529 College Savings Calculator
Project a 529 balance against rising tuition costs and find the monthly contribution that closes the gap.
Your details
Assumptions
Historically tuition has outpaced general inflation
This calculator runs entirely on your device. Nothing you enter is uploaded, stored, or sold. How this works
Projected balance at age 18
$96,761
Covers 43% of a projected $227,567 total cost
Includes your inputs, the full breakdown, and every row of the table.
Projected total cost
$227,567
Shortfall
$130,806
Percentage covered
43%
Monthly needed to fully fund
$856
- Current balance
- $12,000
- Contributions over 13 years
- $46,800
- Investment growth
- $37,961
- Projected balance
- $96,761
- Projected cost of college
- - $227,567
- Gap to close
- $130,806
| Year | Child's age | Cost that year |
|---|---|---|
| Year 1 of college | Age 18 | $52,798 |
| Year 2 of college | Age 19 | $55,438 |
| Year 3 of college | Age 20 | $58,210 |
| Year 4 of college | Age 21 | $61,120 |
What this means
- At 5.0% tuition inflation, a $28,000 year today becomes $52,798 by the time they enrol.
- Raising the monthly contribution to about $856 would close the gap entirely, assuming the same return.
- 529 growth is tax-free when used for qualified education expenses. Unused funds can be moved to another beneficiary, and limited amounts can now be rolled into a Roth IRA subject to conditions.
- Do not fund college ahead of your own retirement. There are loans and aid for education; there are none for retirement.
How the 529 college savings calculation works
A 529 plan is a tax-advantaged account for education costs: contributions go in after tax, growth is untaxed, and withdrawals are tax-free provided they pay for qualified expenses. The advantage compounds with time, which is why the age at which you start matters more than the amount you contribute. A modest monthly contribution begun at birth routinely outperforms a much larger one begun at twelve, because the early money has eighteen years to work rather than six.
The complication is that you are chasing a moving target. College costs have historically risen faster than general inflation, so the sum you need is growing while you save toward it. That is why this calculator inflates the cost forward rather than comparing your balance against today's tuition — doing the latter produces a comfortable-looking number that badly understates the requirement.
Frequently asked questions
What happens if my child does not go to college?
The account is not lost. You can change the beneficiary to another family member, including yourself, and 529 funds also cover apprenticeships, trade schools and limited amounts of student loan repayment. Recent rules additionally permit rolling unused funds into the beneficiary's Roth IRA, subject to lifetime caps and account-age requirements.
Does a 529 hurt financial aid eligibility?
Less than most people fear. A 529 owned by a parent is assessed as a parental asset at a much lower rate than assets held in the student's own name, so the effect on aid is modest. Accounts owned by grandparents are treated differently again, and the rules here have changed recently — worth checking before restructuring anything.
Should I fund a 529 before my retirement accounts?
Almost never. Your child can borrow for education, receive aid, choose a cheaper school or work; you cannot borrow for retirement. Standard guidance is to capture any employer match and build solid retirement contributions first, then direct what remains to education savings.
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Disclaimer. This calculator is provided for general information and educational purposes only and does not constitute financial, tax, legal, medical, or engineering advice. Results are estimates based on the inputs you provide and the assumptions described above. Confirm any figure with a qualified professional before acting on it.