Project what your 529 grows to against rising tuition — and see the funding gap while there's still time to close it.
Projected savings
$103,293
45% of projected cost.
4 years, inflated.
By the time your child is 18, 4 years of college is projected to cost $227,567 — the first year alone around $52,798 at 5% education inflation. Your $15,000 plus $300 a month at 6% grows to about $103,293, leaving a $124,274 gap.
To reach the full $227,567, you'd need to contribute about $828 monthly instead of $300 — $528 more. That said, most families don't fully fund college from savings alone, and that's normal: a combination of savings, current income during the college years, scholarships and modest borrowing is the typical path.
College costs have historically risen faster than general inflation. At 5%, today's $28,000 becomes $52,798 by the time your child starts. That compounding is why starting early matters so much — and why using a realistic education inflation rate, rather than general inflation, keeps the target honest.
The standard advice is worth repeating: you can borrow for college, but not for retirement. Make sure your own retirement saving is on track before over-funding a 529.
Retirement savings calculatorWorked scenarios with the full analysis, so you can see how the numbers move before entering your own.
A family starting early with a moderate monthly contribution toward a public university.
Projected savings
$103,293
By the time your child is 18, 4 years of college is projected to cost $227,567 — the first year alone around $52,798 at 5% education inflation. Your $15,000 plus $300 a month at 6% grows to about $103,293, leaving a $124,274 gap.
To reach the full $227,567, you'd need to contribute about $828 monthly instead of $300 — $528 more. That said, most families don't fully fund college from savings alone, and that's normal: a combination of savings, current income during the college years, scholarships and modest borrowing is the typical path.
College costs have historically risen faster than general inflation. At 5%, today's $28,000 becomes $52,798 by the time your child starts. That compounding is why starting early matters so much — and why using a realistic education inflation rate, rather than general inflation, keeps the target honest.
Beginning at birth, where 18 years of compounding does the most work.
Projected savings
$154,941
By the time your child is 18, 4 years of college is projected to cost $290,439 — the first year alone around $67,385 at 5% education inflation. Your $0 plus $400 a month at 6% grows to about $154,941, leaving a $135,498 gap.
To reach the full $290,439, you'd need to contribute about $750 monthly instead of $400 — $350 more. That said, most families don't fully fund college from savings alone, and that's normal: a combination of savings, current income during the college years, scholarships and modest borrowing is the typical path.
College costs have historically risen faster than general inflation. At 5%, today's $28,000 becomes $67,385 by the time your child starts. That compounding is why starting early matters so much — and why using a realistic education inflation rate, rather than general inflation, keeps the target honest.
A short runway, where contributions matter far more than growth.
Projected savings
$50,925
By the time your child is 18, 4 years of college is projected to cost $146,692 — the first year alone around $34,034 at 5% education inflation. Your $20,000 plus $500 a month at 5% grows to about $50,925, leaving a $95,766 gap.
To reach the full $146,692, you'd need to contribute about $2,306 monthly instead of $500 — $1,806 more. That said, most families don't fully fund college from savings alone, and that's normal: a combination of savings, current income during the college years, scholarships and modest borrowing is the typical path.
College costs have historically risen faster than general inflation. At 5%, today's $28,000 becomes $34,034 by the time your child starts. That compounding is why starting early matters so much — and why using a realistic education inflation rate, rather than general inflation, keeps the target honest.
A higher cost assumption reflecting private university pricing.
Projected savings
$187,491
By the time your child is 18, 4 years of college is projected to cost $421,244 — the first year alone around $97,734 at 5% education inflation. Your $40,000 plus $700 a month at 6% grows to about $187,491, leaving a $233,753 gap.
To reach the full $421,244, you'd need to contribute about $2,126 monthly instead of $700 — $1,426 more. That said, most families don't fully fund college from savings alone, and that's normal: a combination of savings, current income during the college years, scholarships and modest borrowing is the typical path.
College costs have historically risen faster than general inflation. At 5%, today's $60,000 becomes $97,734 by the time your child starts. That compounding is why starting early matters so much — and why using a realistic education inflation rate, rather than general inflation, keeps the target honest.
A 529 is a tax-advantaged account for education expenses. Contributions are made with after-tax money, but growth is tax-free and withdrawals are tax-free when used for qualified education costs — tuition, fees, room and board, books and equipment. Many states also offer a state income tax deduction or credit for contributions to their own plan.
The account belongs to you, not the child, so you keep control. If plans change you can switch the beneficiary to another family member, and under current rules a limited amount of leftover funds can be rolled into the beneficiary's Roth IRA subject to conditions. Non-qualified withdrawals are taxed on the growth plus a 10% penalty, so it's worth not over-funding.
Two variables dominate the projection: education inflation and your time horizon. College costs have historically risen faster than general inflation, so using a general 3% rate understates the target considerably. Being honest about that — and about whether you're targeting an in-state public school or a private one — matters more than fine-tuning the return assumption.
It's also worth deciding deliberately how much of the cost you intend to cover. Many families aim for a portion — say half — with the rest coming from income during the college years, the student's own contribution, scholarships and modest borrowing. That's a perfectly sound plan. What isn't sound is funding a 529 ahead of your own retirement: your child can borrow for college, but nobody can borrow for your retirement.
College has historically risen faster than general inflation. A 3% assumption badly understates the target.
You can borrow for college but not retirement. Secure your own plan first, then fund the 529.
A 529's power comes from years of tax-free compounding. Every year of delay shifts the burden to contributions.
Non-qualified withdrawals face tax plus a 10% penalty on growth. Aim for a portion of costs, not necessarily all.
Many states offer a deduction or credit for contributing to their own plan. Check yours before choosing an out-of-state plan.
It depends on the school type and your timeline, but a common approach is to target a portion — often half — of projected costs from savings, with the rest from income during college years, scholarships and modest loans. Enter your numbers above to see the projected cost and what monthly contribution would fully fund it.
A tax-advantaged savings account for education. Contributions are after-tax, but growth and withdrawals are completely tax-free when used for qualified education expenses. Many states also offer a tax deduction or credit for contributing to their plan. You keep control of the account and can change the beneficiary.
Far more than today. At 5% education inflation, a $28,000 annual cost becomes about $52,800 in 13 years, and four years would total over $220,000. That compounding is why starting early matters — and why using education inflation rather than general inflation keeps the target realistic.
You have options: change the beneficiary to another family member, use it for graduate school, or leave it for a future generation. Under current rules a limited amount can also be rolled into the beneficiary's Roth IRA subject to conditions. Non-qualified withdrawals are taxed on the growth plus a 10% penalty, so avoid deliberately over-funding.
Retirement, generally. Your child can borrow for college through loans, grants and scholarships; nobody can borrow for your retirement. Financial advisors almost universally recommend getting retirement saving on track — at minimum capturing any employer match — before funding a 529 aggressively.
The next calculations that usually follow this one.
Work backwards from the number you need to the monthly amount that gets you there.
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See your payoff date, total interest, and what refinancing would cost you in federal protections.
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