
- Type your child's age, the age at college start and how many years of college.
- Type the yearly cost today (tuition, fees, room and board) and the cost inflation.
- Add what you have saved and the return to see the monthly saving and the cost of each year.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
How much will college cost in the future?
A college that costs 25,000 a year today, rising 5% a year, costs 47,141 for the first year in 13 years and 203,185 for all 4 years.
How much should I save per month for college?
For a 5-year-old, with 10,000 already saved and a 6% return, you need 781.33 a month until 18 to cover those 203,185. The 10,000 grows to 21,329 by then.
What is a 529 plan?
A tax-advantaged education savings account offered by US states. Earnings are tax-free when spent on qualified education expenses, and many states let you deduct contributions from state income tax.
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