Academic Period of the Loan

The period to which loan proceeds will be applied, consisting of a period of time during which school is in session.

Academic Year

The period during which school is in session, consisting of at least 30 weeks of instructional time. The school year typically runs from the beginning of September through the end of May at most colleges and universities.

Alien Registration Number

To verify the immigration status of U.S. permanent residents and other eligible noncitizens, A-numbers are collected. A-numbers are assigned by the INS to all legal immigrants.

ACH - (Automated Clearing House)

A process by which monthly payments can be made to outstanding loan debt directly from the borrower's bank account. Authorization from the borrower is required to establish this process.

Co-borrower

Additional borrower whose income and credit score may be required to qualify for the loan and whose name appears on documents with equal legal obligation to repay the debt. A co-borrower's obligations are the same as the borrower's. Co-borrowers are responsible for the entire amount of the debt.

Co-obligor

One who binds oneself (by contract or legal agreement) with one or more people to fulfill an obligation.

Cosigner

A cosigner is an additional applicant to the loan who meets HESAA's income and creditworthiness criteria for granting an NJCLASS loan. A cosigner is required when a borrower does not meet the criteria. A cosigner's obligations are the same as the borrower. Cosigners are responsible for the entire amount of the loan debt.

Cost of Attendance

The total amount it should cost the student to go to school, including tuition and fees, room and board, allowances for books and supplies, transportation, and personal and incidental expenses. Schools establish different standard budget amounts for students living on-campus and off-campus, married and unmarried students and in-state and out-of-state students.

Default

A loan is in default when the borrower fails to pay several regular installments on time (i.e., payments overdue by 180 days) or otherwise fails to meet the terms and conditions of the loan.

Delinquency

A late payment on an NJCLASS loan. Delinquency begins the first day after the due date of the first missed payment. The due date of the first payment is established by the New Jersey Higher Education Student Assistance Authority (HESAA).

Eligible Non-Citizen

Someone who is not a U.S. citizen but is eligible for federal student aid. Eligible noncitizens include a U.S. permanent resident who has a permanent resident card (I-551) or a conditional permanent resident (I-551C), or a noncitizen with a Departure record (I-94) from the U.S. Citizenship and Immigration Services (USCIS) showing any one of the following designations: "Refugee," "Asylum Granted," "Indefinite Parole," "Humanitarian Parole," or "Cuban-Haitian Entrant."

Financial Aid

Money provided to the student and the family to help them pay for the student's education. Major forms of financial aid include gift aid (grants & scholarships) and self-help aid (loans & work).

Half-time enrollment

Enrollment status usually equivalent to a minimum of 6 credits per semester.

Joint Cosigner

Is an additional cosigner applying along with the cosigner. The joint cosigner's obligations are the same as those of the cosigner.

NJCLASS Eligible Institution

Accredited institutions of higher education, eligible for Title IV federal higher education funding, approved or licensed by the New Jersey Secretary of Higher Education, or its equivalent in another state or country, with an acceptable annual cohort default rate as defined by HESAA regulations.

Pre-approved

Pre-approved means your loan has met HESAA's minimum income and credit requirements. Upon final approval you will receive a loan offer.

Promissory Note

A written document in which a borrower agrees (promises) to pay back money to a lender according to specified terms. A written promise to pay a certain sum of money, at a future time, unconditionally.

Satisfactory Academic Progress (SAP)

A student must have an academic standing consistent with their school's SAP policy in order to continue receiving financial aid (including NJCLASS).

State of Legal Residence

The State of Legal Residence of a student is defined in terms of domicile. Domicile is defined as the place where a person has his or her true, fixed, permanent home and principal establishment, and to which, whenever he or she is absent, he or she has the intention of returning.

Total Annual Income

Your current documented income. (You need not disclose alimony, child support, public assistance aid, or separate maintenance income if you do not wish to have it considered as a basis for repaying this obligation).