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NJBEST Scholarship | New Jersey Student Financial Aid | HESAA


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$1,000 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 $500 for every two additional years the account is open and every $600 in additional contributions made, up to a maximum scholarship amount of $3,000.
See chart below:

 

Contributions

Full Years Account Open

Scholarship Amount

$1,200

4

$1,000

$1,800

6

$1,500

$2,400

8

$2,000

$3,000

10

$2,500

$3,600

12

$3,000

 

Eligibility

  • Student must be a beneficiary of a NJBEST 529 College Savings Plan that has been opened for at least four years.
  • Total contributions to the NJBEST 529 plan must be equal to at least $1,200.
  • The contributor must make a withdrawal for qualified education expenses from the NJBEST account for which the student is beneficiary at the time the student applies for the scholarship.
  • Either the student or contributor must be a New Jersey resident at the time of college attendance.
  • Student must be enrolled at least half-time in an eligible New Jersey higher education institution, for either the fall or spring term.
  • The scholarship may be awarded only once to an eligible Beneficiary.
  • The Scholarship amount is determined at 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 2021-2022 NJBEST Scholarship application will be available in NJFAMS after June 1, 2021. The deadline to apply is December 1, 2021 for the Fall 2021 semester and May 1, 2022 for the Spring 2022 semester. The student (not the contributor) must log into NJFAMS to apply. To access NJFAMS now, click here

Other Resources You May Find Useful

NJBEST 529 College Savings Plan-New Jersey Investors Handbook

Need Additional Information?

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