How much should I save for college?

A common rule: aim to save one-third of projected college costs via savings (529), expecting one-third from income/cash flow during college years, and one-third from scholarships/loans/work. For public university, saving $150–300/month from birth typically funds a significant portion.

Is it too late to start a 529 if my child is already 10?

Not at all. You have 8 years, which is meaningful compound time. Even starting at 15, contributions during high school and college grow tax-free. Focus on aggressive contributions rather than investment growth at that stage. Some families use 529s for graduate school too.

What if my child doesn't go to college?

As of 2024, unused 529 funds can be: transferred to another family member, held for future education (including graduate school), used for K-12 private school tuition (up to $10K/year), used for apprenticeships, or rolled into a Roth IRA (up to $35K lifetime after 15 years of account existence).

Does a 529 plan affect financial aid?

Yes, but minimally. Parent-owned 529s are assessed at 5.64% for FAFSA purposes (vs. 20% for student assets). Grandparent-owned 529s were previously counted as student income at 50% but new FAFSA rules (2024) no longer count them in the first two years.

Child Education Calculator — 529 Savings Projection | KalkWise

By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the child education calculator — 529 savings projection?

In short

Average 4-year public university tuition runs ~$11,260/year today (2024), rising about 4% annually. A child born today faces ~$97,000 for public college in 18 years. Starting a 529 with $200/month at 7% return would accumulate ~$95,000 — nearly covering the cost. Private college ($41,540/year today) requires ~$355,000 projected.

Projects the future cost of college education based on tuition inflation, then calculates how much you need to save monthly in a 529 plan to fully fund it.

How to use this calculator

1Enter current annual tuition (use $11,260 for public, $41,540 for private as 2024 defaults).
2Enter your child's current age.
3Enter tuition inflation rate (historically 4–5% annually).
4Enter monthly 529 contribution and expected investment return.
5Enter existing 529 balance if you've already started saving.

The formula

future tuition=T×(1+i)^years

savings=existing×(1+r)^y+PMT compounded

Future Tuition = T × (1+i)^y; Total Cost = 4-year sum; Savings = Existing × (1+r)^y + Monthly contributions compounded

T: — Current annual tuition
i: — Tuition inflation rate
y: — Years until college
r: — Investment return rate

Worked example

The scenario

$12,000/year tuition, 5-year-old child, 4% inflation, $300/month, 7% return, $5,000 existing savings.

gives

The result

Projected 4-year cost = $108,345 (at age 18). Projected savings = $103,228. Funding gap = $5,117.

Common use cases

Set a monthly 529 savings target for your child's college.
Compare cost of in-state public vs. out-of-state vs. private college.
Determine the impact of starting college savings early vs. late.
Plan for multiple children's education costs.

Limitations & assumptions

Tuition inflation has exceeded general inflation — 4–5% is the historical average but varies.
Merit scholarships, need-based aid, and work-study could reduce actual costs significantly.
529 plans have state-specific tax benefits — check your state's plan before investing.
Community college or trade school paths cost far less and aren't modeled here.

Frequently asked questions

A 529 is a tax-advantaged savings account for education. Contributions grow tax-free; withdrawals for qualified education expenses (tuition, room, board, books, computers) are also tax-free. Many states offer a deduction for contributions. Unused funds can be transferred to siblings or rolled to a Roth IRA (up to $35K lifetime, as of 2024).

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.

529 Education Savings