A collet includes an axially rearward end and an axially forward end; a nose portion; a body portion having an outer surface and an inner surface for engaging a shank of a tool; a plurality of slots extending from the inner surface to the outer surface; and a plurality of coolant channels disposed within the collet between the plurality of longitudinally extending slots and extending entirely from the axially rearward end to the axially forward end of the collet. Slots include a first slot extending from the axial forward end to within an intermediary zone, a second slot extending from the axial rearward end to at least the tool holder engagement zone such that the second slot does not intersect the first slot, and a third slot from within the tool engagement zone to within the intermediary zone such that the third slot circumferentially overlaps the first and second slots.