College Savings Projector
Will your 529 be enough? What do you need to contribute to hit your goal, and what does your state's tax deduction add to the equation?
Child & College Details
$
$
529 Plan
$
$
%
%
State Tax Benefit
%
%
Projected 529 Balance at College Start
$76,827
in 10 years
Total Projected Cost (4 yrs, inflation-adjusted)
$189,560
no aid applied
Funding Gap
$112,733
41% funded, behind
Required Monthly Contribution to Fully Fund
$956
you're contributing $300/mo
Funding status:40.5% funded (behind)
Projected vs. Required
Your Projection
Years to college
10 yrs
Projected 529 balance
$76,827
Total cost (inflation-adj)
$189,560
After financial aid
$189,560
Funding gap
$112,733
To Fully Fund
Required monthly
$956
Current monthly
$300
Monthly shortfall
$656
Annual state tax savings
$0
Lifetime state tax savings
$0
529 Balance Projection Year by Year
| Year | Child Age | Annual Contribution | 529 Balance |
|---|---|---|---|
| 1 | 9 | $3,600 | $16,692 |
| 2 | 10 | $3,600 | $21,712 |
| 3 | 11 | $3,600 | $27,084 |
| 4 | 12 | $3,600 | $32,832 |
| 5 | 13 | $3,600 | $38,982 |
| 6 | 14 | $3,600 | $45,563 |
| 7 | 15 | $3,600 | $52,605 |
| 8 | 16 | $3,600 | $60,139 |
| 9 | 17 | $3,600 | $68,201 |
| 10 | 18 | $3,600 | $76,827 |
| 11 | 18 (college yr 1) | -$43,980 | 0 (withdrawal) |
| 12 | 19 (college yr 2) | -$46,179 | 0 (withdrawal) |
| 13 | 20 (college yr 3) | -$48,488 | 0 (withdrawal) |
| 14 | 21 (college yr 4) | -$50,913 | 0 (withdrawal) |
529 plans cover more than tuition. Room, board, books, and even K-12 tuition (up to $10,000/yr) qualify for tax-free withdrawals. Starting early matters more than starting with a lot.