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NJBEST 529 College Savings Plan logo

NJBEST 529 College Savings Plan

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.

Our Ratingx

Fee Scorex

4 of 5


3 of 5
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  • Program typeSavings
  • Inception1998
  • State agency
    New Jersey Higher Education Student Assistance Authority (HESAA)
  • Tax deduction
  • Program Manager
    Franklin Templeton Distributors, Inc.
  • Program distributor
    Franklin Templeton Distributors, Inc.
  • Manager contract termUNLOCK PRO

Ratings & Rankings

Our overall rating for NJ residents

This is an excellent program with many benefits for the participant and positive investment attributes. If it has any significant weaknesses then it also has some particularly good things to recommend it.

Our overall rating for non-residents

This program is not open to you either because it has residency requirements or because it has stopped accepting new enrollments.'s 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories.

3.18of 5

Each plan's performance score is developed directly from's Quarterly 529 Performance Rankings. A 529 savings plan must have at least one year of performance history before they will be assigned a 5-cap rating. For those plans that are not part of our quarterly performance rankings, such as plans offering a single set of bank-based investment options, we assign a performance score by evaluating the returns currently available on similar types of investments outside of 529 plans.


State residency requirements:

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

Who can be a participant/owner in the program?

Individuals of legal age, trusts, corporations, UGMA/UTMA custodians, and other legal entities. Account owners must provide a Taxpayer Identification Number.

Significant time or age restrictions imposed by the program:


Did you know?

  • 529 plan contributions grow tax-free.

    Withdrawals are tax-free when used to pay for qualified higher education expenses.

  • You can contribute as much as you want, as often as you want.

    The key is to get started. Enroll today by completing a quick form online.

NJBEST 529 College Savings Plan logo
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Maximum contributions:

Accepts contributions until all account balances in New Jersey's 529 plans for the same beneficiary reach $305,000.

Minimum contributions:

$25 per investment option. Until total contributions to an account reach $1,200, a minimum of $300 per year must be contributed to keep an account open.

Investment Options

Age-based investment options:

The Age-Based Investment Portfolios option offers the choice of 3 risk levels: Growth, Moderate, and Conservative. Each consists of 8 portfolios of underlying mutual funds. Contributions are placed into the portfolio corresponding to the beneficiary's age, and later reassigned to more conservative portfolios as the beneficiary ages.View more age-based investment options

Static investment options:

Select among 4 multi-fund portfolios (Franklin Growth Allocation, Franklin Corefolio, Franklin Growth & Income Allocation, and Franklin Income Allocation), S&P 500 Index portfolio, and the Franklin U.S. Government Money 529 portfolio.View more static investment options

Underlying investments:

Franklin Templeton mutual funds, a Franklin Templeton money market portfolio and possibly ETFs.View a full list of this plan's investment options

Underlying fund allocations:


Portfolio Fees & Performance Lookup


Fees & Expenses

Enrollment or application fee:


Account maintenance fee:


Program management fees:

0.10% manager fee

Expenses of the underlying investments:

Ranges from 0.38% to 0.72% (portfolio weighted average) in the age-based and objective-based portfolios, and from 0.04% to 0.35% in the individual-fund portfolios.

Total asset-based expense ratio:

0.14% - 0.82%

Taxes and other Benefits

  • Tax deduction for single filersNone
  • Tax deduction for joint filersNone


New Jersey doesn't offer tax deductions

Program match on contributions:

There is no program match, however New Jersey beneficiaries are eligible for a one-time scholarship of up to $1,500 for the first semester at any New Jersey college or university subject to minimum participation and contribution requirements.

State tax deduction or credit for contributions:


State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.

State tax treatment of qualified distributions:

Qualified distributions from New Jersey and non-New Jersey 529 plans are exempt.

State tax treatment of rollovers:

New Jersey follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?

Yes, by state regulation.

Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?


Does the program have a formal agreement with a rewards program or outside scholarship program?

Yes, the Upromise Rewards program can be linked to any 529 college savings plan. Upromise Rewards is free to join and offers members cash back for college.

Upromise Helps Families Save for College

Upromise Helps Families Save for College

Statutory protection of an account from creditors:


Did you know?

  • Residents are not limited to investing in their own state's 529 plan.

    Another state may offer a plan that performs better and has lower fees.

  • The 529 plan chosen does not affect which state the student enrolls in.

    You can live in New York, open a plan from Nevada and send a student to college in Florida.

  • The best way to maximize your college savings?

    Start early and save often. You can get started today with easy online enrollment.

NJBEST 529 College Savings Plan logo
enroll now
32,524 clicked to enroll

Distributions & Terminations

To whom are distributions made payable:

Eligible educational institution, beneficiary, or account owner, as directed by the account owner.

Account Changes

Policy regarding participant/owner changes:

Accept requests to transfer account ownership.

Documents, Access & Reporting

Does participant have online password-protected access to account?


Can the complete enrollment process including funding be done online?


Documents and other services accessible or downloadable on the program's public Web site:




1-877-4NJBEST (1-877-465-2378)



Start saving for your child's future today

Step 1

Click the blue Enroll Now button to the right

Step 2

Complete the online application and make your first deposit

NJBEST 529 College Savings Plan logo
enroll now
32,524 clicked to enroll