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HESAA’s NJCLASS loan is one of the nation's most affordable and flexible supplemental student loan programs in the nation.


The NJCLASS loan features:

  • Low interest rate
  • Interest rate is not based upon the borrower's creditworthiness
  • Up to 3% administration fee
  • The option for students or parents to borrow
  • Flexible repayment options
  • Your choice of repayment: 10, 15 or 20 years

NJCLASS allows students or parents to borrow the money needed to meet the remaining costs of education (after all other sources of student aid are used). With the NJCLASS loan program, there are no annual and/or aggregate loan limits. Money borrowed through NJCLASS loans may be used for school-related expenses, such as tuition and fees, books, supplies, and room and board.



Students must:

  • Be a U.S. citizen or eligible non-citizen
  • Be a New Jersey resident attending an approved school anywhere, including some international schools
  • Be an out-of-state resident attending an approved NJ-based school
  • Enrolled at least half-time in a degree or certificate program
  • Maintain satisfactory academic progress as defined by your school
  • Complete a FAFSA application
  • Borrow the subsidized portion of your Stafford loan

Borrowers must:

  • Be a U.S. citizen or eligible non-citizen
  • Meet minimum credit and income requirements or have an acceptable co-signer
  • Not be delinquent or in default on a Federal or State student loan

Cosigners must:

  • Be at least 18 years old
  • Be a U.S. Citizen or eligible non-citizen
  • Meet minimum credit and income requirements
  • Not be delinquent or in default on a Federal or State student loan


Four repayment options are available for you to select from: 

  • Pay principal and interest immediately; 10 or 15-year repayment period
  • Pay only monthly interest while in school; 15-year repayment period
  • Defer payment of principal and interest until graduation, withdrawal or notification of less than half-time enrollment; 20-year repayment period

Repaying principal and interest immediately will result in lowering the overall finance charges, while paying only interest while in school will increase your overall loan costs. Deferring all payments while in school will result in fewer payments but the highest monthly payments and finance costs.


Interest Rates


Click here for current interest rates.


Annual Percentage Rate (APR)

The Annual Percentage Rate (APR) represents the cost of credit, expressed as a yearly rate. It is not the interest rate on your loan; it is calculated using your interest rates, your administrative fee, the repayment option and the number of years of repayment. The APR is what you should use to compare various loan products.


How Much Can I Borrow?

There are no loan limits with the NJCLASS program. Students/borrowers are advised, however, to borrow wisely, since all NJCLASS loans must be repaid with interest.


How Do I Apply?

  • To apply for the NJCLASS loan program, you must first complete the Free Application for Federal Student Aid (FAFSA) so that all other types of financial aid can be considered before applying for the loan. Students and borrowers should review the NJCLASS loan Terms and Conditions before applying.
  • If interested in applying, students and borrowers will need some personal information (driver’s license number, student’s SSN, 2 personal references, employment/income information) in order to complete the application.
  • Upon receiving your application, we review it for any missing information. Should any further information be needed, we will send a letter noting what information is requested.
  • Your school is required to review your eligibility to receive the NJCLASS loan as part of your financial aid package. They will also certify the amount you can borrow and the date(s) for funds to be released.
  • Once your loan is finalized through the school’s certification, a loan offer disclosure will be sent to you. We will also send a loan offer disclosure to the cosigner. The loan offer must be accepted within 30 days to continue with the loan process. A pre-disbursement disclosure statement will be sent to all parties on the loan prior to funding. There is a 3-day right to rescind period that must expire before the loan is funded.
  • If you wish to cancel your NJCLASS loan, do so by returning all funds disbursed to NJCLASS within 60 days of the disbursement, and the corresponding accrued interest and loan fee will be credited back.
  • Applications can be completed online by clicking here.

Loan Terms

NJCLASS Loan Term Details:

  • Interest begins to accrue from the date the loan is disbursed
  • There is a no interest subsidy with NJCLASS loans
  • Deferments do not extend the term of the loan. Therefore, payment amounts may increase, if necessary, so that the loan is paid in full within the original term
  • The minimum monthly loan repayment is $50
  • There is no prepayment penalty
  • The loan is in default status when it becomes 180 days delinquent while in repayment of monthly installments, or 240 days delinquent when payments are required less frequently than monthly.
  • Delinquencies will adversely affect your ability to borrow in the future and will be reported to all national credit reporting agencies.
  • A student borrower in default on an NJCLASS loan will suspend their state grant eligibility.
  • HESAA reduces the interest rate during school and for a short period while monthly payments of principal and interest are required. This reduction assists borrowers in repaying more principal during these early months when the loan balance is highest. The result is a lower overall cost to the borrower.

Cosigners and Co-borrowers

What is the difference between a cosigner and a co-borrower?


A cosigner …

  • Guarantees payment of the debt.
  • Is required for borrowers who do not meet the income and/or credit requirements.

A co-borrower …

  • Is an additional borrower.
  • His/her income contributes to qualifying for the loan.
  • Is jointly and primarily responsible for paying the debt.
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