College 529 Plan Calculator
Calculate your college savings (529) calculator quickly and accurately.
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Estimates only — not financial advice
Estimates only — not financial advice
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Why use this calculator?
Our mathematical models provide instant, reliable estimates to help you make informed financial decisions. Adjust the interactive inputs above to instantly see how different variables impact your final numbers.
Guide: College 529 Plan Calculator
Comprehensive guide and breakdown for the College 529 Plan Calculator is currently being drafted by our editorial team.
Frequently Asked Questions
Q: What is a 529 plan?
A tax-advantaged savings account designed specifically for education expenses, with earnings growing tax-free when used for qualified costs.
Q: What counts as a qualified education expense?
Tuition, fees, room and board, books, and supplies at eligible institutions, plus K-12 tuition up to certain limits.
Q: What happens to unused 529 funds?
Options include changing the beneficiary, using a portion for the account owner's own education, or — subject to conditions — rolling a limited amount into a Roth IRA.
Q: Does a 529 plan affect financial aid eligibility?
It can have a modest impact on need-based aid calculations, generally less than assets held directly in the student's name.
Q: Can grandparents contribute to a 529 plan?
Yes — grandparent-owned or grandparent-contributed 529s are common, though FAFSA treatment can differ from parent-owned accounts.
Q: How does this calculator project college costs?
It applies an assumed annual college cost inflation rate (historically higher than general inflation) to today's costs.
Q: Is there a contribution limit for 529 plans?
Limits vary by state and are typically quite high (often $300,000+ lifetime), well above what most families contribute.
Q: What if my child doesn't go to college?
Funds can be redirected to another qualifying family member, used for eligible trade/vocational programs, or partially rolled into a Roth IRA under current rules.
Q: Are 529 contributions tax-deductible?
Many states offer a state income tax deduction or credit for contributions, though federal tax treatment doesn't include a deduction.
Q: How much should I be saving monthly?
It depends on your target school cost and years until enrollment — this calculator solves for that monthly figure based on your inputs.