A great way for New Jersey families to start saving today for a postsecondary degree tomorrow.
The State of New Jersey is offering a one-time matching grant of up to $750 for the first contribution (initial deposit) into a new NJBEST 529 College Savings Plan. This dollar-for-dollar grant will match the first contribution made by New Jersey residents with household adjusted gross income between $0 and $75,000 who open an NJBEST account for a new student beneficiary.
NJBEST accounts can be opened with as little as $25. However, the higher the initial contribution, the higher the match amount. For example, open an NJBEST account today with an initial contribution of $100 and the State of New Jersey will match your initial deposit with a $100 grant.
This one-time grant opportunity is open to New Jersey residents who have an annual household adjusted gross income between $0 and $75,000. Only the first contribution (initial deposit) into a new NJBEST account funded on or after June 29, 2021 is eligible for a matching grant. The first contribution must be made within the first 12 months of the account being opened, but if multiple contributions are made during the first 12 months, only the first contribution will be considered for the match. Funds rolled over into the new NJBEST 529 plan from a different non-NJBEST 529 plan will count as the first contribution if the funds are rolled over before any other deposit is made. The matching grant is limited to no more than one account per beneficiary. HESAA will verify your income (and your spouse’s if applicable), including a review of your IRS tax transcript. You cannot withdraw the matching grant funds until your new account has remained open for at least three (3) years. Full terms and conditions can be read by clicking here OR by accessing the Terms & Conditions below.
New account holders have 12 months from the date of their first contribution into their new NJBEST account to apply for the matching grant. All applicants must first agree to these statements by clicking each box below:
If you have questions, please contact HESAA at njbest@hesaa.org.
