Trenton, NJ – For 20 years the NJCLASS supplemental loan program, administered through the New Jersey Higher Education Student Assistance Authority (HESAA), has been helping students afford the cost of college. Highly rated by Moody’s and Fitch Rating agencies, HESAA offered $326.5 million in tax exempt bonds recently to support the NJCLASS loan program.
"On the 20th anniversary of the NJCLASS supplemental loan program, HESAA is pleased that this program remains a vibrant and invaluable resource for the students it serves. Thanks to the support of Governor Christie and the New Jersey Legislature, NJCLASS continues its proud history of enabling New Jersey students to attend college and realize their full potential,” stated Executive Director Gabrielle Charette.
The program offers a low cost alternative to financing a college education for undergraduate, graduate and medical/dental studies. NJCLASS is available to Garden State residents attending any eligible school in or out-of-state or any out-of-state resident attending an eligible New Jersey school. Since its inception in 1991, NJCLASS has assisted almost 229,000 New Jersey students and families with more than $2.6 billion to meet college costs. This past year alone NJCLASS assisted over 25,000 students with nearly $334 million in student aid.
NJCLASS offers a simple fixed interest rate that provides borrowers with the security of a predictable monthly payment. Loan terms are clearly disclosed and easy to understand. A variety of repayment options are available. As a nonprofit lender, our interest rates are determined by the direct cost of the repayment option selected-not by stockholder profit demands. For the 2011-12 academic year HESAA is pleased to announce interest rates that are affordable and competitive, starting at 6.60%.
Due to high demand, HESAA will again offer a 10 year repayment option with a low fixed interest rate of 6.6% which is 1.3% less than the rate offered by the federal PLUS loan. The NJCLASS loan can generate substantial savings for those who need to borrow to attend college. More information can be found about NJCLASS here.
Annually, HESAA delivers millions of dollars in financial aid, and offers financial literacy programs for young adults, training programs for guidance counselors, and outreach programs across the State to ensure that students and families gain valuable information about the availability and affordability of higher education. Students are at the center of all we do and we listen to the needs of our students and their families and work to find ways to help students achieve their dream of a college education.
Since 1959, HESAA, a non-profit, state designated Authority, has delivered over $18 billion in financial aid. Each year, over 1 million students receive assistance from outreach programs and aid programs HESAA administers including Tuition Aid Grant (TAG), the Part-time TAG for County College Students, NJSTARS and II, the Garden State Scholars programs, the Federal Family Education Loan program, NJCLASS, and NJBEST. For additional information about HESAA please visit our website at www.hesaa.org or call our Customer Care Center at 609-584-4480.