What will it take to save for a college education?

Tuition and expenses in today's dollars
$
Years of college
Years until college
College savings to date
$
Amount you can save monthly
$
Your savings rate
%
Inflation rate
%
Your federal tax rate
%
Your state tax rate
%
Lump-sum investments: A lump-sum investment is an investment that you make to open an investment or savings account. It is used to jump-start an investment or savings account. Possible sources of lump-sum investments include inheritances, lump-sum distributions from retirement plans, and proceeds from a life insurance policy.
Section 529 plans: A special tax-advantaged plan, operated by a state government or an educational institution, used to save for the college education of a child, grandchild, or other dependent.
Inflation rate: The yearly percentage increase in prices. The annual inflation rate in the U.S. has averaged about 2-3% in the last 10 years.
Taxable account: An account that does not receive the tax breaks that either a tax-exempt account or tax-deferred account are eligible to receive.
Inflation: A general increase in prices that you pay for goods and services, stated as a yearly rate.
Savings interest rate: The yearly interest rate you earn on your savings.
Tax-advantaged account: An investment account with tax-deferred or tax-exempt features that are used to save for retirement, college, and other educational expenses.
Coverdell education savings account (ESA): A tax-advantaged investment account designed to encourage savings to cover future elementary, secondary or college education expenses.