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NJCLASS Loan Information


If you would like to obtain balance information, make a payment, review your payments, or send a message to HESAA staff about your NJCLASS loans, you can do so through "Manage My NJCLASS Loans" portal. You can access the "Manage My NJCLASS Loans" portal by logging on with a secure userid and password.


Repayment Information

Depending on the terms available when you initially obtained your NJCLASS loan, you selected to either:

  • Begin repayment of principal and interest immediately while still in school
  • Make quarterly or monthly payments of interest only while still in school
  • Defer any payments of  principal and interest until after leaving school.

There is no grace period on a NJCLASS loan.

  • Monthly Payment of Principal and Interest - Borrowers whose loans are scheduled for monthly payment of principal and interest are sent statements 20 days prior to the payment due date. The due date is the same each month and all loans belonging to the same borrower for the same student will have the same due date
  • Interest Only Payments  
    • Borrowers opting to repaying interest quarterly are billed for the prior period’s accrued interest. Quarterly interest payment plans are billed in January, April, July and October. Payment is due 25 days after the billing statement date.  
    • Borrowers opting to repaying interest monthly are billed for the interest that has accrued on the loan prior to the billing date. The monthly interest billing statement is sent 20 days prior to the payment due date.
  • Deferred Payment of Principal and Interest
    • Interest that is deferred until after graduation is capitalized (added to the principal amount of the loan) quarterly or annually.
    • Once a student leaves school, the NJCLASS loan will transition to monthly repayment of principal and interest.
    • About 60 days prior to your graduation, borrowers whose loans are schedule to transition to monthly repayment will be sent a notice as a reminder of your repayment responsibility. Customer care specialists are available to speak to you and answer any questions you have about repayment.

Borrowers with more than one loan who selected different repayment options for each loan will receive separate periodic billing statements for each type of repayment option.


Making Payments

  • HESAA offers its borrower various methods for making payments. Through the "Manage My NJCLASS Loans" portal borrowers or cosigners may make a payment on-line without charge. Individuals have the ability to specify how much and which loans should be paid. Individuals can make a payment on a loan on behalf of a student, where the individual is not a party to the loan.
  • HESAA also offers the convenience of making credit card payments. A small convenience fee is charged for making a credit card payment. This feature is accessed through "Manage My NJCLASS Loans" portal.
  • HESAA also accepts payments made in the traditional method of payment by check. The billing statement contains a remittance slip for this type of payment. Mail payments to:

    NJCLASS Loan Payments
    PO Box 11961
    Newark, NJ 07101-4961

  • Borrowers or cosigners may sign up for Recurring Automatic Debit payments. Bill statements are still provided to the borrower for informational purposes, but the borrower does not need to mail any payment, unless they wish to make an additional payment on the loan.
  • HESAA also accepts payments via Western Union Quick Collect. A payment can be made either online at Western Union’s website or by visiting one of over 38,000 Western Union Agent locations in North America. Western Union charges a fee for utilizing their service.
  • Some borrowers have also established automatic payment processes though their individual lending institutions, such as Bill Pay. Currently, HESAA does not accept electronic payments through Bill Pay, so a paper check is generated and mailed to HESAA.

Payments are credited to the account when the actual payment is received by HESAA.


Deferments and Forbearances

  • If you have NJCLASS Loans and you have just graduated, but haven’t started your employment, you may want to contact HESAA staff to see if you can defer your repayment start date. HESAA understands that many recent graduates do not begin their employment immediately after their graduation.
  • For NJCLASS Loans, a deferment may mean that you are required to only pay interest on your loan for a temporary period. The interest will be billed to you on a quarterly basis or monthly basis. Since interest on a NJCLASS loan is the borrower’s responsibility, it is important to make interest payments timely. This helps to keep your overall debt at a manageable level.
  • Limited deferments, such as for unemployment, military active duty service, internships or Peace Corps service may be available.
  • Deferments are not automatic and eligibility for a deferment is evaluated on a case-by-case basis. You should contact a HESAA representative as soon as possible so your credit is protected.
  • Forbearances, such as, economic hardship may also be available to assist a borrower on a temporary bases. Borrowers will be required to make interest payments during the period of forbearance.
  • It is important to remember that after a period of deferment or forbearance the monthly payment amount usually increases in order that you pay the remaining balance within the remaining term of the loan. As an 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.


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.


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 plus 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.


Responsible Party

NJCLASS loans often have co-borrowers and/or cosigners on the loan. Borrowers who are encountering payment difficulties should speak to their co-borrowers and cosigners about helping them make payments. It is important that co-borrowers and cosigners understand that any delinquency on a NJCLASS loan also affects their credit history. 

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