Connecticut State Treasurer and Trustee of the Connecticut Higher Education Trust, Shawn T. Wooden, has relaunched the state’s 529 college savings plan under new program manager, Fidelity Investments.
“CHET is dedicated to helping families save for their children’s future education, and we are proud to offer a number of enhanced benefits to make the CHET plan more accessible than ever before,” said Wooden. “Fidelity’s focus on providing an unparalleled customer experience and their strong investment heritage will help Connecticut families meet their future education savings goals.”
Existing CHET Direct Plan account owners should visit Fidelity.com/CHETactivate to activate their accounts. The CHET Advisor Plan will be effective on March 22.
As the cost of education rises, a recent study by Fidelity shows 78 percent of parents nationwide have started saving for higher education, with Connecticut parents just above the national average at 79 percent. Nearly all Connecticut parents surveyed (92 percent), said they hope to cover at least some of the cost of higher education for their children. The reason to start saving early and often has never been clearer, as Americans currently owe an estimated $1.67 trillion in student debt.
New enhancements to the CHET plan include no minimum amount to open a CHET Direct 529 account, no annual account fees, and free planning and guidance for families in their college savings journey.
“Connecticut families need effective solutions to save for the future, including how to continue or start to take meaningful steps to save for their children’s education. I’m optimistic that this next chapter of the CHET program will provide even greater opportunity to make the dreams of Connecticut’s children a reality and lessen the financial burden for working families,” Wooden added.
“We are proud to serve the education savers of Connecticut,” said Melissa Ridolfi, Senior Vice President, Retirement and College Leadership, Fidelity Investments. “We hope to bring greater value and a seamless customer experience to Connecticut families through our investment capabilities, planning and guidance resources, and dedicated college planning teams.”
CHET continues to be the only 529 plan with a Connecticut state income tax deduction of up to $10,000 for Connecticut residents. Funds in a CHET account can be used at traditional two-year and four-year colleges and universities, technical and vocational schools as well as at some schools abroad for a variety of education-related expenses.
For more information, visit AboutChet.com.