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.
* Subject to change annually.
|NJCLASS Consolidation Loan Balance||Maximum Repayment Term|
|Between $30,000 and $60,000||25 Years|
|$60,000 or more||30 Years|
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.
A 1% administrative fee will be added to the approved amount of the Consolidation Loan.
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.
Borrowers may be eligible to enter periods of forbearance.
No prepayment penalty.
Get started with NJCLASS Loan Consolidation by clicking on the "Apply Now" button below.
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