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Don't get lost in your NJCLASS payments


Steps to Reduce Your NJCLASS Loan Costs


To help you reduce the total cost of your NJCLASS loans, consider taking advantage of these options:


Keep living like a student


You’ve been living the life of a student up till now. Keeping your expenses low, having a tight budget...so keep doing it! When you graduate from school keep the same inexpensive living arrangements, your same mode of transportation, and your same habits. By continuing to live as you did when you had no money, you don’t increase your cost of living and consume all of your newly earned salary. Instead of keeping up with the Joneses, you keep up with your loan interest and pay down lots of loan principal up front.


Prepay Your Loans


Consider paying off your NJCLASS loans as early as you can to save money. When you choose to start making payments while in school or when you pay a little more toward your principal balance while in repayment, you accrue less interest and reduce the total cost of your loan. And with no prepayment penalties, paying a little extra when you can is a great strategy. 


Pay on Time, All the Time


Paying on time helps you maintain a solid credit rating and keeps you clear of any possible late fees. To help ensure your NJCLASS payment is paid on time, make sure you have sufficient funds in your bank accounts. Visit the NJCLASS Payment Methods page to find the right payment option for you!




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.


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 $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 plus 0.25%. 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 NJCLASS consolidation loan, should login using NJCLASS.org to start a NJCLASS Consolidation application. Funds are limited and are on a first come first serve basis.


NJCLASS Student Loan Payments and Tax Deductions


Take Advantage of Tax Deductions


As tax time rolls around, you may be wondering if you can take a student loan interest deduction.  Perhaps you have a child that is going to college, and you're wondering how the interest deductions work. 


Can I take a student loan interest deduction on my taxes?


Well, maybe.


Qualified Student Loans


For the purpose of taking a student loan interest deduction on your federal income tax return, the loan must be associated with the expenses paid to an eligible educational institution.  An eligible educational institution is defined as any college, university, vocational school, or any other type of postsecondary educational institution that is eligible to participate in a student aid program administered by the Department of Education.


A qualified student loan is one that was taken out to pay for the expenses associated with attending school.


Expenses can include:

  • School tuition and fees
  • Room and board
  • Books, supplies, and equipment necessary to attend class
  • Other necessary expenses, including transportation expenses such as student airfare

If you're residing off campus, then the allowance for room and board cannot be larger than the actual amount charged to live on campus, or any amount that was included as part of attending school.  In other words, if the student lives in a luxury apartment that is twice the cost of campus living, that portion of the student loan would not be eligible to deduct.


What exactly is Student Loan Interest?


According to the IRS, student loan interest is defined as the interest you paid during the calendar year on what are called qualified student loans.  The interest can be both required by the terms of the loan, your normal monthly payments, and any voluntary interest payments you make on the student loan.  For example, you might have prepaid interest.


Student Loan Deduction Rules


There are a lot of IRS rules that apply to different programs, and it seems that they attempt to balance simplified rules with fairness to taxpayers.  Often this gets complicated by the real life scenarios that can take place.


That being said, due to the complexity of the IRS tax code and student loan interest deductions, please visit the IRS website for the most accurate and up to date student loan interest deductions. You can click here, IRS, for more information on IRS student loan interest deductions.


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