College Savings Calculator
Use the College Savings Calculator to learn how much you’ll need to save for your family's college education. You can tailor a plan for up to five children based on average college costs or on the actual cost of a school you choose. Each individual plan will roll up into a family summary that you can save and print.
Calculations are based on a database of annual costs for approximately 3,800 colleges and universities.* Costs are updated biannually and include estimated tuition, room and board, books and fees.
* Peterson's Undergraduate Expense Data.
Note: The total estimated amount needed for college may seem beyond the reach of many families. However, any savings amount achieved for college equates to that much less needing to be borrowed (and repaid with interest).
Additional Resources: Families can calculate the Expected Family Contribution (EFC) by using the College Board's EFC Calculator. The EFC provides an estimate of how much a family might be expected to contribute to the cost of college, along with possible eligibility for federal aid. The EFC should be considered when establishing college savings goals.
SMART529 is a program of the West Virginia College Prepaid Tuition and Savings Program Board of Trustees and is administered by Hartford Life Insurance Company.
West Virginia provides its residents with tax advantages for investing in SMART529. If you reside in or have taxable income in a state other than West Virginia, you should consider whether your state has a qualified tuition program that offers favorable state income tax or other benefits exclusive to your state's program that are not available under the SMART529 program.
Non-qualified withdrawals are taxable as ordinary income to the extent of earnings and may also be subject to a 10% federal income tax penalty. Such withdrawals may have state income tax implications.
Investments in SMART529 are not guaranteed or insured by the State of West Virginia, the Board of Trustees of the West Virginia College Prepaid Tuition and Savings Program, the West Virginia State Treasurer's Office, Hartford Life Insurance Company, The Hartford Financial Services Group, Inc., the investment sub-advisors for the Underlying Funds or any depository institution. Investments in SMART529 are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors.
This information is written in connection with the promotion or marketing of the matter(s) addressed in this material. The information cannot be used or relied upon for the purpose of avoiding IRS penalties. These materials are not intended to provide tax, accounting or legal advice. As with all matters of a tax or legal nature, you should consult your own tax or legal counsel for advice.
You should carefully consider the investment objectives, risks and charges and expenses of SMART529 and its Underlying Funds before investing. This and other information can be found in the Offering Statement for SMART529 and the prospectuses or other disclosure documents for the Underlying Funds, which can be obtained on this website or by calling toll-free (866) 574-3542. Please read them carefully before you invest or send money. SMART529 is distributed by Hartford Securities Distribution Company Inc. Member SIPC.
Investments in SMART529 are subject to certain charges, which will reduce the value of your Account as they are incurred. Please see the Offering Statement for details of charges or fees that apply to the specific SMART529 savings plan.
Investments in 529 plans are subject to investment risks, including the loss of the principal amount invested, and may not be appropriate for all investors.
"The Hartford" is The Hartford Financial Services Group, Inc. and its subsidiaries.
Data Source: Peterson's Undergraduate Database, 6/2012. All rights reserved.