Education Savings Calculator
Project a 529 or college fund and find the monthly savings to reach your goal
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Quick summary
Enter your current savings, monthly contribution, years until college, and an expected return to project the fund's future value and split it into contributions vs. growth. Add a cost goal and the calculator shows whether you're on track and, if not, the monthly deposit needed to close the gap. Starting early is powerful: compounding does more of the work the longer the runway. A 529 plan grows tax-free for qualified education expenses.
Reviewed by Simple Calculators TeamLast reviewed
For planning only — not financial or tax advice. Results are estimates based on your inputs and the stated assumptions. Confirm important decisions with a qualified professional.
How to use this calculator
- Enter the inputs requested by the calculator.
- Choose the units or options that match your situation and review the assumptions.
- Run or update the calculation to see the result.
- Review the result, breakdown, and formulas shown on the page.
- Check the inputs, units, dates, and limitations before saving or sharing the result.
Frequently asked questions
How much should I save for my child's college?
Work backward from a cost goal. Estimate the total price when your child enrolls, then use this calculator to find the monthly contribution that reaches it given your time horizon and expected return. Even partial funding helps — many families aim to cover a third to half and fill the rest with aid, income, and loans.
What is a 529 plan?
A 529 is a tax-advantaged college savings account: your contributions grow tax-free and withdrawals are tax-free when used for qualified education expenses (tuition, fees, books, room and board, and some K-12 and student-loan costs). Many states also offer a tax deduction or credit for contributions.
How does compound growth help college savings?
Earnings generate their own earnings over time, so the earlier you start, the more of the final balance comes from growth rather than your deposits. Starting when a child is born versus at age 10 can dramatically cut the monthly amount needed — the calculator separates contributions from growth so you can see the effect.
What return should I assume?
Long-run stock-heavy portfolios have historically returned ~6–7% annually before inflation, but returns aren't guaranteed and vary year to year. Age-based 529 portfolios automatically shift toward safer assets as college nears, lowering both risk and expected return. Use a conservative figure and revisit the plan periodically.
Key terms
- 529 Plan
- A tax-advantaged account for education savings; grows and withdraws tax-free for qualified costs.
- Compound Growth
- Earnings that themselves earn returns over time — the engine of long-term saving.
- Future Value
- The projected balance at college time from savings, contributions, and growth.
- Age-Based Portfolio
- A 529 option that shifts to safer assets automatically as enrollment nears.
Methodology, sources & limitations
This page shows the formula, assumptions, and limitations used for this estimate. Rates, thresholds, and other time-sensitive inputs can change, so verify them against the relevant official source before relying on a result.
For our review approach and the primary sources we consult, see the methodology and source policy. If you spot an outdated figure or formula, please contact us with a correction.