What if my child doesn’t go to college?

529 plans can be transferred to other family members or used for trade schools, apprenticeships, and (up to limits) student loan repayment. Non-qualified withdrawals face taxes and a 10% penalty on growth.

529 plan or brokerage?

529 for tax-free growth if the money is likely to be used for education. Brokerage if you want flexibility, even at the cost of paying taxes on gains.

Money & Finance · Free tool

College Savings Calculator

Project how much you'll have saved for college by the time your child enrolls. Supports 529 plans and general investment accounts.

Updated April 2026

Starting balance ($)Monthly deposit ($)Annual return (%)Years

Final balance

$122,079

You contributed

$66,800

Interest earned

$55,279

What it does

A college savings calculator for 529 plans and general investment accounts. Enter current balance, monthly contribution, and years until your child enrolls. 529 plans grow tax-free when used for qualified education expenses; general brokerage accounts grow with taxable gains but offer more flexibility.

$300/month for 18 years at 6% = $117,000. That roughly covers a four-year public in-state undergraduate education if costs grow with inflation — though costs have historically outrun general inflation. Starting as early as possible makes the biggest difference.

Example input & output

Input

Current: $2,000
Monthly: $300
Return: 6%
Years: 18

Output

Projected balance: $122,000
Total contributed: $66,800
Growth: $55,200

Raising monthly to $500 grows the final balance to roughly $198,000 — $76,000 more for $200/month extra.

How to use it

Enter the current 529 or college-savings balance.
Enter the monthly contribution.
Use 6% as a moderately conservative return (younger kids can use 7%).
Enter years until enrollment.
Compare the result to current projected college costs.

When to use this tool

Any time before college enrollment.
Annually as part of household financial review.

When not to use it

To project financial aid — separate calculation.
For private-K-12 savings (529 usage here has different rules and limits).

Common use cases

New parents planning a 529 strategy.
Grandparent contributions to existing 529s.
Comparing aggressive vs conservative saving paths.

Frequently asked questions

What if my child doesn’t go to college?: 529 plans can be transferred to other family members or used for trade schools, apprenticeships, and (up to limits) student loan repayment. Non-qualified withdrawals face taxes and a 10% penalty on growth.
529 plan or brokerage?: 529 for tax-free growth if the money is likely to be used for education. Brokerage if you want flexibility, even at the cost of paying taxes on gains.