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State Plan

New Jersey 529 Plan



NJBEST 529 College Savings Plan


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.

Maximum Contributions: Currently, you can contribute to your New Jersey 529 plan until the aggregate balance reaches $305,000. 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.

Other Benefits: Students at New Jersey colleges can receive a tax-free scholarship with value that increases along with time and investments in the plan. Also, the first $25,000 in savings will be excluded from the criteria used to determine eligibility for financial aid awarded by the state.

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.


Franklin Templeton 529 College Savings Plan


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 to your New Jersey 529 plan until the aggregate balance reaches $305,000. 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.

Other Benefits: Students at New Jersey colleges can receive a tax-free scholarship with value that increases along with time and investments in the plan. Also, the first $25,000 in savings will be excluded from the criteria used to determine eligibility for financial aid awarded by the state.

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.

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