T. Rowe Prices calculator indicates that parents of child born today would need to save $846 each month over the next 18 years to put that child through private college. With The College Board estimating that the average cost for four years at a public college will reach $118,800 by 2020, T. Rowe Prices 529 calculator indicates that parents would need to save $313 a month to put a child born today through a public college by 2020.
The calculator can also project future costs at specific schools and can account for expected financial aid.
"Saving for college is a primary goal for a large number of American families. Parents need help calculating how much they need to save," said Todd Cleary, head of financial planning for T. Rowe Price.
