NJCLASS ReFi+ Loan Application

NJCLASS ReFi+ Loan Introduction

Loan Term
Interest rates based upon credit scores
10-Year Fixed Rate
15-Year Fixed Rate

  • We recommend using the latest version of Chrome, Firefox, Safari, or Internet Explorer 9.0+ to complete the application.
  • Please turn all pop-up blocking software OFF.
  • You will need Adobe Acrobat Reader version 8.0+.
  • You will need to have cookies and javascript enabled on your browser.
  • Please add NJCLASS@hesaa.org to your approved sender list if you use spam filters.
  • When you have completed the online pre-approval application, all parties to the application must sign the documents.

HESAA has enhanced the security features of the NJCLASS ReFi+ loan application. Each applicant to the NJCLASS ReFi+ Loan will need to establish their own user-id and password to:

  • Access and complete the NJCLASS ReFi+ Loan application;
  • Authorize NJCLASS to obtain their consumer credit report;
  • Confirm their identity;
  • E-sign
Following disbursement of the loan, online access is available for:
  • Monitoring billing and payment statuses
  • Tracking delinquencies and any past due amounts
  • Making online payments
  • Obtaining copies of documents, such as the student loan interest deduction (Form 1098E)

To be eligible for the NJCLASS ReFi+ Loan:

    NJ Nexus Requirement:

    All NJCLASS Loans meet the NJ Nexus. If you would like to include your Parent PLUS Loans in your NJCLASS ReFi+ Loan, the student beneficiary of each underlying loan must meet at least one of the following criteria:
  • Is currently a NJ resident;
  • Was a NJ resident at the time of each underlying Parent PLUS Loan included in this refinance was obtained; or
  • Attended a NJ school with the proceeds of each Parent PLUS Loan being refinanced.

    Other Requirements:
  • Must be the borrower on each underlying loan included in the refinance.
  • All loans to be included in this refinance must be in repayment and current.
  • Student that benefited from the loans included in this refinance must be out of school. You may be required to provide proof of non-enrollment.

In order to be approved for a NJCLASS ReFi+ Loan the borrower(s)/cosigner(s) must:

  • Meet the minimum credit score
  • Meet the minimum income requirement
  • Pass the debt-to-income calculation

Cosigner and Joint Cosigner Rights and Responsibilities

HESAA will provide the Cosigner with a Loan Offer Disclosure Statement and a Predisbursement Disclosure Statement prior to consummation of the loan. Only the borrower has the right to cancel the loan within the previously specified time.

You are being asked to guarantee payment of this debt. If the borrower does not pay the debt, you will have the obligation to pay the loan. Be sure that you want to accept this responsibility. You may have to pay up to the full amount of the debt including interest if the borrower does not pay, as well as late fee or collection costs, which increase this amount.

The creditor can collect this debt from you without first trying to collect from the borrower. In the case of the borrower's default, or the cancellation of the borrower's debt due to death or total and permanent disability, the creditor can also collect this debt from you. The creditor can use the same collection methods against you that can be used against the borrower, such as suing you or garnishing your wages.

Privacy Act Notice

Disclosure of your Social Security Number (SSN) is required to participate in the NJCLASS ReFi+ Loan Program. The authority for collecting the requested information from and about you is N.J.S.A 18A:71C-21 et seq.

The principal purpose of this information is to verify your identity, to determine your Program eligibility and benefits, to permit the servicing of your loan(s) and, in the event it is necessary, to locate you and to collect on your loan(s) if it becomes delinquent or defaulted throughout the life of your loan(s).

The routine uses of this information include its disclosure to Federal, State, or local agencies, to private parties such as relatives, present and former employers, business and personal associates, to guaranty agencies, to credit bureau organizations, to educational and financial institutions, and to agency contractors in order to verify your identity, to determine your Program eligibility and benefits, to permit the servicing or collecting of your loan(s), to counsel you in repayment efforts, to investigate possible fraud and to verify compliance with Program regulations.

To Complete Your NJCLASS ReFi+ Loan Application Each Party to the Loan Will Need:

  • Social Security Number
  • Alien Registration Number, if applicable
  • Total annual income (you need not disclose alimony, child support, public assistance aid or separate maintenance if not using it as a basis for repayment)
  • Monthly rent or mortgage payment
  • The amount of property tax you pay, if not included in mortgage payment
  • Employer name, address, telephone number and length of employment, if applicable
  • Driver's License Number
  • A copy of your monthly billing statement for each loan that you would like to include in the NJCLASS ReFi+ Loan
  • Your e-mail address, and if you are applying with a co-borrower or cosigner, their email address

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