The go-to source for information about saving for college has been the aptly named Savingforcollege.com web site. But Morningstar is giving that site a run for its money with a new analysis of the best and worst 529 plans, along with a comprehensive set of articles about the pros and cons of such plans and all of the other options for college savings.
To estimate how much to save for college, my favorite online calculator is still the one on Savingforcollege.com. On the site’s home page, look for “World’s Simplest College Calculator.” Don’t be alarmed by the initial figures it comes up with. Where it tells you the current cost of the college your child will attend, click on the “Help” link and you’ll be able to find out the current costs at specific schools and also the average financial aid received by students at those schools. Then you can adjust the current cost figure and other assumptions to make the estimates more accurate and probably less daunting.