The New Jersey BEST Scholarship (NJBEST) provides a one-time, tax-free scholarship to beneficiaries of a NJBEST 529 College Savings Plan. In order to be eligible for this scholarship:
- Students must be a beneficiary of a NJBEST 529 College Savings Plan opened for at least four years and total contributions must be at least $1,200. This will entitle the beneficiary to the minimum scholarship of $1,000. 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.
- The contributor must have made a withdrawal for qualified education expenses from the account for which the student is a beneficiary.
- Either the student or the contributor must be a resident of New Jersey at the time of college attendance
- Be enrolled at least half-time in an eligible New Jersey higher education institution for either the fall or spring term; awards are not available for summer coursework.
- Students must apply for the scholarship. The application is available through the NJFAMS portal and is available after June 1 each year. The deadline to apply for the fall semester is December 1 and for the spring semester May 1.