College Savings Calculator

A common rule of thumb is to aim to cover one-third of projected college costs through savings, one-third through income during college years, and one-third through financial aid and scholarships. The exact amount depends on the school type, your income, and how much financial aid your child may receive. Use this calculator to find a realistic monthly target.

A 529 plan is a tax-advantaged savings account designed specifically for education expenses. Contributions grow tax-free, and withdrawals for qualified education expenses (tuition, books, housing) are also tax-free. Most states offer their own 529 plans, many of which include a state income tax deduction for contributions. You can use any state's 529 regardless of where your child attends college.

College tuition has historically increased at about 4–6% per year — faster than general inflation. This means costs roughly double every 12–15 years. A school that costs $35,000 per year today could cost $57,000–$65,000 per year in 13 years. Factoring in tuition inflation is critical for accurate college savings planning.

Starting late makes the monthly contribution requirement significantly higher, but it's never too late to save. Even saving for 5–6 years before college reduces the amount your child would need to borrow. Use this calculator to see exactly how much you'd need to save starting today to make a meaningful dent in college costs.