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NJCLASS Deferment and Forbearance Relief Options


Times are tough. Every now and then you may need a way to help you get through a difficult stretch.


In certain circumstances NJCLASS SOLUTIONS offer options to help you get back on track.


For NJCLASS loans, a deferment may mean that you are required to pay only interest on your loan for a temporary period. The interest will be billed to you on a quarterly or monthly basis, depending on the terms of the loan. Since interest on a NJCLASS loan is the borrower's responsibility, it is important to make timely interest payments. This helps to keep your overall debt at a manageable level.


Here are some examples of deferments/forbearances you may be eligible for:
  • If you have NJCLASS loans and you have just graduated, you may wish to request a Recent Graduate Deferment to defer your repayment start date. Many graduates do not start work right after graduation. If approved for a Recent Graduate Deferment, your loans will remain in the same repayment option as when you were enrolled in school. The deferment postpones repayment for up to six months after you graduate.

  • Limited deferments, such as unemployment, military active duty service, internships or Peace Corps service may be available.

  • Forbearances, such as economic hardship may also be available to assist a borrower on a temporary basis. Borrowers will be required to make interest payments during the forbearance period.

If you move on to graduate school, please contact NJCLASS immediately to ensure that your NJCLASS loan status is updated.


Deferments are not automatic and eligibility for a deferment is evaluated on a case-by-case basis.


After a period of deferment or forbearance, the monthly payment amount usually increases. This ensures that you pay the remaining balance within term of the loan. For example, if you borrow a NJCLASS loan with a 20-year repayment term during your first year in school and you graduate in 4 years, but subsequently defer payments for 1 year you will have 15 years remaining to pay your loan.


If you are considering a deferment, protect your credit. Contact a NJCLASS Solutions representative as soon as possible.


You can contact NJCLASS Solutions via e-mail or phone:


e-mail: NJCLASSolutions@hesaa.org


phone: 609-584-4480


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