Learn How To Start Your Child’s College Fund With CHET
This post was sponsored on behalf of Connecticut Higher Education Trust (CHET). All opinions stated are my own.
Three children means three times the smiles, three times the fun, and three times the love .. but it also means college for three! With college tuition increasing more and more each year, my husband and I are constantly thinking about the cost of college education for our crew. While college may still be 13, 16, and 17 years away.. in the blink of an eye we’ll be getting our oldest ready to head to the dorms, which makes it so very important to start saving NOW. Putting money in a piggy bank is a great way to start but pretty ineffective if you’re hoping to have college paid for by the time the big day comes. Luckily, as a resident in the State of Connecticut, we have Connecticut’s 529 college savings plan, CHET- the Connecticut Higher Education Trust.
What is CHET?
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- CHET works like a Roth Retirement account, your contributions grow tax free along the way, and are tax-free when you use the money for college.
Why CHET?
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- There is a CT state tax deduction on the contributions you make to CHET each year, up to $10K for joint filers and $5K for single filers for CT taxpayers.
- Money saved with CHET can be used an accredited college or university in the country, and some abroad.
- CHET funds can be used for wide variety of college costs, tuition, room & board, computer, any supplies required by the school, etc.
- If you don’t use the savings (for example if your child gets a scholarship) you can roll the money to another child.
- CHET is managed by TIAA-CREF Tuition Financing. Inc., a national college savings plan leader that manages ten state-sponsored 529 plans across the country. CHET is offered through the Office of Connecticut State Treasurer Denise L. Nappier.
We’re celebrating 5/29 Day with CHET! All throughout the month of May CHET is offering a chance to enter to win one of three prizes. Grand prize is a $1,529 CHET contribution, two runner-up prizes of a $529 CHET contribution. Enter at https://www.aboutchet.com/buzz/529day.shtml
Starting a CHET account for your new baby is now easier than ever with CHET BABY SCHOLARS! The state of Connecticut wants every child to be able to go to college. Every child born in Connecticut is eligible to receive up to $250 in CHET contributions to get their college savings started. *The account must be opened within the child’s first year to participate. Start your CHET Baby Scholar today by visiting https://www.aboutchet.com/babyscholars/
Visit https://www.aboutchet.com/ for more information on CHET and to get your account started today!!
