CT Students Look Ahead to College with Drawings and Dreams

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For nearly 300 Connecticut youngsters, saving for college just received a boost. 

State Treasurer Shawn T. Wooden, trustee of the Connecticut Higher Education Trust college savings program, has announced plans to award over $540,000 to 272 Connecticut students, in kindergarten through 9th grade, who are this year’s winners of the CHET Dream Big! Competition and CHET Advance Scholarship.

“It is with a deep sense of pride that I announce the winners of this year’s CHET Dream Big and Advance Scholarship programs,” said Wooden. “With this next generation of students coming through our school systems, Connecticut’s future never looked brighter. I am encouraged to see how many of our young students see the importance of civic engagement. The level of engagement and motivation for change is a testament to the education and support from schools, families and communities.”

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Over 1,300 elementary and middle school students across the state participated in the Dream Big! Competition. Kindergarteners through third graders shared artwork depicting what they want to do after they go to college. Fourth through eighth grade students wrote essays explaining how they will make a difference in their community or the world after college through their job, idea, or community service. Popular themes represented this year included healthcare and science, space exploration, farming, and skilled trades.

For the CHET Advance Scholarship program, first year high school students had the option to enter a civic engagement category or non-merit category. CHET Advance Scholarship was created to help Connecticut families save and pay for the rising cost of a college education.

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According to US News & World Report, the average cost for the 2019- 2020 year for a public, in-state school was $10,116, for a four-year public out-of-state college is $22,577, and a private four-year college was $36,801. This is an average increase of about 4% for both public college options and a 3% increase for private colleges, according to the publication.

Connecticut residents are allowed to deduct 529 contributions from their state income taxes – up to $5,000 for an individual or up to $10,000 for a married couple filing jointly. Investment earnings are exempt from state and federal taxes if used for qualified educational expenses.

For the first time in the CHET Advance Scholarship program’s history, there was a category specifically tailored for students attending Connecticut Technical Education and Career System (CTECS) schools.

 “Trade schools are an extremely valuable and essential part of any economy. In Connecticut, we have a shortage of qualified workers to fill quality manufacturing jobs,” added Treasurer Wooden. “Our focus should be on connecting skilled workers with the training and education to grow a new generation of workers for the many manufacturers within our state. What many people don’t realize is that CHET funds can also be used for accredited trade and vocational schools as well.”

Additionally, seven schools in six communities each received a $500 prize for submitting the most Dream Big entries.  Those schools are:

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  • Alice Peck Learning Center – Hamden

  • Brooklyn Middle School – Brooklyn

  • Gainfield Elementary School – Southbury

  • Madison Elementary School – Bridgeport

  • North Stonington Elementary School – North Stonington

  • Smalley Elementary School – New Britain

  • Vance Elementary School – New Britain

The Dream Big! Competition and the CHET Advance Scholarship are sponsored by the State Treasurer’s Office, TIAA, Tuition Financing, Inc. (TFI) and CHET. The programs are funded by the CHET program managers. No state funds are used for awards issued through the Dream Big! Competition or CHET Advance Scholarship. To see the winning entries, visit www.chetdreambig.com and www.chetadvance.com.

The Connecticut Higher Education Trust (CHET) direct-sold college savings plan was established in 1997 has grown to more than $3.5 billion in assets and 132,000 accounts. Over $2.1 billion has been withdrawn from CHET accounts to help more than 57,000 students pay for college expenses.  The CHET direct-sold plan is managed by TIAA Tuition Financing, Inc. For more information about CHET, visit www.aboutchet.com or call the customer service center at (888) 799-2438.