MedNJ "NJCLASS Medical & Dental Loan Program"

MedNJ is a state supplemental loan program that provides an affordable source of funds for meeting medical & dental school expenses not already covered by other forms of financial aid.   Apply Now

Benefits

• Borrow the entire cost of your education minus other federal aid and subsidized loans
• No employment or income requirements
  
• 25-year repayment term
  
• Low fixed interest rate
  
• Flexible repayment options, including full deferments
  
• Only 2% administrative fee
• No cosignor required
• No prepayment penalties
• Deferments are available during 36 month residency period

Eligibility

Student must:
• Be enrolled at least half-time in a medical program (MD, DO, DDS, DMD)
  
• Be NJ residents who can take NJCLASS to any eligible college/university
  
• Be any eligible student at a NJ college/university
  
• File a FAFSA
  
• Have no adverse credit history or be credit ready
  
• Have no NJCLASS loans that are delinquent or in default
  
• Be a U.S. citizen or non-citizen permanent resident
  

Interest Rates and Payment Options

Payment Options
• Option 1 - monthly payment of interest and principal while in school
• Option 2 - monthly payment of interest while in school
• Option 3 - deferment of all payments while in school
• Residency Deferment available up to 36 months
• Students who select Option 1 or 2 will be responsible for monthly interest payments during residency period
• Student may use a graduated repayment schedule for up to 24 months during the first 7 years of repayment, including period of residency, deferment, and forbearance.
• Loans in Option 3 repayment are capitalized upon graduation and at completion of the 3 year residency.

Interest Rates

• Interest rates are fixed and are currently set at 8.17% for students who select repayment Option 1 or 2.
  8.47% for students who select repayment Option 3.