Estimate how much to save for education costs
Enter the child's current age, college start age, current college cost, expected inflation rate, current savings, and monthly contribution. Click Calculate to see projected college costs and whether your savings are on track.
Key Output — This is the primary number the calculator returns. It represents the answer to the question you asked, calculated using standard financial formulas.
Breakdown Details — These supporting numbers show you how the result was reached. They help you understand what's driving the outcome and where you might adjust your inputs.
What to Look For — Pay attention to how small changes in inputs affect the outputs. The relationship between your inputs and results is where the real insight lives — that's what helps you make better decisions.
Every calculation uses standard financial math — the same formulas banks, lenders, and investment platforms use. The inputs you provide determine the accuracy of the result.
Priya just had her first child, Maya, and wants to start saving for college. She has $200 per month she can set aside, and she's unsure whether to start with a small amount or wait until she can afford more. She enters Maya's age as 0, a monthly savings of $200, and assumes a 6% annual return over 18 years.
"I thought $200 wouldn't make a dent, but seeing how it grows over 18 years surprised me. Maybe I can bump it up to $250 after my next raise."
Takeaway: Starting early with a realistic amount beats waiting to save a bigger number later.
Marcus and Jenna have two kids, ages 10 and 12, and haven't saved a dime for college yet. They can afford $800 per month combined but know time is tight. They want to see if they should prioritize the older child or split contributions. They enter the older child's details first: current age 12, $400/month (half their total), 5% return.
"I was hoping the calculator would show a magic number, but it's honest. We either need to save way more per month or adjust expectations for what we'll cover."
Takeaway: When starting late, your monthly savings amount matters more than the return rate.
Donna wants to help her grandson, age 3, with college costs. She has a lump sum of $25,000 from an inheritance and wonders if investing it in a 529 for 15 years is worth it compared to just giving cash later. She enters $25,000 current savings, $100/month additional, and a 7% return assumption for a longer growth window.
"I figured the compound growth would be decent, but I didn't expect $25,000 to become over $100,000. That's half of a private college tuition right there."
Takeaway: A one-time gift early in a child's life can have an outsized impact, especially when invested tax-advantaged.
See how different inputs affect the result:
| Scenario | Key Input | Result A | Result B |
|---|---|---|---|
| Priya (age 0, 6%) | $200/mo vs $300/mo | $80,000 | $120,000 |
| Marcus/Jenna (age 12, 5%) | $400/mo vs $800/mo | $35,000 | $70,000 |
| Donna (age 3, 7%) | $0 vs $25,000 lump sum | $31,000 | $115,000 |
| All scenarios | 5% vs 8% return rate | Lower final total | ~40-60% higher |
The comparison shows that starting age and lump sums have a bigger impact on outcomes than monthly savings alone. Return rate matters, but only after you've committed to consistent funding.
Disclaimer: All calculations and scenarios are hypothetical and for illustrative purposes only. They assume constant conditions — real-world results may vary. These calculators are educational tools, not financial advice. Consult a qualified professional before making financial decisions.