College Savings Calculator
See how much you need to save, whether you're on track, and which account type makes the most sense for your family.
Are you saving enough for college?
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- Contributions grow tax-free when used for qualified education expenses
- Many states offer a state income tax deduction on contributions
- Can be used for tuition, room & board, books, and K-12 expenses (up to $10k/yr)
- Unused funds can be rolled to a Roth IRA (up to $35k lifetime, after 15 years)
- Counts as a parental asset on FAFSA — lower financial aid impact than student assets
- No contribution limits and no restrictions on how funds are used
- Assets are irrevocably transferred to the child at the age of majority (18–21 depending on state)
- Investment gains are taxed at the child's rate — "kiddie tax" rules may apply
- Counts as a student asset on FAFSA, which can reduce financial aid eligibility more than parental assets
- Good option when flexibility matters more than tax efficiency
- Contributions (not earnings) can be withdrawn tax- and penalty-free at any time for any reason
- Qualified education expenses are an exception to the 10% early withdrawal penalty on earnings
- Roth IRA assets are not counted on the FAFSA — no financial aid impact
- Annual contribution limit: $7,000 in 2025 (subject to income limits)
- Best used when you want retirement savings flexibility and college savings in one account
- Proposed in the "One Big Beautiful Bill" — as of mid-2025, not yet signed into law
- Would allow parents to open tax-advantaged accounts for children under age 8
- Proposed $5,000 annual contribution limit; government seed contribution of $1,000 at birth
- Funds could be used for education, first home purchase, or business startup costs
- Invests in U.S. equities only; withdrawals for qualified expenses would be tax-free
- Contributions grow tax-free; withdrawals for qualified education expenses are tax-free
- Can be used for K-12 expenses without the $10k/yr limit that applies to 529 plans
- Annual contribution limit: $2,000 per beneficiary (income limits apply)
- Funds must be used by age 30 or transferred to another family member
- Counts as a parental asset on FAFSA — similar financial aid treatment to 529
- No contribution limits, no restrictions on use, and no penalties for non-education spending
- Investment gains are subject to capital gains tax — less tax-efficient than 529 or Roth IRA
- Counts as a parental asset on FAFSA — similar financial aid treatment to 529
- Useful when you've maxed out tax-advantaged accounts or need maximum flexibility
- Long-term capital gains rates (0%, 15%, 20%) apply to assets held over one year
Want help building your college savings strategy?
Choosing the right account type, contribution amount, and investment mix depends on your tax situation, financial aid goals, and how many years you have. I work with a small number of families each year to build plans that cover college without sacrificing retirement.
Book a Free Consultation →Results are hypothetical and for educational purposes only. They are based on user-entered assumptions and do not represent actual investment performance. This tool does not provide personalized investment, tax, or legal advice. Projections assume consistent contributions and returns; actual results will vary. College cost estimates are sourced from educationdata.org and are updated periodically. Scott Brooks' perspective is based on widely referenced industry benchmarks and professional planning standards — every financial situation is different, and a real conversation is always the right next step. Consult a qualified financial professional before making financial decisions. Brooks Wealth Management LLC (BWM) is a registered investment adviser in the State of California and other jurisdictions where exempt.