NJBEST offers many features that NJ families are looking for like low contribution minimums, no sales charges, a wide range of investment options, innovative tools and special benefits exclusive to New Jersey families.
Or…
MYTH: With NJBEST, my child will need to go to college in New Jersey.
FACT: Your child doesn’t have to go to college in New Jersey! You can use NJBEST for most schools in the United States including vocational schools and certified apprenticeships, no matter where your 529 savings plan is based.
MYTH: I can only use NJBEST if my child goes to a 4-year college or university.
FACT: NJBEST savings can be used for a variety of qualified education expenses, including tuition, fees, books, supplies, certain apprenticeship programs, and eligible trade, vocational, and technical schools, not just 4-year colleges and universities.
MYTH: Grandparents cannot open a 529 plan, only parents can.
FACT: Parents, grandparents, aunts, uncles, friends... You can even open an NJBEST plan for yourself!
MYTH: Only Account Owners can contribute to a 529 Plan.
FACT: Just like anyone can open a 529 plan, anyone can fund a 529 plan -- parents, grandparents, or other friends and relatives. Account owners receive a unique Ugift® code for each beneficiary/student, which can be shared with others and used to contribute directly to their 529 account.2
MYTH: I make too much money to contribute to a 529 plan.
FACT: It does not matter how much you earn. 529 plans have no income limits.
MYTH: NJBEST will only cover tuition, but I have so many other education expenses which are not covered.
FACT: NJBEST savings can be used for more than just tuition. Qualified expenses may include fees, books, supplies, computers and technology, room and board for eligible students, certain apprenticeship costs, and student loan repayments, helping families cover a wide range of education expenses.
MYTH: When my child turns 18, they will just take the money and use it for something else – like a new car.
FACT: You have control! The NJBEST account owner owns the plan’s assets and controls how and when they will be used. Unlike an UGMA/UTMA, the NJBEST beneficiary has no legal rights to the plan’s assets, even when they turn 18.
Investors should carefully consider plan investment goals, risks, charges and expenses before investing. To obtain the Program Description, which contains this and other information, call Franklin Distributors, LLC, the manager and underwriter for the plan, at (877) 4NJ-BEST. You should read the Program Description carefully before investing and consider whether your or the beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in its qualified tuition program.
The Program and its associated persons make no representations regarding the suitability of the Program’s investment portfolios for any particular investor. This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation by Franklin Distributors, LLC. Other types of investments and other types of education savings vehicles may be more appropriate depending on your personal circumstances.
NJBEST New Jersey's 529 College Savings Plan is offered and administered by the New Jersey Higher Education Student Assistance Authority (HESAA); managed and distributed by Franklin Distributors, LLC, an affiliate of Franklin Resources, Inc., which operates as Franklin Templeton.
Investments in NJBEST are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of New Jersey, Franklin Distributors, LLC, Franklin Templeton, or its affiliates and are subject to risks, including loss of principal amount invested. Investing in the plan does not guarantee admission to any particular primary, secondary school or college, or sufficient funds for primary, secondary school or college.
This material is being provided for general informational and educational purposes and should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel and provided for educational and informational purposes only. Franklin Templeton does not provide legal or tax advice. Federal and state laws and regulations are complex and subject to change, which can materially impact your results. Franklin Templeton cannot guarantee that such information is accurate, complete or timely; and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information.
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