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ReFi+ Information


What is the difference between consolidation and refinance?

The NJCLASS Consolidation Loan is designed to assist borrowers who need lower monthly payments by combining multiple NJCLASS Loans into one single payment over a longer payment term. The NJCLASS ReFi+ Loan assists borrowers who want to lower the total amount spent on repaying their student loans by combining multiple loans into one single payment with a lower interest rate.

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Apply Now for Consolidation LoanApply Now for Refianance Loan

For Frequently Asked Questions, click here

NJCLASS Loan Consolidation

The NJCLASS Consolidation Loan is designed to assist those borrowers with higher NJCLASS debt balances by providing a longer repayment term and lower monthly payments.  A consolidation loan may help make payments more manageable for some borrowers by combining several NJCLASS loans into one loan with one monthly payment.

Borrowers must have a minimum of two NJCLASS loans with an outstanding minimum balance of $30,000. NJCLASS Consolidation loans with balances less than $60,000 carry a 25-year repayment term. NJCLASS Consolidation loans with balances greater than or equal to $60,000 carry a 30-year repayment term. The interest rate on a NJCLASS Consolidation loan is fixed and is based on a weighted average of the underlying NJCLASS loans being consolidated minus 0.50%. Deferment and forbearance options are limited and require monthly interest payments. Consolidation loans are subject to available funding.

Borrowers, who would like to apply for a consolidation loan, should login to start the application process.

ReFi+ Loan Program

HESAA is now offering an expanded pilot ReFi+ Loan Program for loans where the student beneficiaries are out of school and have loans from higher interest rate periods. NJCLASS, Federal Parent PLUS, and Private Educational Loans can all be considered for this refinance opportunity. Eligibility for this 10-year or 15-year, fixed-rate program is based on income, credit score, and debt-to-income ratio. Depending on the selected loan term and credit score, the annual percentage rate (APR) will range from 4.70% to 7.20%.