College Cost Calculator
Project the total cost of college with inflation and see how much you need to save
Savings Plan
Planning Ahead for College Costs
Starting early is the single biggest advantage in college savings. The power of compounding means money saved when a child is young grows substantially by college age.
Guide
How it works
College costs have historically risen at 5–6% per year - significantly faster than general inflation. This means a school that costs $50,000/year today will cost over $81,000/year in 10 years at 5% inflation.
This calculator projects total cost using compound inflation, then shows how your current savings and monthly contributions (growing at your expected investment return) compare to the projected need.
A 529 plan is the most tax-efficient way to save for college - contributions grow tax-free and withdrawals for qualified education expenses are federal tax-free.
What is a 529 plan and should I use one?expand_more
A 529 is a tax-advantaged savings plan designed for education expenses. Your contributions grow tax-free and qualified withdrawals (tuition, room & board, books) are federal tax-free. Most states offer an additional state income tax deduction for contributions. This makes 529 plans the most efficient vehicle for college savings for most families.
How much should I save monthly for college?expand_more
A common rule of thumb is to save 1/3 through savings (529 contributions), expect 1/3 from future income (scholarships, part-time work, parent income at time of college), and finance 1/3 through student loans. This calculator can help you determine the savings piece based on your specific situation.
What if my child doesn't go to college?expand_more
529 funds can be transferred to another family member without penalty, used for vocational schools, used for K-12 tuition (up to $10,000/year), or withdrawn for non-education purposes (subject to taxes and a 10% penalty on earnings). The SECURE 2.0 Act also allows rolling unused 529 funds into a Roth IRA for the beneficiary (subject to limits and rules).
Should I include financial aid in this estimate?expand_more
This calculator shows the gross cost before financial aid, scholarships, or grants. Financial aid depends heavily on your family's income, assets, and the specific school. Use this figure as a conservative upper bound - many students receive significant aid that can reduce the actual out-of-pocket cost substantially.
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