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Education Planning

Our education planning services involve creating a customized plan to help clients save and invest effectively to fund their educational expenses. We analyze the cost of attendance, projected inflation, and other factors to provide recommendations that help achieve educational goals while balancing other financial priorities. This may involve setting up a 529 savings plan, selecting appropriate investments, and developing a strategy for maximizing financial aid.

Tax Deductions

Tax Deductions

Starting from Tax Year 2022 and beyond, the New Jersey College Affordability Act permits three Income Tax deductions for individuals with a gross income of $200,000 or lower on their tax returns. These deductions encompass contributions to an NJBEST 529 savings plan, payments towards an NJCLASS student loan, and tuition expenses for New Jersey colleges and universities.

New Jersey Better Educational Savings Trust (NJBEST)

New Jersey Better Educational Savings Trust (NJBEST)

You have the option to deduct a maximum of $10,000 for contributions made to an NJBEST account in a given year.

For instance, if you contribute $1,000 per month starting in January, and your gross income is $200,000 or below, you are eligible to deduct the full $10,000.

New Jersey residents may also be eligible for additional benefits from the Higher Education Student Assistance Authority (HESAA) through the NJBEST 529 College Savings Plan.

New Jersey College Loans to Assist State Students (NJCLASS)

New Jersey College Loans to Assist State Students (NJCLASS)

If your gross income is $200,000 or less, you have the option to deduct up to $2,500 for the principal and interest paid on student loans throughout the year through NJCLASS.

New Jersey Higher Education Institution Tuition Costs

New Jersey Higher Education Institution Tuition Costs

Should you, your spouse, or a dependent enroll and attend a higher education institution in New Jersey, you have the opportunity to deduct tuition costs, with a maximum limit of $10,000.

Education Resources

College Search

College Search

Start your search for colleges now utilizing this great resource from Franklin Templeton, allowing you to search based on various important factors.

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Financial Aid Calculator

Financial Aid Calculator

Estimate your Student Aid Index (SAI) for the upcoming school-year, using Franklin Templeton's calculator.

Launch the Calculator
Scholarship Search

Scholarship Search

Search thousands of scholarships, grants, and other aid award opportunities through Franklin Templeton.

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Frequently Asked Questions:

"What Issues Should I Consider to Fund my Child's College Education?"

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"What Issues Should I Consider When Paying Off my Student Loans?"

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"Is the Distribution from my 529 Plan Subject to Federal Income Tax?"

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"Am I Eligible for an Income Driven Repayment Plan (IDR) for my Federal Student Loans?"

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