Tips to Jump-Start Saving for Your Child's College Education
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Make it a habit. Save regularly. If possible, look to put money aside from every paycheck to save for college.
Open an account dedicated to college savings. While any savings account can be used to save for college, a CHET 529 direct-sold college savings account carries many benefits for Connecticut residents. A CHET 529 account can be opened with as little as a $25 contribution and is the state’s only direct-sold 529 college savings plan. Account earnings grow federal and Connecticut income tax-deferred until withdrawn. Learn more about opening a CHET 529 college savings plan.
Make it a family affair. Encourage family members to contribute to your child’s college savings account. Contributions make great birthday, holiday, and graduation gifts. The CHET 529 college savings plan makes it easy for family and friends to contribute online.
The CHET direct-sold 529 college savings plan was established in 1997 and as of Feb. 28, 2013 has grown to more than $1.8 billion in assets and more than 85,800 individual accounts. Connecticut State Treasurer Denise L. Nappier serves as Trustee of CHET. The plan manager is TIAA-CREF Tuition Financing Inc. For more information about CHET, visit aboutchet.com or call the customer service center at (866) 314-3939.