CHET Baby Scholars will deposit $100 into a CHET account for children born or adopted on or after January 1, 2014. A second deposit of $150 will be made if family and friends add at least $150 to the child’s enrolled CHET account within four years. The deadline to open an account and submit an enrollment form is no more than 12 months after the child’s birth or adoption.
The legislation establishing CHET Baby Scholars adds the option for Connecticut taxpayers to direct a portion of their tax refund either to the CHET Baby Scholars fund or to individual CHET accounts set up for their children or other beneficiaries.
The new initiative also excludes the value of a CHET account in determining financial aid at state colleges and universities, and from consideration of other state-funded, means-tested programs. These exclusions will ensure that families struggling to make ends meet while saving for a child’s educational future won’t be unfairly penalized.
Parents can apply to open a CHET account and complete an enrollment form at aboutchet.com.
Still have questions about 529 College Savings Plans? Check out our Q-and-A with Connecticut and New York 529 experts.