What investments can I use to save for college?
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Modified adjusted gross income (MAGI)
Periodic savings
Saving frequency
What is your filing status?

This tool explains some of the options you have to save for college based on your income, tax filing status, and intended savings. Options may include tax-advantaged accounts like Section 529 plans and Coverdell ESAs.

UGMA/UTMA accounts: Custodial accounts with limited tax advantages that are used for giving to a child or other beneficiary under the age of 18 or 21. UGMA stands for Uniform Gifts to Minors Act and UTMA is an acronym for Uniform Transfers to Minors Act.
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.
Coverdell education savings account (ESA): A tax-advantaged investment account designed to encourage savings to cover future elementary, secondary or college education expenses.
Tax filing status: A category closely tied to marital status that defines the type of tax return form an individual will use.
Modified adjusted gross income (MAGI): A measure of income used to determine how much of a tax-deductible contribution you may make to a traditional IRA or nondeductible contribution to a Roth IRA.
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.
Saving frequency: How often that you estimate you will be able to contribute to a Section 529 plan, Coverdell education savings account or other tax-advantaged account for future college expenses.
Qualified tuition plan (QTP): A qualified tuition plan (QTP) is also called a Section 529 plan after the section of tax code that governs it. Qualified tuition plans include prepaid tuition plans and college savings plans. Currently, qualified tuition plans are state-sponsored savings plans for college expenses of a child, grandchild or other dependent. The 2001 tax law expands their benefits by allowing tax-exempt distributions to pay for qualified higher education expenses. State-sponsored plans may also offer exemptions from state income taxes. Check with your plan administrator.
Leadfusion CALCULATORS: College Planning Email Results

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The calculators are provided by a third party service provider, Leadfusion, Inc. The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed by Northwestern Mutual. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Northwestern Mutual, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

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