College Savings Calculator
Calculate how much to save in a 529 plan to cover tuition and college costs.
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Frequently Asked Questions
What is a 529 plan and how does it work?
A 529 plan is a tax-advantaged savings account for education expenses. Contributions grow tax-free and withdrawals for qualified education expenses (tuition, room and board, books, computers) are tax-free federally. Many states offer a tax deduction for contributions. The SECURE 2.0 Act allows rolling unused 529 funds into a Roth IRA (up to $35,000 lifetime, subject to rules).
How much should I save in a 529 plan?
A 4-year public university currently costs $110,000-$130,000 total (in-state). A private university costs $250,000-$350,000. Starting at birth, saving $300-$500/month in a 529 with a 7% return covers most 4-year public university costs. Starting later requires significantly more monthly contributions. Even partial funding reduces student loan burden dramatically.
What if my child does not go to college?
If a 529 beneficiary does not attend college: change the beneficiary to another family member (sibling, cousin, parent — for grad school), use for trade school or vocational programs (qualified expenses), roll up to $35,000 into a Roth IRA (SECURE 2.0, requires 529 to be open 15+ years), or withdraw non-qualified funds (earnings taxed + 10% penalty, but principal returned tax-free).