{"id":5084376,"date":"2019-08-30T00:00:00","date_gmt":"2019-08-30T04:00:00","guid":{"rendered":"https:\/\/ctlatinonews.com\/back-to-school-college-savings-program-reaches-milestone-expands\/"},"modified":"2019-08-30T00:00:00","modified_gmt":"2019-08-30T04:00:00","slug":"back-to-school-college-savings-program-reaches-milestone-expands","status":"publish","type":"post","link":"https:\/\/latinonewsnetwork.com\/ctln\/2019\/08\/30\/back-to-school-college-savings-program-reaches-milestone-expands\/","title":{"rendered":"Back To School: College Savings Program Reaches Milestone, Expands"},"content":{"rendered":"\n

The Connecticut Higher Education Trust (CHET) <\/a>Baby Scholars celebrated its fifth anniversary at Manchester Memorial Hospital with this month’s announcement of a partnership with the nonprofit Read and Grow to help expand the college savings program.<\/p>\n\n\n\n

The CHET Baby\nScholars is a part of the 529 college savings program. As a way to get parents\nthinking about saving for their child\u2019s college education, the CHET Baby\nScholars provides up to $250 toward when the parents enroll their child in the\nplan.<\/p>\n\n\n

Since its inception,\nmore than 11,000 babies in the state have been enrolled. The state has\ncontributed more than $2.7 million to help start these accounts. Connecticut\nfamilies have contributed an additional $92 million during the same period.<\/p>\n\n\n

\u201cWe are always telling residents to start early and to contribute often to better prepare themselves financially for when their children go to college and CHET Baby Scholars was created to help them do just that,\u201d said State Treasurer Shawn Wooden. \u201cIn just five years, it\u2019s amazing to see the growth of this program and know the impact it’s having on the future of 11,000 children. With our expanded partnership with Read to Grow<\/a>, we\u2019ll be able to reach even more families and invest in their children\u2019s future, which is Connecticut\u2019s future.\u201d<\/p>\n\n\n\n

According to a 2018 report by consumer banking company Sallie Mae, Hispanic parents saved $12,821 for their child\u2019s college education. This was lower than the $15,633 saved by African-American parents and the $18,804 saved by white parents. <\/h4>\n\n\n

In addition,\nlow-income parents are much less likely than middle-income parents to use\ncollege savings programs like the 529 plan.<\/p>\n\n\n

Hispanic and black\nparents each had 17 percent of their college savings in 529 plans, about half\nof what white parents have in the plans. The report also found that 30 percent\nof Hispanic parents are more likely to put their savings into general savings\naccounts.<\/p>\n\n\n

According to Sallie\nMae, among Hispanic parents, 17 percent put savings into a 529 plan; 3 percent\ninto a pre-paid plan; and 4 percent into a Coverdell Education Savings Account\n(ESA). <\/p>\n\n\n

Read to Grow is a\nnon-profit organization that promotes language skills and literacy for children\nbeginning at birth. Its volunteers are in hospitals across the state. In\naddition to encouraging new parents to read to their newborns, the volunteers will\nalso discuss the CHET Baby Scholars program and encourage them to sign up.<\/p>\n\n\n

\u201cRead to Grow is\ndelighted about our expanded partnership with (the Connecticut State\nTreasurer\u2019s Office).  This year alone,\nalmost 25,000 expectant mothers and families with newborns will receive\ninformation through our nonprofit work that explains the wonderful\nopportunities of the CHET Baby Scholars college savings plan,\u201d said Kyn Tolson,\nexecutive director of Read to Grow.<\/p>\n\n\n

The CHET Baby\nScholars-Read to Grow partnership will now be in 14 hospitals across the state.<\/p>\n\n\n

\n\n\n

For more information\non CHET, go to: https:\/\/www.aboutchet.com\/<\/a>\nor call (866) 314-3939.<\/p>\n\n\n

For more information\non Read to Grow, click here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Connecticut Higher Education Trust (CHET) Baby Scholars celebrated its fifth anniversary at Manchester Memorial Hospital with this month’s announcement […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","ghostkit_customizer_options":"","ghostkit_custom_css":"","ghostkit_custom_js_head":"","ghostkit_custom_js_foot":"","ghostkit_typography":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[173,1566],"tags":[1565],"ppma_author":[481],"class_list":["post-5084376","post","type-post","status-publish","format-standard","hentry","category-education","category-finance","tag-chet-baby-scholarsconnecticut-higher-education-trustshawn-wooden"],"acf":[],"mb":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"Jermaine Smith","author_link":"https:\/\/latinonewsnetwork.com\/ctln\/author\/jay\/"},"uagb_comment_info":0,"uagb_excerpt":"The Connecticut Higher Education Trust (CHET) Baby Scholars celebrated its fifth anniversary at Manchester Memorial Hospital with this month’s announcement […]","authors":[{"term_id":481,"user_id":0,"is_guest":1,"slug":"hugobalta","display_name":"Hugo Balta","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=mm&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"mfb_rest_fields":["title","uagb_featured_image_src","uagb_author_info","uagb_comment_info","uagb_excerpt","authors"],"_links":{"self":[{"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/posts\/5084376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/comments?post=5084376"}],"version-history":[{"count":0,"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/posts\/5084376\/revisions"}],"wp:attachment":[{"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/media?parent=5084376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/categories?post=5084376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/tags?post=5084376"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/latinonewsnetwork.com\/ctln\/wp-json\/wp\/v2\/ppma_author?post=5084376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}