Estimating what college will cost
College prices have historically risen faster than general inflation, so the calculator grows today's yearly cost by a college inflation rate for each year until your child starts, and for each year they are enrolled. Published average prices from the College Board are a good starting point: in-state public four-year schools cost far less than private ones, and the figure that matters is the full cost of attendance including housing and food, not tuition alone.
Many families do not aim to cover 100%. Scholarships, grants, student work and a reasonable amount of federal student loans can all be part of the plan, so the calculator lets you choose what share you want to save for.
Where to save
In the US, 529 plans are the most common tool. Money grows tax-free and withdrawals for qualified education costs are not taxed, and many states give a state tax deduction for contributions. Since 2024, some unused 529 money can also be rolled into the beneficiary's Roth IRA, within lifetime and yearly limits, which reduces the worry about over-saving. Outside the US, look for the equivalent tax-sheltered children's accounts in your country.
Common questions
How much should I save for college per month?
For a newborn and a 50% share of a $30,000-a-year school, often a few hundred dollars a month at a 6% return. Starting later raises the amount quickly.
What is a 529 plan?
A US tax-advantaged education savings account. Growth is tax-free when used for qualified education expenses.
Should I save for retirement or college first?
Most planners put retirement first, since students can borrow for college but no one lends for retirement.
This calculator gives estimates for planning. Real returns, rates and prices change, so treat the result as a guide rather than a promise. Read how we build and check our calculators.