College Savings Estimator—a tool for you and your clients

my529 offers a free college planning tool that may be useful to you and your clients.

The College Savings Estimator at my529.org can help lessen some of the guesswork for clients as they prepare for what’s ahead.

An engagement tool for clients and advisors

Introducing the estimator to clients could spark a conversation about college savings, or allow a moment to reconnect, evaluate and understand their investment goals.

A few ideas to guide conversation:

  • What are you trying to help clients achieve?
  • Are they looking at investing for the full cost of the degree or certificate, or are they working toward specific costs like tuition or room and board?
  • What sort of school might the beneficiary attend? The answer can help direct planning, with the understanding that the answer is also subject to change. Below, you’ll see how the estimator can help facilitate this effort.

How to use the estimator

The estimator is simple to use. Begin with a few details—beneficiary’s grade, home state, current savings, and monthly contribution toward college savings—and then select the type of school the student may attend. Look at public or private, in-state or out-of-state, two-year college or university options, or search by school name.

Are your clients trying to save for all expenses? Or are they saving for tuition, books, or room and board? The estimator allows users to save each scenario and explore different possibilities as they change the variables, such as rate of inflation, rate of return or monthly contributions.

The tool visually shows how savings stretch over the course of the student’s studies. It will illustrate costs that may be paid by financial aid, scholarships, loans or student employment. What’s left over is the shortfall in covering expenses. Your client can alter their savings strategy to make up the difference.

Other possible topics for client conversations

If your clients haven’t set up automatic contributions to their my529 account, consider recommending they do. In addition, with your limited power of attorney access of Level 2 or higher, you can set up contributions on their behalf.

You could also invite them to enroll in the my529 Gift Program so family and friends can easily and securely support their savings efforts. Learn more about new gift functionality for advisors.

A college savings resource for anyone

The College Savings Estimator is available to anyone who visits my529.org. Account ownership is not required. Feel free to share the link with anyone who may be interested.

The estimator is provided by a third party—Invite Education is not related to my529. my529 does not transmit or share information with Invite Education. my529 is not responsible for and has no control over the content of the third-party website.