Financial Calculators
College / 529 Education Savings Plan Calculator
Plan for college costs with this 529 savings calculator. Projects future tuition costs with inflation, estimates your savings growth, and shows the monthly contribution needed to reach your goal.
Total College Cost
$243,821.51
13 yrs to enrollment
Projected Savings
$75,721.51
at enrollment
Shortfall
$168,099.99
Need $913.56/mo
529 plan overview
A 529 plan is a tax-advantaged savings account designed specifically for education expenses. Key features:
- Tax-free growth: contributions grow tax-free, and qualified withdrawals are also federal-tax-free. Many states offer a state income tax deduction for contributions.
- Qualified expenses: tuition, fees, books, room and board, computers and required technology. As of 2019, up to $10,000/year can also be used for K-12 tuition.
- Contribution limits: there is no annual federal contribution limit, but contributions above the annual gift tax exclusion ($18,000 per donor in 2024) may require a gift tax return. Total account limits vary by state ($235,000–$550,000+).
- Rollovers: starting in 2024, unused 529 funds can be rolled over to a Roth IRA for the beneficiary (up to $35,000 lifetime limit, subject to annual Roth limits).
2025 college cost benchmarks
| Institution type | Tuition & fees | Room & board | Total (approx.) |
|---|---|---|---|
| Public 4-year (in-state) | ~$11,000/yr | ~$13,000/yr | ~$24,000/yr |
| Public 4-year (out-of-state) | ~$29,000/yr | ~$13,000/yr | ~$42,000/yr |
| Private non-profit 4-year | ~$42,000/yr | ~$15,000/yr | ~$57,000/yr |
| Community college (in-district) | ~$4,000/yr | N/A (commuter) | ~$4,000/yr |
Source: College Board, Trends in College Pricing 2024. Always verify current costs directly with institutions.
Tuition inflation
College tuition has historically inflated at roughly 5–6% per year, well above general CPI inflation. This means a degree costing $30,000/year today could cost ~$55,000–65,000/year 15 years from now. Using a 5% annual college inflation rate in your projections is a reasonable conservative estimate.
Financial aid interaction
A 529 plan owned by a parent is counted as a parent asset on the FAFSA, assessed at a maximum of 5.64% toward the student's Expected Family Contribution (EFC). By contrast, assets held in the student's name are assessed at up to 20%, making parent-owned 529s more favorable for financial aid purposes. Starting with the 2024–25 FAFSA (the FAFSA Simplification Act), grandparent-owned 529s no longer reduce financial aid eligibility when funds are withdrawn.