NJCLASS Loan Consolidation
The NJCLASS Consolidation Loan is designed to assist those borrowers with higher NJCLASS debt balances by providing a longer repayment term and lower monthly payments. A consolidation loan may help make payments more manageable for some borrowers by combining several NJCLASS loans into one loan with one monthly payment.
Borrowers must have a minimum of two NJCLASS loans with an outstanding minimum balance of $30,000. NJCLASS Consolidation loans with balances less than $60,000 carry a 25-year repayment term. NJCLASS Consolidation loans with balances greater than $60,000 carry a 30-year repayment term. The interest rate on a NJCLASS Consolidation loan is fixed and is based on a weighted average of the underlying NJCLASS loans being consolidated minus 0.25%. Deferment and forbearance options are limited and require monthly interest payments. Consolidation loans are subject to available funding.
Borrowers, who would like to apply for a consolidation loan, should login to start the application process.