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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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.
HESAA is now offering a new, pilot ReFi+ Loan Program for NJCLASS and Federal Parent PLUS borrowers where the student beneficiaries are out of school and have loans from higher interest rate periods. Eligibility for this new, 10-year, fixed rate program is based on your income, credit score and debt-to-income ratio. Depending on your credit score, the annual percentage rate (APR) will range from 4.70% to 6.70%.