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College Savings 529 Plan

Plan for college costs with compound growth projections and required monthly savings calculations.

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Wann dieses Rezept verwenden

Start planning for college costs early. See the dramatic impact of starting early vs late and the tax advantages of 529 plans.

Schritte

1

Compound Interest Calculator

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Project future college costs

Eingabeaufforderung:Current college cost $30,000/year. With 5% annual inflation, what will 4 years cost in 18 years?
2

Calculate required monthly savings

Eingabeaufforderung:Need $243,000 in 18 years. Starting with $5,000. How much monthly at 7% average return?
3

Compound Interest Calculator

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Compare early vs late start

Eingabeaufforderung:Compare: saving $500/month for 18 years vs $1,000/month for 9 years (starting when child is 9), both at 7%
4

Tax advantage ROI

Eingabeaufforderung:Calculate the ROI of tax-free growth: $500/month for 18 years at 7% vs taxable account at 5.5% effective

Häufig gestellte Fragen

How much does college really cost?

2024 averages: Public in-state ~$11,000/year, public out-of-state ~$23,000, private ~$42,000. Including room/board: $23K, $43K, $57K respectively. Costs rise 3-5% annually.

What if my child gets a scholarship?

529 funds can be used for any qualified education expense, transferred to another family member, or withdrawn (with penalty on earnings only) for non-education use.

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