If you don’t make a payment on time or if you start missing payments—even one—your loan is considered delinquent.
It is important that you try and resolve any student loan delinquency immediately. While it may be difficult to make that monthly payment today, it could be even harder to make up two months of payments next month. It is important that you contact HESAA NOW to discuss what to do.
NJCLASS loans often have co-borrowers and/or cosigners on the loan. Borrowers who are encountering payment difficulties should speak to their co-borrowers and cosigners about helping them make payments. It is important that co-borrowers and cosigners understand that any delinquency on a NJCLASS loan also affects their credit history.When you miss a payment, HESAA, as your lender will contact you and the other parties on the loan by phone or mail to alert you of the missed payment. It is important that you don’t ignore your delinquency but work to resolve it! Here are some tips to consider:
If your NJCLASS Loan Delinquency continues, HESAA may initiate other collection efforts to collect the debt, or may limit your eligibility for State grants and scholarships:
Potential Loss of State Financial Aid
If your NJCLASS account becomes delinquent, you may lose your eligibility for additional financial aid, such as New Jersey’s Tuition Aid Grant program.
Potential Administrative Wage Garnishment
If your account remains delinquent, HESAA may take steps to initiate Administrative Wage Garnishment. This means that your employer may be contacted and instructed to withhold up to 10% of your wages. If you are having difficulties repaying your NJCLASS Loan, you should contact us immediately so that we can help you protect your credit.