Bill > S3057

Introduced Session

Under the New Jersey Better Educational Savings Trust (NJBEST) program, the Higher Education Student Assistance Authority determines a dollar amount of an NJBEST account that: (1) is not permitted to be considered in evaluating the financial need of a student beneficiary enrolled in an institution of higher education located in the State or be deemed a financial resource or form of financial aid for purposes of determining the student beneficiary's eligibility for any State scholarship or grant; and (2) may not be used to reduce the amount of any scholarship, grant, or monetary assistance awarded by the State to which the student beneficiary is entitled. Under current law, the authority may not set this dollar amount at less than $25,000. This bill increases the amount to $50,000, thereby authorizing the exclusion of a greater amount of a NJBEST account from consideration in evaluating the student beneficiary's financial need for purposes of determining eligibility for any scholarship, grant or monetary assistance awarded by the State.

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Vin Gopal (D)*,  Tom Kean (R)*, 

Introduced in the Senate, Referred to Senate Higher Education Committee (on 10/22/2020)