New Jersey 529 College Savings Plan – NJ Better Educational Savings Trust Program
New Jersey 529 College Savings Plan
About: 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.
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.
Saving for College with Upromise
Upromise is a service that helps individuals save money to pay for college or to pay down existing student loan debt.
Upromise is a great way to save through partnerships with retailers. Similar to a cash back rewards card, this plan puts rewards from retailers into an account that you can use to save money for school or paying down current Sallie Mae serviced student loans.
Once you join Upromise, you simply have to shop at eligible retailers. You can shop online and get anywhere from 1$ to 25% back that is credited to your account. There are more than 600 online retailers, including Target and more, which will give you rewards that can be used for college and tuition expenses.
The beauty of the Upromise program is that you save money for college by simply shopping at the normal stores you visit every day. Upromise was created in partnership with Sallie Mae and is designed to help save for education costs.