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NJBEST Scholarship

The NJBEST Scholarship provides a tax-free scholarship to beneficiaries of an NJBEST 529 College Savings Plan provided the beneficiary attends a college in New Jersey and the account has been open at least four years and contributions are $1,200 or greater.

 

Benefits

The minimum scholarship amount is at least $500 and requires contribution of $1,200 or more and the account to be open at least four years. The amount of the scholarship increases by $250 for every two additional years and $600 in additional contributions, up to a maximum amount of $1,500, depending of the number of years and level of contributions. 
See chart below:

 

Contributions

Full Years Account Open

Scholarship Amount

$1,200

4

$500

$1,800

6

$750

$2,400

8

$1,000

$3,000

10

$1,250

$3,600

12

$1,500

 

Eligibility

  • Student must be a beneficiary of a NJBEST 529 College Savings Plan opened for at least four years.
  • Total contributions to the NJBEST 529 plan must be equal to at least $1,200.
  • The contributor must have made a withdrawal for qualified education expenses from the NJBEST account for which the student is beneficiary.
  • Either the student or contributor must be a New Jersey resident at the time of college attendance
  • Student must be enrolled at least half-time in an eligible New Jersey higher education institution.
  • The scholarship may be awarded only once to an eligible Beneficiary and only for the Beneficiary’s first semester of attendance at any institution of post-secondary education.

Participating Institutions

Students must attend an approved New Jersey college, university or degree-granting proprietary school.

 

How to Apply

The 2018-2019 NJBEST Scholarship application will be available in NJFAMS after June 1, 2018. The deadline to apply is December 1 for the Fall 2018 semester and May 1 for the Spring 2019 semester. The student (not the contributor) must log into NJFAMS to apply. To access NJFAMS now, click here

 

 

Other Resources You May Find Useful

NJBEST 529 College Savings Plan-New Jersey Investors Handbook

 

NJBEST Scholarship FAQs

 

Need Additional Information?

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