"What will it take to save for a college education?" calculates different combinations to save a lump-sum amount to pay college tuition bill for a child or someone else. The calculator calculates the future cost of tuition based on the inflation rate that you designate.
You designate how much you currently have saved towards your goal, monthly savings amount, number of years you expect to save and savings interest rate.
Because you enter income tax rates, the calculator assumes you save with a taxable account. If you want to simulate saving with a tax-advantaged account, enter a zero in the fields for federal and state income tax rates.
Tax-advantaged accounts to save for college tuition and other expenses include Section 529 plans and Coverdell education savings accounts (formerly called education IRAs).