NJBEST Scholarship
While NJBEST can be used to pay for qualified expenses1 at schools across the US and the globe, students who have NJBEST and go to college in New Jersey can receive a tax-free scholarship - up to $3000.2
The longer you contribute at or above minimum contribution levels, the greater the college scholarship amount. After you qualify for a $1000 scholarship, further contributions increase the scholarship by $500 every 2 years, up to a maximum of $3000.
As of 6/30/2020
Since inception
6,551
students have received
the NJBEST College Scholarship
And a total of
$6,872,277
in scholarships has
been awarded
In the last 5 years alone
2013-2018
$3,418,777
of scholarships was awarded
Why NJBEST
The NJBEST Scholarship is provided by the New Jersey Higher Education Student Assistance Authority (HESAA)
- Please refer to the Investor Handbook for more information.
- Investing in NJBEST does not guarantee admission to any particular elementary or secondary school or to college, or sufficient funds for elementary or secondary school or for college. The scholarship is only available for college and is awarded any fall or spring semester of college. The NJBEST Scholarship is provided by the New Jersey Higher Education Student Assistance Authority.
Nonqualified withdrawals are subject to federal income tax, a 10% federal tax penalty, state income taxes and possible penalties.
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 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.
This material is not a recommendation of any particular security, is not based on any particular financial situation or need, and is not intended to replace the advice of a qualified attorney, tax advisor, investment professional or insurance agent. Before making any financial commitment regarding a Section 529 college savings plan, consult with the appropriate financial professional.
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 Templeton Distributors, Inc., an affiliate of Franklin Resources, Inc., which operates as Franklin Templeton Investments. No federal or state guarantee. Principal value may be lost, and investing in the plan does not guarantee admission to any particular primary or secondary school or to college or sufficient funds for primary or secondary school or for college. Please refer to the Investor Handbook for more complete information.
See the Investor Handbook for more information on NJBEST 529 College Savings Plan, including sales charges, expenses, general risks of the Plan, general investment risks and specific risks of investing in Plan portfolios, which can include risks of convertible securities; country, sector, region or industry focus; credit; derivative securities; foreign securities, including currency exchange rates, political and economic developments, trading practices, availability of information, limited markets and heightened risk in emerging markets; growth or value style investing; income; interest rate; lower-rated and unrated securities; mortgages, asset-backed and credit-linked securities; life settlement investments; restructuring and distressed companies; securities lending; smaller and midsize companies; and stocks.
