Fit Finance Academy
Fit Finance Academy

College Savings Calculator

See if you're on pace to cover college, and understand the real options for where to put the money.

$
$
$
A 4-year in-state public degree runs around $120,000 all-in as of July 2026, private or out-of-state often runs $220,000+. These costs rise over time, adjust to fit your situation.

The College Savings Calculator is an educational estimate from Fit Finance Academy, not personalized financial, tax, investment, or legal advice. It assumes a 6% average annual return and does not account for financial aid, scholarships, or college cost inflation beyond your own estimate. This is a starting point for conversation, not a guarantee, and it's not a substitute for advice from a qualified financial, tax, or legal professional.

Your projected savings Your target cost
Status
Text
Projected savings
$0
Target cost
$0

Want help closing the gap, or picking the right account?

A Financial Reset Call is where we look at your real numbers together and figure out what actually fits your family.

Book a Financial Reset Call

The College Savings Calculator is an educational estimate from Fit Finance Academy, not personalized financial, tax, investment, or legal advice. It assumes a 6% average annual return and does not account for financial aid, scholarships, or college cost inflation beyond your own estimate. This is a starting point for conversation, not a guarantee, and it's not a substitute for advice from a qualified financial, tax, or legal professional.

529 Plan
What it isA state-sponsored investment account built specifically for education costs. Growth is tax-free, and withdrawals are tax-free when used for qualified education expenses.
Best forMost families saving specifically for college, since it's purpose-built for education and often comes with a state tax deduction on contributions, depending on your state.
Trade-offNon-qualified withdrawals face income tax plus a 10% penalty on earnings. Under SECURE 2.0, up to $35,000 (as of July 2026, this lifetime limit is set by law and could change) in unused funds can now be rolled into a Roth IRA for the beneficiary over time, so leftover funds aren't as locked in as they used to be.
Indexed Universal Life (IUL)
What it isA permanent life insurance policy with cash value growth linked to a market index, subject to a cap and a floor. The cash value isn't locked to education, families can use it for other major goals later too, like a vehicle, a home down payment, or a business, not just college.
Best forFamilies who also want permanent life insurance coverage in place and like having flexible access to cash value for more than one goal, alongside that coverage.
Trade-offIt isn't purpose-built for education like a 529, and it carries insurance costs a 529 doesn't have. Given enough time, cash value can potentially grow to more than what was paid in, though that isn't guaranteed. How you access it later affects whether it's taxed, worth walking through on a call.
Custodial Account (UTMA/UGMA)
What it isA brokerage account opened in the child's name that an adult manages until they reach adulthood, with no restriction on how the money is eventually used.
Best forFamilies who want flexibility, the money can go toward anything, not just education, if plans change.
Trade-offNo special tax advantages like a 529, and the account legally becomes the child's own money at the age of majority, they can use it however they want, whether or not that's what you intended.
So which one is right for you?

If college is the only goal, a 529 is usually the most direct, tax-efficient tool built for exactly that purpose. IUL can make sense if you're also looking for permanent life insurance and like having flexible access to cash value for more than one goal. A custodial account fits families who'd rather keep things flexible than lock funds to education specifically. The right mix depends on your full picture.

Not sure which fits your family?

A Financial Reset Call is where we talk through your actual goals and figure out what genuinely makes sense.

Book a Financial Reset Call

This comparison is general education about how these savings vehicles commonly work, not a recommendation of any specific product, carrier, or company. Product features, costs, and availability vary by carrier and state, and 529 tax benefits vary by state. Johnny is a licensed life insurance agent, and any specific recommendation would come through a full conversation about your goals, not this page. This is not financial, tax, or legal advice.