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, 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.
Benefits
To receive the minimum scholarship amount of $2,000 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 $1000 for every two additional years the account is open and every $600 in additional contributions made, up to a maximum scholarship amount of $6,000.
See chart below:
|
Contributions
|
Full Years Account Open
|
Scholarship Amount
|
|
$1,200
|
4
|
$2,000
|
|
$1,800
|
6
|
$3,000
|
|
$2,400
|
8
|
$4,000
|
|
$3,000
|
10
|
$5,000
|
|
$3,600
|
12
|
$6,000
|
Eligibility
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Student must be a beneficiary of a NJBEST 529 College Savings Plan that has been opened for at least four years.
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Total contributions to the NJBEST 529 plan must be equal to at least $1,200.
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The contributor must make a withdrawal for qualified education expenses from the NJBEST account for which the student is beneficiary during the same semester the student applies for the scholarship.
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Either the student or contributor must be a New Jersey resident at the time of college attendance.
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Student must be enrolled at least half-time in an eligible New Jersey higher education institution, for either the fall or spring semester.
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The scholarship may be awarded only once to an eligible Beneficiary.
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The Scholarship amount is determined by the total amount of contributions that were made to the account by the time the student first enrolls at least half-time after graduating from high school or earning a GED
Participating Institutions
Students must attend an approved New Jersey college, university or degree-granting proprietary school.
How to Apply
The 2024-2025 NJBEST Scholarship application will be available in NJFAMS after June 1, 2024. The deadline to apply is December 1, 2024 for the Fall 2024 semester and May 1, 2025 for the Spring 2025 semester. The student (not the contributor) must log into NJFAMS to apply. To access NJFAMS now, click here
Need Additional Information?
Call our Customer Care Center:
609-584-4480
Monday thru Thursday 8:30 am until 8:00 pm
Friday 8:30 am until 5:00 pm
