CHET Announces Student College Savings Contest

HARTFORD, Conn., Oct 26 /PRNewswire/ -- The Connecticut Higher Education Trust ("CHET"), Connecticut's official 529 college savings program, announced today the kick-off of the 2007 CHET College Savings Challenge. This first- time creative writing and art contest, which is sponsored by CHET and the Office of State Treasurer Denise L. Nappier, who serves as trustee for the program, is designed to help young students start thinking about their future and the importance of saving and planning for college. Through participation in the contest, students and their families also learn how CHET can help them achieve these goals in the face of escalating higher education costs.

The Challenge is open to children in Kindergarten through sixth grade who attend Connecticut public and private schools or are home schooled, and runs through November 16. Superintendents throughout the state were notified about the contest at the beginning of the school year.

The CHET College Savings Challenge educates students through an activity that calls on them to use their creative writing and drawing talents. Students in each grade bracket will submit the following entries, which will be judged for originality, portrayal of the theme, creativity, design and presentation.

     * Kindergarten to third graders will draw an original picture
       illustrating their answer to the question, "What do I want to do after
       I go to college?"
     * Fourth and fifth graders will write an essay-and sixth graders will
       write a poem -- responding to the question, "How will I change the
       world after I go to college?"

To help inspire students' imagination, the CHET College Savings Challenge will provide free classroom materials and animated educational videos that teach students about saving money and planning for their future.

Participating students, teachers and schools are eligible for cash prizes, and awardees will display their work and attend a recognition ceremony at the State Capitol with State Treasurer Denise L. Nappier in January 2008.

The CHET program has realized tremendous growth since last year when Connecticut introduced a new state tax deduction for the program. Moreover, CHET was recently rated as a top choice for Connecticut residents, according to the May 2007 issue of Money magazine.

Saving now for a child's future higher education costs can reap positive returns.

According to U.S. Census Bureau statistics, people with a bachelor's degree earn nearly twice as much on average than those with only a high school diploma. Over a lifetime, the gap in total earning potential between a high school diploma and a B.A. degree (or higher) is more than $1,000,000.

According to College Board, a nonprofit association of colleges and educational organizations, college tuition and fees in the 2007 academic year were up 35 percent from five years ago. The cost of tuition, fees, room and board at the University of Connecticut for the 2007-2008 school year is nearly $18,000.

"As tuition prices continue to rise, the affordability of college is becoming a concern to more and more parents," said Pam McNulty, Regional Director and Program Manager for TIAA-CREF Tuition Financing, Inc., the financial services organization that manages CHET. "We are working with Treasurer Nappier and the state of Connecticut to provide every resident in the state with an easy and affordable way to pay for college, and families are increasingly finding great value in CHET, their home state plan."

All entries must be postmarked or submitted online by November 16, 2007. For more information go to www.aboutchet.com.

The tax information contained in this release is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services available through CHET. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

The Connecticut Higher Education Trust College Savings Program (CHET) is administered by the Connecticut State Treasury. TIAA-CREF Tuition Financing, Inc. (TFI) serves as Program Manager. TFI's affiliate, TIAA-CREF Individual & Institutional Services, LLC, is the distributor.

Consider the investment objectives, risks, charges and expenses before investing in the Connecticut Higher Education Trust College Savings Program. Please call toll-free 1-888-799-2438 for a Disclosure Booklet containing this information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

The State of Connecticut, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any account or guarantee its principal or investment return except for TIAA-CREF Life Insurance Company's guarantee to CHET under the funding agreement for the Principal Plus Interest Option. Account value will fluctuate based upon a number of factors, including general market conditions.

     Media Contacts:
     Jennifer Compton
     TIAA CREF
     1-202-637-8938

     Kenny Kraft
     RF Binder
     1-212-994-7618