College Savings Calculator

Calculate how much to save for college using a 529 plan. Projects inflation-adjusted tuition costs, monthly savings needed, financial aid offset, and tax benefits. Compare public vs private school costs.

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Total College Cost Needed
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Monthly Savings Needed —
Savings Gap —
Extended More scenarios, charts & detailed breakdown ▾
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Inflation-Adjusted Total Needed
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Future Value of Current Savings —
Monthly Contribution Needed —
Professional Full parameters & maximum detail ▾
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Cost Projection

Inflation-Adjusted 4-Year Cost —
Net Cost After Aid & Scholarships —
Future Value of Current Savings —

Savings Plan

Monthly Savings Needed —
Annual State Tax Savings (529 Deduction) —
Equivalent Roth IRA Monthly (Alt Strategy) —

How to Use This Calculator

  1. Enter your child's age, annual college cost, and current savings for an instant savings target and monthly savings needed.
  2. Use the 529 Plan tab to model tax-free growth with inflation-adjusted tuition projections.
  3. Use the Cost Projection tab to see what tuition will cost when your child enrolls.
  4. Use the Compare Schools tab to compare the 4-year cost of different school types.
  5. Use the Professional tab for a full analysis including financial aid, scholarships, state 529 deduction savings, and the Roth IRA alternative strategy.

Formula

Inflation-Adjusted Cost = Annual Cost × (1 + Inflation Rate)^Years × 4
Future Value of Savings = Current Savings × (1 + Return Rate)^Years
Monthly Savings = (Goal − FV of Savings) × r / ((1+r)^n − 1)

Example

Example: Child age 5, $25,000/year cost, 5% tuition inflation, 7% return, $5,000 saved. In 13 years: projected cost = $209,000. FV of savings = $11,400. Monthly savings needed ≈ $692/month in a 529 plan.

Frequently Asked Questions

  • The average annual cost of a 4-year public university is $25,000–$30,000 (tuition + room + board). Private universities average $55,000–$65,000/year. With 5% tuition inflation, a child born today will face costs 2.6x higher by age 18. Starting early with a 529 plan and consistent contributions significantly reduces the monthly savings required.
  • A 529 plan is a tax-advantaged savings account for education expenses. Investments grow tax-free and withdrawals for qualified education expenses are also tax-free. Many states offer a state income tax deduction for contributions (e.g., $3,000–$10,000/year). The sooner you start, the more tax-free compounding works in your favor.
  • Tuition has historically increased at 4–6% per year, roughly double general inflation. At 5% annual inflation, a $25,000/year college cost today becomes $59,000/year in 17 years (newborn to college). Starting early with a 529 plan allows investment returns to offset much of this inflation.
  • Both have advantages. A 529 offers tax-free growth for education with potential state deductions but is restricted to education expenses (with some exceptions). A Roth IRA allows penalty-free withdrawals for education but counts more heavily in financial aid calculations. Our Professional tab models both strategies.

Related Calculators

💰 Savings Calculator 📚 Student Loan Calculator 📈 Compound Interest Calculator 🎯 Savings Goal Calculator
Sources & References (5) ▾
  1. SEC — 529 Plan Investor Bulletin — U.S. Securities and Exchange Commission
  2. IRS — 529 Plans: Questions and Answers — Internal Revenue Service
  3. Federal Student Aid — Saving for College — Federal Student Aid
  4. FDIC — Saving for Education Resources — Federal Deposit Insurance Corporation
  5. CFPB — Paying for College — Consumer Financial Protection Bureau