College Savings Calculator

I want to figure out how much I need to save each month so I can cover my child's college costs without taking on excessive student loan debt.

My child is currently [CHILD_AGE:number:0-17] years old and I expect them to start college at age 18. The type of college I am planning for is [COLLEGE_TYPE:select:in-state public university,out-of-state public university,private university,community college then transfer to a 4-year school,not sure so show me all options].

I currently have [CURRENT_SAVINGS] saved specifically for this child's education. I can realistically contribute [MONTHLY_CONTRIBUTION] per month toward college savings right now.

My preferred savings vehicle is [SAVINGS_VEHICLE:select:529 college savings plan,Coverdell Education Savings Account,custodial account UGMA/UTMA (Uniform Gifts/Transfers to Minors Act),regular brokerage account,high-yield savings account,not sure which is best for my situation]. For investment returns within that account I expect [EXPECTED_RETURN:select:conservative around 5%,moderate around 7%,aggressive around 9%,not sure so use a moderate estimate].

I anticipate my child may receive [FINANCIAL_AID:select:no scholarships or financial aid,some merit scholarships covering about 25% of tuition,significant aid covering about 50% of costs,substantial aid or scholarships covering 75% or more,too early to predict so plan for full cost] to help offset expenses.

I plan to cover [COVERAGE_GOAL:select:100% of total college costs,tuition and fees only with student covering room and board,75% with the student contributing the rest through work or loans,50% as a shared responsibility with my child,whatever my savings can realistically reach] of the total expense.

Any additional context about my situation that might affect the plan: [ADDITIONAL_CONTEXT?] (for example multiple children to save for, expecting an inheritance, state tax deduction available for 529 contributions, or plans for the child to attend graduate school).

Calculate the projected total cost of attendance for four years at my selected college type, accounting for tuition inflation of roughly 5% per year from today until my child enrolls. Show what my current savings plus monthly contributions will grow to by enrollment assuming the selected return rate. Identify the funding gap between projected costs and projected savings, then show me exactly what monthly contribution would close that gap completely. Compare at least two savings vehicle options side by side, highlighting tax advantages, contribution limits, flexibility, and impact on financial aid eligibility. Provide a year-by-year savings projection table showing contributions, growth, and running balance. If my goal appears unrealistic given my current contribution level, suggest a phased approach where I increase contributions over time as income grows. Finish with three to five specific action steps I should take in the next 30 days to get started or optimize my current plan.