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Go To NJCLASS Loan Consolidation Application

Frequently asked questions (FAQ)

NJCLASS Loan Consolidation Features

Borrowers can consolidate existing NJCLASS loans into a single fixed rate loan with extended repayment terms and reduced monthly payments.However, existing NJCLASS consolidation loans cannot be included in this application

Eligibility Criteria:

  • All parties on the loan must be a U.S. Citizen or Permanent Resident (Proof may be required).
  • Student for which loans were obtained must be out-of-school (graduated or withdrawn).
  • Must consolidate a minimum of $30,000.
  • Must have 2 or more NJCLASS loans.
  • NJCLASS Loans must be current.
  • Borrowers must meet creditworthiness criteria; if a borrower doesn’t meet these standards, a cosigner will be required.
  • Borrowers must meet a minimum income requirement.*

* Subject to change annually.

Term:

NJCLASS Consolidation Loan Balance Maximum Repayment Term

$30,000 to $60,000
more than $60,000

25 Years
30 Years

Interest Rate:

The rate used to calculate interest will be a weighted average interest rate of the underlying NJCLASS loans being consolidated minus 0.25%. The weighted interest rate for a fixed rate loan is based upon the remaining number of payment dates of the loan and excludes any interest rate benefit reduction or payment arrangement.
If you are including a Variable rate loan in the consolidation, the rate used in the weighted average calculation will be the equivalent fixed-rate program rate in effect at the time of disbursement of that loan.
If you are including a 10-year term loan in the consolidation, the rate used in the weighted average calculation will be the equivalent fixed-rate program rate for the respective 15-year or 20-year loan in effect at the time of disbursement of that loan.

Fees:

A 1% administrative fee will be added to the approved amount of the Consolidation Loan.

Borrower Benefits:

Single point of contact: loans are not sold or transferred.
Borrowers can make payments via auto-debit or by using HESAA's online payment option.

Click Here To Download ACH Auto-Debit Authorization Form

Borrowers may be eligible to enter periods of forbearance.
No prepayment penalty.

Get started with NJCLASS Loan Consolidation by clicking on the logo below.