What will it take to save for a college education?
Share current LOB: personal-banking
Calculate the future cost of college based on annual increases in college tuition. See how monthly saving can help you reach your goal for both taxable and tax-advantaged accounts. (To simulate saving with a tax-advtanged account, like a 529 College Savings Account, enter a zero in the fields for federal and state income tax rates.)
Need help covering college expenses? Get more resources on paying for college with this step-by-step guide.
Information and these calculators are made available by one or more third party service providers. All examples are hypothetical and are for illustrative purposes. SunTrust Bank and its affiliates do not provide legal or tax advice. Information provided and these calculators are not intended to offer any tax, legal, financial or investment advice. SunTrust cannot guarantee that the information provided or the calculators are accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. SunTrust makes no warranties with regard to these calculators or the results obtained by their use. SunTrust disclaims any liability arising out of your use of, or any tax position taken in reliance on, these calculators. Always consult an attorney or tax professional regarding your specific legal or tax situation.
In 2016, nearly seven out of every 10 graduating seniors needed to borrow for their educations and are on average saddled with in excess of $37,000 of student debt as they enter the workforce. Not only does this emerging “debt crisis” place an immediate heavy burden on the shoulders of new graduates, it can have an adverse long-term impact on both the individual and the economy.