New Jersey 529 Plans

New Jersey offers two 529 college savings plans, one direct plan called the NJBEST 529 College Savings Plan, and one advisor-sold plan called the Franklin Templeton 529 College Savings Plan.

NJBEST 529 College Savings Plan

NJBEST 529 College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Direct – this New Jersey 529 plan can be purchased directly from the state.

Fund Family: Franklin Templeton Investments

Minimums:  To get started you can deposit $25. You can maintain your account by investing $25 monthly, or $300 annually, until your plan reaches $1,200.

Maximum Contributions:  Currently, you can contribute up to $305,000 to your New Jersey 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits:  In and out-of-state participants get the federal tax benefits.

Residency:  NYBEST 529 is open to all United States residents, not just those in New Jersey.

You can learn more about New Jersey’s 529 plan at the official website http://www.njbest.com/.

 
Franklin Templeton 529 College Savings Plan

Franklin Templeton 529 College Savings Plan is a traditional 529 plan that allows you to invest money today and reap tax benefits when you withdraw it to pay for qualified education expenses.

Type:  Advisor.  Please contact a financial advisor in your state for assistance.

Fund Family: Franklin Templeton Advisers, Inc.

Minimums:  To get started you can deposit $250, or you can set up an automatic monthly pay plan and open an account with as little as $50. Minimum subsequent contributions are $25 and less with payroll deduction or the automatic plan.

Maximum Contributions:  Currently, you can contribute up to $305,000 to your New Jersey 529 plan.  Of course, your total amount in the plan can be higher as your investments group.  529 plans typically increase the contribution limit over time, so you may be able to contribute more.

Tax Benefits: In and out-of-state participants get the federal tax benefits.

Residency: Franklin Templeton 529 College Savings Plan is open to all United States residents, not just those in New Jersey.

You can learn more about this New Jersey 529 plan at the official website https://www.franklintempleton.com/retail/jsp_app/home/ft_home.jsp.