How this 529 calculator works
- Your current savings and monthly contributions grow at your expected return until college starts.
- Today's annual college cost is increased by college inflation to each year your child will be enrolled.
- The calculator compares projected savings with the share of total cost you want to cover and finds the monthly contribution that would close any gap.
What does college cost?
Published total costs (tuition, fees, room and board) for a year vary widely: roughly $25,000 to $30,000 at an in-state public four-year school, $45,000 to $50,000 for out-of-state public, and $60,000 or more at private nonprofit colleges. Many families pay less after grants and scholarships. Check the College Board's annual Trends in College Pricing report for current averages.
Why use a 529 plan?
- Tax-free growth and tax-free withdrawals for qualified education expenses.
- State tax deductions for contributions in many states.
- Flexibility: qualified expenses include college, K-12 tuition up to an annual limit, registered apprenticeship programs and up to $10,000 of student loan repayment per beneficiary; unused funds can be moved to another family member, and limited amounts may be rolled into a Roth IRA for the beneficiary under certain conditions.
- Light impact on financial aid when the account is parent-owned.
Start early
Time does most of the work. $250 a month from birth at 6% grows to about $95,000 by age 18; starting at age 10, the same contribution grows to only about $30,500.
Frequently asked questions
How much should I save in a 529 per month?
It depends on your goal. Many families aim to cover one-third to one-half of costs from savings, with the rest from current income, aid and modest loans. The calculator finds the monthly amount for the share you choose.
What if my child doesn't go to college?
You can change the beneficiary to another family member, use funds for other qualified education, roll some into a Roth IRA under certain rules, or withdraw with income tax and a 10% penalty on earnings.
Last reviewed: 2026-10-09