Connecticut 529 College Savings Plans
About: The Connecticut Higher Education Trust (CHET) is a state-sponsored, tax-advantaged 529 college savings plan that’s helping families and individuals plan for the cost of higher education. It’s available to any citizen or tax payer. And just about anyone can help contribute including Grandparents, other family members and friends. The Connecticut Higher Education Trust (CHET) features three age-based options along with eight static investment options.
Phone #: 1-888-799-2438
Investment Options: CHET is administrated by the State of Connecticut, acting by and through the Connecticut 529 College Savings Board. There are three age-based options, the Moderate Managed Allocation Option, Conservative Managed Allocation Option and the Aggressive Managed Allocation Option, are offered, each containing 6 portfolios of underlying mutual funds. Four static blend and five individual options are offered plus the Principal Plus Interest Option, and the Money Market Option. The Direct Plan Manager is TIAA-CREF Tuition Financing Incorporated and manage along with BlackRock, Harding Loevner, GMO, DFA, GE, MetWest, T Rowe Price, & Franklin Templeton.
Tax Benefits: Contributions to a Connecticut 529 plan of up to $5,000 per year by an individual, and up to $10,000 per year by a married couple filing jointly, are deductible in computing Connecticut taxable income, with a five-year carryforward of excess contributions. Rollover contributions are not deductible. Contribution deadline is December 31 postmark if by mail, or final business day of the year if by electronic payment.
State Residency Requirements: No state residency is required to participate in Connecticut 529 College Savings Plans.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.