College Savings: $120K Goal, $15K Saved, $500/Month for 10 Years
Starting with $15,000 and saving $500 per month at 6% return over 10 years projects to approximately $97,000 toward a $120,000 college savings target.
How to use this tool
- Enter college savings goal, current savings, monthly contribution, expected annual return and years until enrollment in the fields above.
- Results update instantly as you type — or click Calculate.
- Read your projected balance at enrollment and the full breakdown beneath it.
See how close a $15,000 starting balance and $500 monthly contributions can get you to a $120,000 college fund in 10 years.
Frequently asked questions
- What is a 529 plan?
- A 529 is a tax-advantaged savings plan for education expenses. Contributions are after-tax but growth and qualified withdrawals are federal tax-free.
- What if I overshoot my goal?
- 529 funds can be rolled to a Roth IRA (lifetime limit applies) or used for another family member's education costs.