FAIRFIELD COUNTY, Conn. – Gov. Dannel P. Malloy and State Treasurer Denise L. Nappier recently announced the launch of the CHET Baby Scholars Program, which aims to help families create college-savings funds for newborn or recently adopted children.
“Studies have shown that children with a college savings account, of any amount, are seven times more likely to attend and graduate from college than those with no account,” said Malloy in a press release. “By encouraging hardworking families to save for college right from the start, this program in addition to investments in the Connecticut State College and university system will help us build a future where all of our students have access to high-quality educational opportunities.”
CHET Baby Scholars will deposit $100 into a CHET account for children born or adopted on or after Jan.1, 2014. A second deposit of $150 will be made to a child’s CHET account if family and friends add at least $150 to that child’s CHET account within four years of enrollment. The deadline to participate is 12 months after the child’s birth or adoption.
The new program will give Connecticut tax payers the option to direct a portion of their tax refund either to the CHET Baby Scholars Fund or to individual CHET accounts. The new initiative also excludes the value of a CHET account in determining financial aid at state colleges and universities as well as from consideration of other state-funded, means-tested programs, according to a press release.
Parents can apply to open a CHET account and complete an enrollment form by clicking here.