State Senator Dennis Bradley (D-Bridgeport) is unveiling legislation that would help students with their future financially. The bill, An Act Allowing Municipalities To Contribute To The Connecticut Higher Education Trust And 529 Plans, also known as SB 651, was discussed in a public hearing today held by the Committee on Children.
“I want each student that attends school to have the ability to further their education and not have to worry about affording a higher education,” said Senator Bradley. “This is just the start that would set up a child for their future, should they decide to go to college. This gives an equal opportunity for every single student to receive a chance at furthering their education.”
Under the bill, municipalities in the state would be allowed to contribute to the Connecticut Higher Education Trust and qualified tuition programs exempt from taxation.
SB 651 would enable cities like Bridgeport to open a trust fund account for each public school student which would accumulate over time. Funds would begin for each student starting in elementary school and would grow as they continue their education through high school. If a student decides to pursue a higher education following their completion and graduation from high school, that student would be able to use the funds saved for their higher education. Should a student decide not to pursue a higher education and enter the workforce following high school, the funds grown for that student would return back to the city.
Connecticut’s Higher Education Trust 529 College Savings Program, also known as CHET, only allows individuals to make contributions and earnings help Connecticut families find ways to afford college.