New Jersey 529 College Savings Plan – NJ Better Educational Savings Trust Program

New Jersey 529 College Savings Plan

The Benefits Of 529 College Savings PlansAbout: The New Jersey Better Educational Savings Trust Program (“NJBEST”) is a higher education savings and investment program of the State of New Jersey designed to satisfy the requirements of Section 529 of the Internal Revenue Code. NJBEST is a service mark of the State of New Jersey. The State of New Jersey Higher Education Student Assistance Authority (HESAA) selects investment managers for NJBEST, adopts regulations and carries out other functions necessary for its operation.

Website: https://www.njbest.com/

Phone #: 1-877-465-2378

Investment Options: New Jersey’s NJBEST 529 College Savings Plan is managed by Franklin Templeton and features age-based and static portfolio options utilizing mutual funds and/or ETFs along with a money market option.

Tax Benefits: Investments grow federal income tax free, and withdrawals for qualified higher education expenses are free from federal income taxes. Contributions are not tax deductible.

State Residency Requirements:  The contributor or the beneficiary must be a New Jersey resident at the time of program enrollment.

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