College Savings
Calculator
Calculate how much to save monthly for your child's college education. This free calculator projects future costs with inflation and shows the power of early saving.
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How This College Savings Works
Enter your child's age and expected college type. The calculator projects future costs using 5% annual tuition inflation and calculates monthly savings needed assuming 6% investment returns. Starting earlier dramatically reduces monthly requirements due to compound growth.
When Should You Use This Tool
Start planning as early as possible. Even small contributions benefit from years of compound growth. Use this calculator when your child is born, at major life changes, or when reviewing financial plans. Adjust expectations based on scholarships, financial aid, and your family's contribution capacity.
Is This Tool Accurate and Safe
Projections assume continued tuition inflation and average investment returns. Actual costs will vary. Financial aid, scholarships, and grants can significantly reduce out-of-pocket costs. 529 plans offer tax advantages specific to education savings. All data stays private in your browser.
Frequently Asked Questions
When should I start saving for college?
As early as possible. Starting at birth versus age 10 can cut required monthly contributions in half due to compound growth. Even small amounts started early make a significant difference.
What is a 529 plan?
529 plans are tax-advantaged savings accounts for education expenses. Earnings grow tax-free and withdrawals for qualified education expenses are tax-free. Many states offer additional tax deductions for contributions.
What if my child gets scholarships?
Unused 529 funds can transfer to another family member, be used for graduate school, or withdrawn with taxes and penalty only on earnings (not contributions). Recent rules allow rollovers to Roth IRAs.
How much of college costs should I save?
Many advisors suggest aiming to cover one-third to one-half of projected costs. Students can contribute through work, loans cover another portion, and financial aid may help. Full coverage is ideal but partial savings still helps significantly.