How the college savings calculator works
The calculator grows your current savings to the start date, then finds the steady monthly deposit that fills the gap, with each deposit compounding monthly.
Monthly deposit = (Goal − Future value) × r ÷ ((1 + r)n − 1)
Here r is the annual return ÷ 12 and n is the number of months. Enter the goal in future dollars: published tuition has risen faster than general inflation for decades, so inflate today's cost by around 3% to 5% a year (the inflation calculator can help). The College Board reported average published tuition, fees, room and board at four-year public in-state colleges of about $30,000 a year in 2025–26. 529 plans grow tax-free when used for qualified education expenses.
Worked example
To have $120,000 in 12 years with $10,000 already saved and a 6% return, your current savings grow to about $20,500. You would need to deposit about $473 a month. Counting the $10,000 already saved, you would put in about $78,200 in total, and investment growth would supply the other $41,800.
Frequently asked questions
How much should I save for college?
It depends on the type of school and how much you plan to cover. Many families aim to save a third of expected costs and cover the rest from income, aid and loans.
What is a 529 plan?
A state-sponsored investment account for education. Earnings grow tax-free when spent on qualified education costs, and many states give a tax deduction for contributions.
What return should I assume?
4% to 7% is a common planning range for a diversified portfolio; lower as the child gets close to college.
Does saving reduce financial aid?
Parent-owned 529 assets count at no more than 5.64% in the federal aid formula, a modest effect.
Updated October 2026. Results are estimates for education, not financial or medical advice. All math runs in your browser; nothing you type is sent anywhere.