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, the account has been open at least four years before the student enrolls in college, and contributions are $1,200 or greater by the time the student enrolls in college.
To receive the minimum scholarship amount of $1,000 at the time the student enrolls in a New Jersey college, the account must be open at least four years and the contributor must have made contributions of at least $1,200. The amount of the scholarship increases by $500 for every two additional years the account is open and every $600 in additional contributions made, up to a maximum scholarship amount of $3,000.
See chart below:
Full Years Account Open
Students must attend an approved New Jersey college, university or degree-granting proprietary school.
How to Apply
The 2023-2024 NJBEST Scholarship application will be available in NJFAMS after June 1, 2023. The deadline to apply is December 1, 2023 for the Fall 2024 semester and May 1, 2024 for the Spring 2024 semester. The student (not the contributor) must log into NJFAMS to apply. To access NJFAMS now,
Other Resources You May Find Useful
NJBEST 529 College Savings Plan-New Jersey Investors Handbook
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