The New Jersey College Loan to Assist State Students (NJCLASS) offers a low cost supplemental loan. Available to NJ residents attending any college or students attending a New Jersey College, NJCLASS can help you pay college costs not already covered by other sources of grants, scholarships or loans.
Learn more about the NJCLASS loan or to apply online for an instant decision:
- NJCLASS
NJCLASS can be used for both graduate and undergraduate study. For the 2011-2012 academic year the interest rate is 7.35% for loans in either monthly repayment of principal and interest or monthly interest payments. The interest rate increases by 0.75% in the 49th month of principal and interest repayment under both repayment options. For borrowers choosing full deferment of principal and interest, the rate is 8.00%. The interest rate increases by 0.75% in the 13th month of monthly of principal and interest repayment. HESAA also offers a 10 year repayment loan with immediate monthly repayment of principal and interest. The rate is 6.60%. This rate will increase by 0.75% in the 49th month of monthly repayment of principal and interest.
Apply Now
Availability of funding is limited and repayment options may be suspended once the underlying funds are exhausted.
The option to fully defer payment while in school (Repayment Option 3) on a NJCLASS Fixed Rate Loan is no longer available for applications completed on or after Wednesday, August 17, 2011. The 10-year loan repayment option is also no longer available for applications completed on or after Wednesday, August 24, 2011. Due to overwhelming demand, all available funds allotted to these two repayment options have been exhausted. Other repayment options, however, such as monthly interest payment while in school and monthly payment of principal and interest are still available. These repayment options offer a lower interest rate and making monthly payments while in school may help save you money in the long run.
- NJCLASS for Graduate Professional Students
The NJCLASS Fixed Rate for Graduate and Professional Students loans for academic year 2011-2012 will bear a 7.35% interest rate for loans in either monthly repayment of principal and interest or with monthly interest payments. Loans with deferred payment of principal and interest will carry a rate of 7.65%. The interest rate increases by 0.75% in the 49th month of monthly principal and interest repayment under all repayment options.
Apply Now
Availability of funding is limited and repayment options may be suspended once the underlying funds are exhausted.
- MedNJ
Designed to meet the needs of medical and dental students working toward a MD, DO, DDS or DMD degree, MedNJ offers a fixed interest rate, flexible repayment options, a 25-year repayment term and a special 3-year residency deferment.
NJCLASS Loans for Medical and Dental Students for academic year 2011-2012 will bear a 7.85% interest rate for loans in either monthly repayment of principal and interest or with monthly interest payments. Loans with deferred payment of principal and interest will carry a rate of 8.15%.
Apply Now
Availability of funding is limited and repayment options may be suspended once the underlying funds are exhausted.
- NJCLASS 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. 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. To apply, log onto HESAA's secure website using your User ID and password.