Malloy highlighting his new college savings plan - WFSB 3 Connecticut

Malloy highlighting his new college savings plan

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(WFSB file photo) (WFSB file photo)
NEW HAVEN, CT (AP) -

Gov. Dannel P. Malloy is drawing attention to a new law he pushed that creates a financial incentive for Connecticut families who want to save for college tuition.

The CHET Baby Scholars Trust fund recently became law on July 1. The new initiative offers new parents up to $250 for investing in a tax-advantaged college savings account.

Under the program, the state will provide Connecticut families that open a 529 college savings account by their child's first birthday or within the first year after an adoption. Families that save an additional $150 in the first four years will receive a state match of $150, for a total of $250 in state funds.

Malloy and Treasurer Denise Nappier were at the event on Thursday to officially launch the program at a New Haven event.

"What better way to start Connecticut's children on the path to a bright future than to start saving for their college education at the very beginning of their life's journey," Nappier said. 

For more information on the CHET Baby Scholars Trust fund, click here

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