College Savings Calculator

Project college costs with inflation and calculate monthly savings needed for a 529 plan. See year-by-year growth projections, shortfall analysis, and the impact of starting early. Supports in-state, out-of-state, private, and community college targets.

Target College Type

Child's Current Age

Current 529/Savings Balance ($)

Monthly Contribution ($)

Expected Annual Return (%)

College Savings Projection

Projected College Cost

$84,930

4yr at $21,232/yr

Your Savings at Age 18

$62,079

in 13 years

Funding Progress73.1%

Projected Shortfall: $22,851

Increase monthly contribution to $286.35 to fully fund college (currently $200.00/mo, need +$86.35/mo more).

Total Contributions

$36,200

Investment Growth

$25,879

Today's Cost (2024)

$45,040

Year-by-Year Growth

About 529 College Savings Plans

--Tax-free growth and tax-free withdrawals for qualified education expenses.
--Many states offer income tax deductions for 529 plan contributions.
--College costs have historically risen ~5% per year, outpacing general inflation.
--Starting early maximizes compound growth; even small contributions add up.
--Unused 529 funds can be rolled into a Roth IRA (up to $35,000 lifetime, SECURE Act 2.0).

How to Use College Savings Calculator

1Enter child's current age
2Select college type target
3Set current savings and monthly contribution
4View projected costs and savings gap

Frequently Asked Questions

How much should I save for college?▾

Target saving one-third of projected costs through a 529 plan. For an in-state public school (projected $230,000 in 18 years), save about $250/month starting at birth with 7% returns. Starting later requires significantly higher monthly contributions.

What is a 529 plan?▾

A 529 plan is a tax-advantaged savings account for education. Contributions grow tax-free and withdrawals for qualified education expenses are tax-free at the federal level. Most states also offer tax deductions for contributions.

What if my child does not go to college?▾

You can change the beneficiary to another family member, use funds for K-12 tuition (up to $10,000/year), or under SECURE 2.0 Act, roll up to $35,000 into a Roth IRA. Non-qualified withdrawals pay tax plus 10% penalty on earnings only.

About College Savings Calculator

NexTool's College Savings Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.