College Savings Calculator — Plan for Education Costs
Estimate how much to save monthly for college tuition. Based on current education costs and expected returns — plan your 529 or education savings goal.
Why Start Saving for College Early
College costs have risen roughly 6–8% annually for decades. A child born today will face tuition costs 50–100% higher than current rates by college age. Starting early gives compound growth more time to work — saving $200/month from birth to age 18 at 7% annual return accumulates over $85,000, while waiting until age 10 and saving the same rate yields under $30,000.
- Current costs (2024): Public in-state ~$11,000/year | Public out-of-state ~$29,000 | Private ~$42,000
- Full 4-year estimate at today's rates: Public ~$44K | Out-of-state ~$116K | Private ~$168K
- With inflation: Add 5–6% per year for 18 years — costs roughly double by the time a newborn enrolls
- 529 plan advantage: Tax-free growth for qualified education expenses — best vehicle for dedicated college savings
- Monthly savings target: Use the saving goal calculator with the inflation-adjusted tuition target as your goal
Choose the Right Variant
- This page: College savings — tuition costs, 529 basics, monthly savings needed
- Saving Goal Calculator: Set any savings target and timeline
- Investment Calculators: Project investment growth over time
- Emergency Fund Calculator: Build your emergency fund before saving for college
Monthly Savings Needed by Child's Age
- Start at birth (18 years to save), $100K goal at 7% return: ~$247/month
- Start at age 5 (13 years to save), $100K goal: ~$430/month
- Start at age 10 (8 years to save), $100K goal: ~$790/month
- Start at age 14 (4 years to save), $100K goal: ~$1,850/month
- Key insight: Starting 4 years earlier cuts the required monthly contribution nearly in half
Privacy and Data Handling
All calculations run locally in your browser. Your financial data is never sent to any server and is not stored.
Frequently Asked Questions
What is a 529 plan and should I use one?
A 529 plan is a tax-advantaged savings account for qualified education expenses. Contributions are made with after-tax dollars (no federal deduction, but many states offer a state income tax deduction), and growth is tax-free if used for qualified expenses (tuition, fees, room and board, textbooks, computers). Since 2024, unused 529 funds can be rolled into the beneficiary's Roth IRA (up to $35,000 lifetime). Almost everyone saving specifically for college should use a 529 — the tax-free growth advantage is significant over 10–18 years. Open one at your state's plan or at a brokerage like Vanguard, Fidelity, or Schwab.
How much should I save for college if I expect financial aid?
Don't assume financial aid will fully cover costs — it often doesn't, and the mix of grants vs. loans varies widely. A 529 savings account does reduce need-based aid eligibility, but only at 5.64% of the account value per year (parent-owned 529) — far less than the impact of not saving at all. A reasonable approach: save what you can, apply for all available aid, encourage the student to apply for merit scholarships, and plan for the student to cover a portion through work-study. Having savings gives options; having no savings limits them.
What if my child doesn't go to college?
529 funds have more flexibility than many people realize. You can: (1) Change the beneficiary to another family member who will attend college, (2) Use funds for trade schools, community college, or vocational programs (they qualify), (3) Since 2024, roll up to $35,000 into the beneficiary's Roth IRA after 15 years of account age, (4) Withdraw for non-qualified purposes with a 10% penalty plus income taxes on earnings only — you keep the principal and any state tax deduction taken. The penalty is undesirable but the account isn't a total loss.