Estimate total college costs accounting for tuition inflation, plan monthly savings needed, and see how 529 plans grow tax-free.
College Planning Details
Enter your college savings goals
🏫 School Costs
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Historical average: ~5% per year
💰 Savings Plan
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Monthly Savings Needed
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Total Future Cost
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Today's Cost
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Future Cost
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Monthly Savings Needed
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Current Savings Growth
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Current Annual Cost
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First Year Cost (future)
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Total Future Cost (all years)
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Your Share
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Current Savings (grown)
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Additional Needed
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Monthly Savings Needed
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FAQ
What is a 529 plan?
A 529 plan is a tax-advantaged savings plan for education expenses. Contributions grow tax-free and qualified withdrawals (tuition, books, room & board) are also tax-free. Most states offer a state income tax deduction for contributions.
How much does college cost in 2024?
Average costs per year: Public in-state: ~$28,000 (tuition+room+board). Public out-of-state: ~$46,000. Private college: ~$60,000. These costs have grown ~5% per year historically.
Can I use 529 funds for anything other than college?
Yes! Up to $10,000/year can be used for K-12 private school tuition. Starting 2024, unused funds can be rolled into a Roth IRA (up to $35,000 lifetime limit). Funds can also be transferred between family members.
What if my child gets scholarships?
If your child receives scholarships, you can withdraw that amount from a 529 plan without the 10% penalty (though earnings are taxable). Or keep the funds for graduate school, or transfer to another family member.