529 Plan Calculator — How Much to Save for College
Free 529 plan calculator. Project college savings growth with tax-free earnings and estimate monthly contributions needed to fund your child's education.
A 529 plan is one of the most powerful education savings tools in America. Contributions grow completely tax-free when used for qualified education expenses including tuition room board books and even K-12 private school (up to $10000/year). Many states also offer state income tax deductions on contributions making the effective return even higher. Starting early is critical because tuition inflation runs 5-8% annually far outpacing general inflation.
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Key Information
| Parameter | Details |
|---|---|
| Annual Tuition (Public In-State) | $11,260 average (2026) |
| Annual Tuition (Private) | $43,350 average (2026) |
| Tax Benefit | 100% tax-free growth for education |
| Contribution Limit | $18,000/year gift tax exclusion (per parent) |
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Use Calculator NowFrequently Asked Questions
How much should I save monthly in a 529?
For a public university costing approximately $100000 total in 18 years starting at birth you need to save about $280/month at 7% returns. For a private university costing $250000 you need approximately $700/month. Starting when your child is 5 doubles the required monthly amount. Even $100/month from birth grows to approximately $38000 by age 18.
Can 529 funds be used for graduate school?
Yes 529 funds cover all qualified higher education expenses including graduate school law school medical school MBA programs and vocational schools. Qualified expenses include tuition fees room and board (for students enrolled at least half-time) books supplies equipment and computers. Unused funds can also be rolled over to a Roth IRA (up to $35000 lifetime limit since 2024).
What happens to unused 529 funds?
You have several options: change the beneficiary to another family member (sibling parent cousin) use it for your own education save it for future grandchildren or roll up to $35000 into a Roth IRA for the beneficiary. Withdrawals for non-education purposes face income tax plus a 10% penalty on the earnings portion only not on your original contributions.
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Last updated: 24 March 2026