College Savings Calculator

The calculator projects your 529 or college savings account balance at the time your child enrolls at age 18, based on your current savings, monthly contributions, and expected investment return. It also estimates the total cost of college — adjusted for annual tuition inflation and reduced by expected scholarships and grants — to show what percentage of costs your savings will cover.

A 529 plan is a tax-advantaged savings account specifically designed for education expenses. Contributions grow tax-free, and withdrawals for qualified education expenses — such as tuition, room and board, and books — are also tax-free. Most U.S. states offer at least one 529 plan, and many provide a state income tax deduction for contributions.

A common rule of thumb is to aim to cover about one-third of projected college costs through savings, with the remaining two-thirds funded by scholarships, financial aid, and income earned during college. The exact amount depends on your child's age, the type of school, and your investment return. Use this calculator to find a monthly contribution that meets your coverage goal.

College costs have historically increased at around 4–6% per year. The calculator defaults to 5%, which is a reasonable middle estimate. If you want a more conservative projection, use 6–7%; for an optimistic scenario, try 3–4%.

Household income influences eligibility for need-based financial aid, scholarships, and grants. Higher-income families may qualify for less need-based aid, while lower-income families may receive significant grant funding that reduces out-of-pocket costs. Enter expected annual scholarship and grant amounts to account for this in your projection.

A 529 plan invested in age-based or stock-heavy portfolios has historically returned around 5–8% per year on average, though returns vary with market conditions. Portfolios typically shift to more conservative allocations as the child approaches college age. The default rate of 6% is a common balanced assumption.

A savings gap is very common. Options to bridge the gap include increasing monthly contributions, applying for additional scholarships, having the student take federal or private student loans, choosing a more affordable school, or having the student work part-time during college. Starting to save earlier dramatically reduces the gap thanks to compound growth.

Yes. The calculator works for any child age 0–17. However, the fewer years until enrollment, the less time compound interest has to work in your favor. For a child close to college age, you may need significantly higher monthly contributions to cover a meaningful portion of costs.