NJ S1462

Converts the NJBEST college savings grant from a one-time $750 matching grant to an annual savings incentive grant of up to $1,500 per account for contributors with adjusted gross income between $0 and $75,000.

Annual grant provides a 3:1 match, giving three dollars for every dollar deposited into the account each year, capped at $1,500 maximum annually.

Limits eligibility for annual grants to years before the designated beneficiary turns 14 years old.

Authorizes the Higher Education Student Assistance Authority to fund the savings incentive grants using administrative fees collected from NJBEST program operations.

Takes effect on the first day of the year following enactment, subject to annual availability of funds as determined by the authority's board.