College Cost Calculator — 529 Savings & Tuition Projection (College Board Data)

The College Board published tuition & fees figures are averages that include mandatory charges. Room & board is estimated separately and added when you toggle the option on. These are "sticker prices" — actual net prices are often lower after financial aid, grants, and scholarships. For your specific situation, use the Net Price Calculator at each school's website or visit collegecost.ed.gov.

College tuition inflation has averaged about 5% annually over the past 20 years, but the rate varies significantly by institution type. Public 4-year in-state tuition has risen faster (6–7% in some periods) while private tuition has risen more slowly (3–4%). A 5% assumption is reasonable for long-term planning. For a conservative estimate, use 6%. For an optimistic estimate, use 4%. You can also run multiple scenarios to see a range of possible outcomes.

529 plans offer tax-free growth and tax-free withdrawals for qualified education expenses. Many states also offer a state income tax deduction for contributions. The main trade-off is that 529 funds must be used for education (with a 10% penalty on non-qualified earnings withdrawals). If you're confident the money will fund education, a 529 is almost always the better choice. Coverdell ESAs are another option with more investment flexibility but lower contribution limits ($2,000/year).

The best time to start is now. Because of compound growth, starting early dramatically reduces the monthly amount needed. For example, saving for a newborn requires roughly half the monthly contribution needed if you start when the child is age 10 — even though you're saving for fewer years, the longer compounding window on the earlier savings makes a massive difference. The calculator shows exactly how much you need to save monthly to close any funding gap.

These projections are estimates based on historical averages and your assumptions. Actual costs will vary based on the specific institution, financial aid received, scholarships, and actual inflation rates. We recommend treating this as a planning tool and revisiting your projections annually. The "Data Source" result links to collegecost.ed.gov for official net price data from specific schools. Always use official net price calculators on individual college websites before making financial decisions.