529 College Savings Estimator
Project your college funding goal and savings growth.
Input Your Parameters
Projected Results
Years until College Start
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Projected Annual College Cost at Age
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Projected Total 529 Savings Value
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Run calculation to see projection.
Projected Difference
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*Note: Cost is for 1 year of college. Multiply by desired number of years for total goal.
A 529 plan is an in-tax advantage savings plan specifically designed for education, also known as a qualified tuition plan, and is sponsored by a state agency or educational institution.
- Benefits
Tax-free growth: The growth of your invested money is exempt from federal and state taxes. - Tax-free withdrawals: When your money is used for qualified education expenses, it is tax-free.
- Flexible contributions: You can adjust your saved amount at any time.
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529 College Savings Plan Calculator: Plan Your Child’s Education with Ease
Planning for the future has become challenging for parents because college fees are rising every year. If you want to afford your child’s higher education comfortably, a 529 college savings plan may be the best option for you. But the question is, how do you figure out how much you need to save? This is where the 529 college savings plan calculator comes in.
Why Use a 529 College Savings Plan Calculator?
Future college expenses can be a little more difficult to estimate because tuition inflation and other expenses increase annually. The 529 college savings plan calculator helps you:
- Estimate future college costs – your tuition book includes room for board.
- Decide on monthly or yearly contributions – you’ll know how much you should contribute.
- Adjust savings – you can plan for conservative or aggressive investment growth.
- Compare different scenarios – you can see the impact on your savings by changing the contribution or growth rate.
This can also help you avoid under- or over-saving.
How does the 529 College Savings Plan calculator work?
| Input | Description |
|---|---|
| Child’s current age | The child’s current age that you are calculating. |
| College enrollment age | The child’s expected age to join college. |
| Current college cost | Today’s estimate of college fees, room & board, books, and other expenses. |
| Expected annual college cost increase (inflation) | How much college costs might increase each year (usually in %). |
| Current savings | The money you have saved so far. |
| Expected monthly/annual contribution | How much will you add to the 529 plan each month or year? |
| Expected investment return | How much you will add to the 529 plan each month or year? |
Referrence tool : savingforcollege.com
529 Plan Saving Tips
- Start Early – Start as early as possible so the benefits of compounding can pay off later.
- Regular Contributions – Automatically set up your monthly contribution.
- Choose the Right Investment Option – Income-based portfolios that are conservative by the time you finish college.
- Progress Monitor: Track your savings using a calculator.
- Consider State Tax Benefits – Some states offer tax deductions or credits per 529 contribution.