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.