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LEARN MORE > About CHET Advisor. Savingforcollege.com offers three tools for comparing 529 plans across the features that are important to you. One-year rankings are based on a plan's average investment returns over the last 12 months. Social; Trending ; Trending. The money in a 529 plan may be used to pay for the college expenses and K-12 tuition of the beneficiary, tax-free. With a 529 plan, you make the contributions and the money grows tax free. From tax advantages and qualifying expenses to eligible beneficiaries and underlying fees, use this section to find out all the facts on CHET. Opening a 529 plan for a grandchild rather than contributing to a parent-owned plan gives grandparents another stash of money that can be tapped in an emergency. There are two main types of plans, a prepaid program and a savings account. Despite the tax advantages, a 529 college savings plan may not be the best way for a family to save money for college. The Connecticut plans are known as the CHET 529 college savings program and the Advisor Plan (both named from the Connecticut Higher Education Trust). Simply, for a 529 plan withdrawal to be considered qualified and thus, tax-free, the money must be used to pay qualified study abroad expenses at a college or university that's eligible to participate in federal student aid programs. When determining the EFC, only a maximum of 5.64 percent of a parents assets will be used to pay for college expenses. You can only contribute to an ESA if your AGI is less than $110,000 per year ($220,000 for married couples filing jointly), but a 529 plan has no income limit. College Savings Calculator. 4..00 Beneficiary #1, , 1. July 26, 2012 By Jonathan Ping 26 Comments. 529 plans 1 offer flexibility, control, and tax advantages. You can select as many state 529 plans as you wish to compare. For more information about New York's 529 College Savings Program Direct Plan, download a Disclosure Booklet and Tuition Savings Agreement or request one by calling 877-NYSAVES (877-697-2837). While 529 plans do offer many advantages, they still require a trade-off from savers. Coverdell ESA vs. 529 Plan Comparison Chart. 529 plans offer the potential of higher returns and tax-advantaged growth compared with lower-yielding bank accounts. In fact, if you consider saving $200 per month in a bank account versus investing that same amount in a 529 plan, you could be leaving a lot of money on the table over the course of 18 years. See all direct sold in-state and out-of-state 529 plans available to Connecticut residents and compare plans to find the right college savings plan for you To help families save for college, the State of Connecticut offers the Connecticut Higher Education Trust ( Alongside the Disclosure Booklet, this is the most comprehensive resource to get a detailed overview of CHET. All opinions expressed are the authors alone, and has not been provided nor approved by any of the companies mentioned. Compare 529 Plans. Growth Potential. Some states may offer more than one plan. 1 YR. 3 YR. 5 YR. 10 YR. Contribution Limit. Total CHET Individual Savings Plan contribution(s): Add Schedule CT-CHET, Lines 1, 2, and 3. The Connecticut Higher Education Trust (CHET) 529 College Savings plan allows you to start investing in your childs educational future with as little as a $25 deposit. 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