How much should I save per month for college?

For a child born today targeting a $35,000/yr school in 18 years: at 5% tuition inflation, that's ~$84,000/yr. Total 4-year cost: ~$380,000. Saving $600/month in a 529 at 7% return nets ~$257,000 — covering most costs. Start early: the same $600/month started 5 years later yields only $150,000.

A 529 education savings plan offers tax-free growth and withdrawals for qualified education expenses (tuition, room, board, books). Contributions up to ~$18,000/year (2024 gift exclusion) per person. Some states offer tax deductions on contributions. 529 funds can also be used for K-12 ($10,000/yr) and trade schools.

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