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529 College Savings Calculator

Enter your current 529 balance, what you add each month, how many years until college, the return you expect and what a year of college costs today. The calculator projects your balance, the cost of each year of college and what you would need to add to cover it all.

Your numbers

Result

Estimate for information only, not professional advice. Last reviewed .

How we calculate it

The balance at enrollment is the current balance grown at the yearly return, compounded monthly, plus every monthly contribution grown for the months it stays invested. The formula for the contributions is the payment times ((1 + r) to the power of the months, minus 1) divided by r, where r is the monthly return.

College costs rise every year, so the cost of each year is today’s cost grown for the years until that year of college. The total is added up across the years you enter. The shortfall is the total cost minus your projected balance.

The extra monthly saving is the shortfall divided by the same contribution growth factor, which is the extra amount to add every month from now to cover everything. To keep the numbers simple, the balance is not grown while the student is in college, so the result is a little cautious.

Assumptions and limits

  • Return and cost growth are steady guesses you set. Real returns vary, and college costs differ a lot by school.
  • A 529 plan grows tax free for qualified education costs. Some states give an income tax deduction or credit for contributions; state benefits are not included here because they vary by state and are not yet sourced.
  • Scholarships, grants, financial aid and the effect on aid are not included. This is an estimate, not financial or tax advice.

Frequently asked questions

How much should I save in a 529 plan?

There is no single number. Many families aim to cover a share of the cost. This calculator shows the cost of the years you choose and how much you would need to add each month to cover all of it.

What happens to a 529 if my child does not go to college?

You can change the beneficiary to another family member, use it for other qualified education costs, or withdraw it, in which case the earnings are taxed and may carry a penalty.

What counts as a qualified expense?

Tuition, fees, books, supplies, required equipment and room and board for students enrolled at least half time, and up to a yearly limit for K-12 tuition and some apprenticeship and student loan costs.

What return should I use?

It depends on how your money is invested. Plans often move to safer investments as the student gets closer to college, which lowers the expected return. Try a few values.

How fast do college costs rise?

It varies by year and by school type. The default here is a guess you can change. Check the published cost of the schools you are considering.

Related calculators

Worked example (a fixed example using the starting numbers, it does not change as you type)

Inputs: Current 529 balance ($) = 15000; You add each month ($) = 300; Years until college starts (0 to 25) = 10; Expected yearly return (%) = 6; One year of college costs today ($) = 30000; Yearly growth in college costs (%) = 4; Years of college (1 to 8) = 4.

  • Projected 529 balance at enrollment $76,454.76
  • Projected total college cost $188,574.12
  • Shortfall $112,119.37
  • Share of the cost covered 40.54%
  • Extra monthly saving to cover it all $684.16
  • Your contributions $51,000.00
  • Growth $25,454.76

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Last reviewed: . Formulas and assumptions are described on our methodology page. For information only; not professional advice.