College Savings Calculator
Project your college savings growth and see whether you're on track to reach your goal by the time your child starts school.
Projected savings
$73,045.05
What Your Result Means
Projected savings shows what your current balance plus ongoing contributions will grow to by your target date, assuming your expected rate of return. Comparing that to your goal tells you whether you're on track or need to save more.
How It Is Calculated
Each month: Balance = Balance × (1 + monthly return) + Monthly Contribution
Worked Example
Starting with $10,000, contributing $250/month, earning 6% annually for 12 years, projects to about $75,600 - a shortfall of roughly $24,400 against a $100,000 goal.
Important Assumptions
- Assumes a constant monthly contribution and constant rate of return - actual investment returns vary year to year.
- Doesn't account for tax advantages of 529 plans or other education savings accounts.
Frequently Asked Questions
- What return rate should I use?
- A common assumption for a diversified investment portfolio is 5-7% annually over the long term, though this isn't guaranteed and actual returns vary.
- What if I'm not on track?
- Consider increasing your monthly contribution, extending your timeline if possible, or adjusting your goal amount to reflect a realistic college budget (in-state public vs. private, for example).
Related Calculators
Methodology
This calculator uses standard compound growth projections. See our methodology page for details.
This calculator provides estimates for educational purposes only. Actual rates, taxes, insurance, fees, and lender terms may differ. It does not constitute financial advice - consult a qualified financial professional before making financial decisions.