Key Points
A college savings calculator helps you work backward from a future tuition target to determine what you need to save monthly today. Getting the inflation assumption right -- college costs rise 4-5% annually -- is as important as getting the current cost right.
College savings calculator inputs
| Input | What It Represents | Recommended Value |
|---|---|---|
| Child age | Years until college enrollment | Current age |
| Annual college cost | Today’s estimated cost | In-state: $27K; Private: $60K |
| Inflation rate | Annual tuition increase | 5% (conservative) |
| Investment return | Expected annual growth | 7% for equity 529 |
| Coverage goal | % of cost to save | 50-100% based on philosophy |
Most advisors suggest saving 50-70% of projected costs. Scholarships, aid, and loans can fill the gap. 100% coverage of a $300K+ private education from birth requires unrealistically large monthly contributions.
What This Means for You
- In-state public 4-year cost (2025): ~$110,000 total
- Private university 4-year cost (2025): ~$240,000 total
- College costs rise 4-5% per year -- faster than general inflation
- Time is your biggest asset: starting at birth vs age 10 requires 3x more monthly contributions
- 529 plans grow tax-free -- distributions for qualified expenses are never taxed
Calculate Your College Savings
Use the college savings calculator to determine exactly how much you need to save monthly based on your child’s age, target school type, and desired coverage percentage.
Calculate Your College Savings Goal
Enter your child’s age and target school to see your personalized monthly savings plan.