College Savings Calculator
Calculate how much to save each month to fully fund your child's college education.
Your Numbers
Plan your child's education fund
24% funded · College in 13 years
Total College Cost (Future)
$ 0Your Projected Savings
$ 0Need $1,395/month to fully fund
Years Until College
0 yrsMonthly Needed
$ 0First Year Cost
$ 0Projected Savings
$ 0Savings Growth
Your education fund over 13 years
College Type Comparison
Monthly savings needed based on school type
| School Type | Today's Cost/yr | Future Total | Monthly Needed | Status |
|---|---|---|---|---|
| Public In-State | $28,000 | $227,567 | $849 | Need more |
| Public Out-of-State← selected | $45,000 | $365,732 | $1,395 | Need more |
| Private University | $58,000 | $471,388 | $1,812 | Need more |
| Ivy League | $80,000 | $650,191 | $2,518 | Need more |
How Much Does College Actually Cost?
College costs have risen significantly faster than general inflation — averaging around 5% per year over the past two decades. A public in-state university that costs $28,000 today will cost over $45,000 per year in 10 years. A private university at $58,000 today could exceed $90,000. This is why starting early and accounting for college inflation in your savings plan is critical.
What is a 529 Plan?
A 529 plan is a tax-advantaged savings account specifically designed for education expenses. Contributions grow tax-free, and withdrawals for qualified education expenses are also tax-free. Most states offer their own 529 plans, and many provide state tax deductions for contributions. This tax advantage makes 529 plans the most efficient vehicle for college savings.
How Compound Interest Builds Your Education Fund
Even modest monthly contributions grow substantially over 10-18 years thanks to compound interest. A family saving $300 per month starting at birth, earning a 7% annual return, will accumulate over $115,000 by the time their child turns 18. Starting even a few years later significantly reduces the final balance — which is why the earlier you begin, the better.
Tips to Maximize Your College Savings
Start as early as possible to maximize compounding time. Use a 529 plan for the tax advantages. Automate monthly contributions so you never skip a month. As your income grows, increase your contribution amount. Consider shifting to more conservative investments as college approaches to protect your accumulated savings from market volatility.