College Savings Planner
 

Get personalized insight into how a tax-favored savings option, such as a 529 College Savings Plan, can help you save for college. Input your college funding goals, examine your total projected costs and estimate the monthly amount you need to save to meet your objective.


 
 
 

This hypothetical example is for illustrative purposes only
Estimated total education cost*
Amount to be funded
Based on current savings,
amount you'll cover
You'll need to save

Information and interactive calculators are provided by Wealth Management Systems Inc. (not affiliated with Legg Mason) and are made available to you as self-help tools for your independent use. Legg Mason and its affiliates cannot and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Annual College Cost
X
The College Savings Planner uses an estimate of the cost of one year of college in today’s dollars along with the Education Cost Inflation input to estimate future college costs. A national average cost or the cost for a specific school (comprehensive costs with tuition & mandatory fees plus room & board or tuition and mandatory fees only) can be selected from the select “College Search” function, or a customized college cost amount can be entered.
Annual rate of return
X
The College Savings Planner uses the specified hypothetical fixed average annual rate of return to estimate hypothetical earnings on education savings.
% of cost funded by you
X
The College Savings Planner takes into account a designated percentage of college cost to be funded by savings. Most families do not save the entire amount, but use student employment, education loans and financial aid to meet a portion of college costs.
Education cost inflation rate
X
The College Savings Planner uses the education cost inflation rate to estimate future college costs. The college cost inflation rate has tended to be higher than general inflation. On average, college costs have historically increased by between approximately 5% and 7% per year.