College Savings (529) Calculator
Start planning for education costs with this 529 college savings calculator. Enter your child's age, target school type, and current savings to see how much you need to save monthly to cover future tuition.
How We Calculate This
College costs are projected using current average costs inflated annually. Savings growth uses compound interest with monthly contributions. The shortfall calculation compares projected savings to the target coverage amount.
Frequently Asked Questions
What is a 529 plan?
A 529 is a tax-advantaged savings plan for education. Earnings grow tax-free, and withdrawals for qualified education expenses are also tax-free. Many states offer additional tax deductions for contributions.
How much does college really cost?
In 2024, public in-state averages ~$25,000/year total, public out-of-state ~$45,000/year, and private universities ~$55,000-80,000/year including room, board, and fees.
What if my child doesn't go to college?
529 funds can be transferred to another family member, used for trade schools, or up to $35,000 can be rolled into a Roth IRA (after 15 years). Non-qualified withdrawals face taxes and a 10% penalty on earnings.
Should I save in a 529 or regular account?
A 529 is usually better due to tax-free growth. The average 529 account saves about 25% compared to a taxable account over 18 years.
Related Calculators
You might also find these calculators helpful: Compound Interest Calculator, and Savings Goal Calculator.