You can use your NJBEST assets to pay for qualified expenses at any accredited post-secondary school in the U.S., and many institutions outside the U.S,1 but students who pursue their higher education in New Jersey can receive an extra benefit for their freshman year--a tax-free scholarship.
The longer you contribute at or above minimum contribution levels, the greater the scholarship amount. After you qualify for a $500 scholarship, further contributions increase the scholarship by $250 every 2 years, up to a maximum of $1,500. The NJBEST Scholarship is provided by the New Jersey Higher Education Student Assistance Authority (HESAA).
To qualify for the scholarship, the NJBEST account owner or beneficiary must be a New Jersey resident and the beneficiary must enroll as a first semester undergraduate freshman at a New Jersey college or university. One scholarship per beneficiary and per plan will be awarded. The participant must make a withdrawal for qualified educational expenses, meet minimum contribution thresholds and have been a participant in the plan for at least four years to qualify.
Use the NJBEST Scholarship Request Portal to apply or click here for more detail about the NJBEST scholarship. Having issues? Contact HESAA at 609-588-3300 ext. 1323 or ext. 1338.
Investors should carefully consider plan investment goals, risks, charges and expenses before investing. To obtain the Investor Handbook, which contains this and other information, call Franklin Templeton Distributors, Inc., the manager and underwriter for the plan, at (877) 4NJ-BEST. You should read the Investor Handbook carefully before investing and consider whether your or the account beneficiary's home state offers any state tax or other benefits that are only available for investments in its qualified tuition program.
- Having an NJBEST 529 College Savings Plan does not guarantee admission to college in New Jersey or elsewhere, or sufficient funds for college. The NJBEST Scholarship is provided by the New Jersey Higher Education Student Assistance Authority.