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NJBEST 529 College Savings Plan
4.5 / 5
Our rating
NJ resident benefits
New Jersey's NJBEST 529 College Savings Plan is managed by Franklin Templeton and features Year of enrollment and static portfolio options utilizing mutual funds and/or ETFs along with a money market option.
90,897 Clicked to Enroll
Scores for each ratings category
3.72 / 5
Performance
4.44 / 5
Ease of Use
3.94 / 5
Savings Success
4.44 / 5
Program Delivery
KEY METRICS
OVERVIEW
Program type
Inception
State agency
Tax deduction
For single filers: $10,000/yr per beneficiary
For joint filers: $10,000/yr per beneficiary
Program manager
Program distributor
Manager contract term
MORE INFORMATION
Eligibility
State residency requirements:
Who can be a participant/owner in the program?
Significant time or age restrictions imposed by the program:
Did you know?
NJ residents can claim a tax deduction for contributions to a NJ 529 plan.
Up to $10,000/yr ($10,000/yr for single filers) per year are eligible.
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.
90,897 Clicked to EnrollContributions
Maximum contributions:
Minimum contributions:
Does the program offer an e-gifting platform for receiving gift contributions?
Investment Options
Investors in NJBEST 529 College Savings Plan can select from the following investment options. Click on a portfolio name for more information.
| Portfolio | E.R. | % Equity | 1yr performance |
|---|---|---|---|
| Franklin Target 2025 529 Portfolio | 0.28% | 27.5% | 5.15% |
| Franklin Target 2026 529 Portfolio | 0.28% | 37.5% | 5.35% |
| Franklin Target 2027 529 Portfolio | 0.28% | 47.5% | 5.55% |
| Franklin Target 2029 529 Portfolio | 0.28% | 57.5% | 5.6% |
| Franklin Target 2031 529 Portfolio | 0.28% | 67.5% | 5.71% |
| Franklin Target 2033 529 Portfolio | 0.28% | 77.5% | 5.87% |
| Franklin Target 2035 529 Portfolio | 0.28% | 87.5% | 5.96% |
| Franklin Target 2037 529 Portfolio | 0.28% | 96.5% | 6.08% |
| Franklin Target 2039 529 Portfolio | 0.28% | 99% | N/A |
| Franklin Target 2041 529 Portfolio | 0.28% | 99% | 6.2% |
| Franklin Target Enrolled 529 Portfolio | 0.28% | 18% | 4.81% |
Age-based/Enrollment Year investment options:
Static investment options:
Underlying investments:
Underlying fund allocations:
Portfolio Fees & Performance Lookup
Fees & Expenses
Enrollment or application fee:
Account maintenance fee:
Program management fees:
Expenses of the underlying investments:
Total asset-based expense ratio:
Taxes and other Benefits
Tax deduction for single filers:
Tax deduction for joint filers:
Program match on contributions:
New Jersey beneficiaries are also eligible for a one-time scholarship of up to $3,000 for one semester at any New Jersey college or university subject to minimum participation and contribution requirements.
State tax deduction or credit for contributions:
Calculate your New Jersey 529 tax benefit
Find out how much you can save on state taxes this year by contributing to a New Jersey 529 plan.
Household income
$100,000
Monthly Contribution
$100
State tax recapture provisions:
State definition of qualified expenses
State tax treatment of qualified distributions:
State tax treatment of rollovers:
Does the sponsoring state exclude the value of an account for state financial aid purposes?
Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?
Is there a rewards program or outside scholarship program that works with this program?
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.
90,897 Clicked to EnrollDistributions & Terminations
To whom are distributions made payable:
Account Changes
Policy regarding participant/owner changes:
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:
Contact
Website:
Telephone:
Start saving for your child's future today
Complete the online application and make your first deposit
90,897 Clicked to EnrollA good place to start:
See the best 529 plans, personalized for you
NJBEST 529 College Savings Plan
4.5 / 5
Our rating
NJ resident benefits
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Saving For College is an unbiased, independent resource for parents and financial professionals, providing them with information and tools to understand the benefits of 529 college savings plans and how to meet the challenge of increasing college costs.
