How to use this calculator
- Enter one year’s cost of college today and the years until it starts.
- Set how fast costs rise and the return you expect.
- Add what you have saved and the share of the cost you want to cover.
Frequently asked questions
How much should I save each month for college?
For 4 years at $30,000 a year in today’s dollars, starting in 12 years, with costs rising 4% and a 6% return: about $801 a month, on top of $10,000 already saved.
What if I start later?
The monthly amount rises quickly. Starting with only 6 years to go, the same plan needs $1,552 a month.
Do I need to save for the whole cost?
Not necessarily — scholarships, grants, current income and student work often cover part. Saving for half the cost in the example takes $352 a month.
Why use a 529 plan?
Earnings grow free of federal tax and come out tax-free when spent on qualified education expenses. Many states also give a deduction or credit for contributions to their own plan.