Such a scholarship and the promise to ignore $25,000 of assets in NJBEST for N.
The detailed analysis of NJBEST that follows indicates that it might be an attractive plan for certain investor profiles.
Like most states' 529 plans, NJBEST offers the contributor the opportunity to invest significant amounts of cash in growth and income investments in a tax-sheltered environment, but with no federal tax deduction.
If an NJBEST account is opened, the total contributions to all section 529 plans in the name of the beneficiary (anywhere in the country) cannot exceed $185,000, or the reasonable cost of education expenses (in current dollars) that the beneficiary is likely to incur, whichever is less.
If necessary, the NJBEST balance can be rolled over to a higher-limit state.
A married couple could therefore shelter up to $110,000 in NJBEST in one year.
serving as the 529 program manager, the plans offer low minimum initial contributions of $25 for NJBEST and $250 for Franklin Templeton 529 College Savings Plan, and provide an affordable way for families in New Jersey and across the nation to save for college expenses through a variety of investment strategies that can be tailored to their specific needs.
Gene Hutchins, Chief Financial Officer at HESAA stated, "For anyone who is considering a 529 plan, I would encourage them to compare the overall value, features and performance of NJBEST and Franklin Templeton 529 College Savings Plan to that of other plans.
NJBEST and Franklin Templeton 529 College Savings Plan investors can choose from objective-based or age-based asset allocations to structure plans to suit their needs and risk tolerance, or with Franklin Templeton 529 College Savings Plan, they can work with a financial advisor to customize an asset allocation mix that suits their specific college investing goals.
Residents of New Jersey interested in the NJBEST 529 College Savings Plan may visit NJBEST.
For more information about NJBEST and other education programs offered through the State of New Jersey, contact 1-800-792-8670 or visit hesaa.
Michael Angulo, executive director of HESAA stated, "Starting an NJBEST
account for your child as soon as possible is a good way to invest for college costs.