College Savings Calculator
Project the future cost of college and find out if your 529 plan contributions will cover it.
Projected 4-Year College Costs (5% Annual Increase)
| Enrollment Year | Public In-State (4yr) | Private (4yr) |
|---|---|---|
| 2025 (today) | $115,360 | $241,680 |
| 2028 | $133,600 | $279,600 |
| 2031 | $154,700 | $323,700 |
| 2035 | $188,100 | $393,700 |
| 2040 | $240,000 | $502,400 |
| 2043 | $277,800 | $581,600 |
Based on 2024–2025 College Board average costs. Projections assume 5% annual cost increase. Actual costs vary significantly by institution.
Frequently Asked Questions
How much does college cost in 2025?
For the 2024–2025 academic year, average annual costs (tuition, fees, room and board) are approximately: $28,840 for public 4-year in-state, $46,730 for public 4-year out-of-state, and $60,420 for private 4-year institutions (College Board data). Over 4 years, total costs range from $115,000 to $242,000 or more. College costs have historically risen 4–6% annually — faster than general inflation — meaning a child born today will face significantly higher costs by 2043.
What is a 529 plan and how does it work?
A 529 plan is a tax-advantaged savings account specifically for education expenses. Contributions are made with after-tax dollars, grow tax-free, and withdrawals are tax-free when used for qualified education expenses (tuition, fees, books, room and board, computers). In 2025, you can contribute up to $18,000/year per beneficiary without gift tax ($36,000 for couples), or front-load 5 years of contributions at once ($90,000/$180,000). There is no annual contribution limit, only a lifetime cap set by each state ($235,000–$550,000).
How much should I save per month for college?
To fund 4 years at a public in-state university ($115,000 today), starting at birth assuming 5% tuition inflation and 7% investment return: you would need to save approximately $300–$350/month for 18 years. For a private university ($240,000 today), expect $600–$700/month. Starting later significantly increases required contributions. A child starting college in 5 years needs roughly 3× the monthly savings of one starting in 18 years, due to lost compounding time.
What happens to 529 funds if my child does not go to college?
You have several options: (1) Change the beneficiary to another family member (sibling, cousin, even yourself) for their education expenses. (2) Use funds for K-12 tuition (up to $10,000/year). (3) Roll over up to $35,000 lifetime into a Roth IRA for the beneficiary (new rule effective 2024, subject to conditions). (4) Withdraw the funds — earnings are subject to income tax plus a 10% penalty. The SECURE 2.0 Act (2022) made 529 plans significantly more flexible with the Roth rollover provision.
Should I save for college or retirement first?
Prioritize retirement over college savings. You cannot borrow for retirement, but your child can take student loans, earn scholarships, or attend a lower-cost school. Recommended order: (1) Contribute enough to 401k to get full employer match. (2) Build emergency fund. (3) Pay off high-interest debt. (4) Max out Roth IRA. (5) Contribute to 529. (6) Max 401k. College savings should never come at the expense of retirement security.