529 College Savings Calculator
Project education savings with monthly contributions and growth.
How Much to Save for College?
A 529 plan is a tax-advantaged savings account for education. Earnings grow federal tax-free when used for qualified education expenses (tuition, fees, room and board, books, and for K–12 in many states). Many states also offer a tax deduction or credit for contributions. Our 529 calculator projects how your balance grows over time based on an initial lump sum and monthly contributions, so you can see whether you are on track for a target amount by the time your child starts college.
Setting a college savings goal
College costs vary widely: in-state public schools can run $25,000–$35,000 per year (all-in), while private universities often exceed $60,000. You do not have to save 100%—loans, scholarships, and current income can fill the gap—but saving even a portion reduces future debt. Use this calculator to try different contribution levels and assumed returns; then pair it with our savings growth calculator for other goals and our retirement savings goal to balance college and retirement.
Other ways to fund education
Besides 529s, families use Coverdell ESAs, custodial accounts (UTMA/UGMA), and taxable brokerage accounts. 529s are flexible: if the beneficiary does not need the money for college, it can often be used for trade school, grad school, or transferred to another family member. Unused funds can also be converted to a Roth IRA for the beneficiary under recent rules. For a full financial picture, use our retirement calculator so you do not shortchange your own retirement while saving for college.
529 Calculator FAQ
It depends on your target (in-state public vs private, two-year vs four-year), years until college, and expected investment return. Our calculator projects growth from your initial balance and monthly contributions so you can set a goal. Many families aim to cover a portion (e.g., half) of projected costs and use loans or income for the rest.
You can change the beneficiary to another family member (sibling, cousin, or even yourself for further education). Under recent rules, unused 529 funds can also be rolled into a Roth IRA for the beneficiary, subject to limits and eligibility. Otherwise, non-qualified withdrawals are subject to tax and a 10% penalty on earnings.
Yes. 529 assets are typically reported on the FAFSA; parent-owned 529s are assessed at up to 5.64% of asset value in the expected family contribution (EFC) calculation. That is often more favorable than counting the same money as income. Grandparent-owned 529s have different treatment under current rules, so it is worth checking the latest aid formulas.
Plan Your Full Retirement
Use our retirement calculator for Monte Carlo simulations and country-specific planning.
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