NJCLASS Consolidation Loan

Borrower and Coborrower Rights & Responsibilities

Once the final loan approval is completed, a Loan Offer Disclosure will be sent to the borrower and co-borrower. HESAA will also send a Loan Offer Disclosure to the cosigner and any other party on the loan. Only the borrower can accept the Loan Offer. The Loan Offer must be accepted within 30 days to continue with the loan process. After the borrower accepts the Loan Offer, 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.

The borrower must repay the principal and pay the interest under the terms and conditions specified on the Promissory Note. The borrower and co-borrower must notify HESAA promptly, in writing, if:

  • The borrower, co-borrower, cosigner or joint cosigner changes his/her name, address, telephone number, or employer.