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An NJCLASS Loan is a private supplemental loan offered through HESAA and funded through tax-exempt bond proceeds. It is important to remember that NJCLASS loans are different from federal student loans. Payments on your NJCLASS loan are separate from any federal student loan payments that may be required.


Just like with Direct Stafford Loans, it’s very important that you stay in touch with NJCLASS. Be sure to notify them of changes in your name, address, telephone number or email address. If you change schools, you will need to notify NJCLASS yourself; unlike Direct Stafford Loans, NJCLASS is not automatically updated. Staying in touch with your lender will insure that you receive information about your student loans in a timely manner.


Although you may have initially selected a repayment option that permits payment of interest only while in school or no payments until after you leave school, your repayment term begins when the loan is first disbursed. This means that if you are in school for 5 years and you have a 20 year loan term, you will have 15 years remaining after you leave school to repay your loan.


Unlike federal student loans, the NJCLASS loan does not have a grace period. The loan will revert to monthly payment of principal and interest normally within 45-60 days of when you leave school for those borrowers who have not already been making monthly payments of principal and interest.


If you move on to graduate school, you should advise HESAA immediately to insure that your NJCLASS loan status is updated accordingly.


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