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TRENTON, N.J. (AP) — Investors in New Jersey's 529 college savings plan will now have more money to put toward their children's college expenses.
The management fees for the New Jersey Better Educational Savings Trust (NJBEST) are being cut in half to help reduce administrative costs paid by plan participants.
The change was announced Monday by the state Higher Education Student Assistance Authority and Franklin Templeton Investments, which administers the plan.
NJBEST investors can contribute as little as $25 a month to the saving account and students will be eligible for up to $1,500 in scholarships if they attend New Jersey colleges.
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