- NJCLASS Introduction
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- We recommend using 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.
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HESAA has enhanced the security features of the NJCLASS loan application. Each applicant to the NJCLASS loan will need to establish their own user-id and password to:
- Access and complete the NJCLASS loan application;
- Authorize NJCLASS to obtain their consumer credit report;
- Confirm their identity;
- Select their signature option (Electronic or Print and Sign in Ink)
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)
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Copyright 2016 © Higher Education Student Assistance Authority
Am I eligible for a NJCLASS Loan?
In order to apply for a NJCLASS Loan, you must meet certain criteria. Guidelines for eligibility are listed below.
Approval is based on creditworthiness and ability to repay the loan, not on financial need.
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Student Borrowers must
- Be a U.S. Citizen or eligible non-citizen.
- Be a New Jersey resident attending an approved school (in or out-of-state) or an out-of-state resident enrolled in an approved NJ-based school.
- Be enrolled in a degree or certificate program.
- Be enrolled at least half-time and be making satisfactory academic progress.
- Have submitted a FAFSA and determined their Federal loan eligibility before applying for a NJCLASS Loan.
- In order to be Pre-Approved for a NJCLASS loan the borrower/cosigner must meet a pre-approval credit score.
If the borrower/cosigner does not meet the pre-approval credit score, they must meet a minimum credit score and
pass a detailed line-by-line credit review. The borrower/cosigner must also meet a minimum income requirement.
Any income disclosed on the application must be able to be verified (if selected for verification).
- Not be delinquent on any existing NJCLASS Loans or have a Federal or State loan in default status.
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Parent Borrowers must
- Be the biological or adoptive parent of the student, or the spouse of the student's parent.
- If you are the spouse of the parent, your income and assets must be reported on the Free Application for Federal Student Aid (FAFSA) or be reported if a FAFSA were filed.
- Be a U.S. Citizen or eligible non-citizen.
- Be creditworthy and meet minimum income requirements, or have an eligible Cosigner.
- Not be delinquent on any existing NJCLASS Loans or have a Federal or State loan in default status.
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Cosigners must
- Be at least 18 years old.
- Be a U.S. Citizen or eligible non-citizen.
- In order to be Pre-Approved for a NJCLASS loan the borrower/cosigner must meet a pre-approval credit score.
If the borrower/cosigner does not meet the pre-approval credit score, they must meet a minimum credit score and
pass a detailed line-by-line credit review. The borrower/cosigner must also meet a minimum income requirement.
Any income disclosed on the application must be able to be verified (if selected for verification).
- Not be delinquent on any existing NJCLASS Loans or have a Federal or State loan in default status.
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If you meet the above criteria, you may apply for a NJCLASS Loan!
Why credit scores may differ:
Consumers may purchase their credit score from a credit-reporting agency or through a credit monitoring service.
This score may be referred to as an “education score”. The score may not be the same score used by a lender
evaluating a loan application. Credit scores are used to predict credit performance. There are many credit score
models in use in the marketplace and the results from each model may be different. It is good to understand why
credit scores are used, and the factors that go into calculating a score, but recognize that the score you purchase
may not be the score your lender uses.
Differences in credit scores may be due to:
A particular lender may use a different scoring model than the one purchased by the consumer, or
The credit reporting agency used by the consumer to purchase their credit score is not the same credit reporting
agency used by the lender, or
The underlying data in the consumer’s credit report changed significantly between the
time the consumer purchased a score and the time the lender obtains a score for that consumer, or
Not all data furnishers provide data to all credit reporting agencies, or
Data furnishers may provide information to the different credit reporting agencies on different schedules, or
A credit reporting agency will only have records of inquires that it has received.
An eligible non-citizen is one of the following:
A U.S. permanent resident who has an Alien Registration Receipt Card (I-551 or I-151)
A conditional permanent resident (I-551C)
A noncitizen with a Departure record (I-94)
from the U.S. Immigration and Naturalization Service (INS) showing
any one of the following designations: "Refugee," "Asylum Granted,"
"Indefinite Parole," "Humanitarian Parole," or "Cuban-Haitian
Entrant."
What do I need to fill out the NJCLASS Loan Application?
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In order to complete the application for a NJCLASS Loan, you will need the following information:
Students:
- Social Security Number
- Alien Registration Number, if applicable
- Driver's License Number
- Active E-mail address (we will send your Application Reference Number to this address)
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Borrowers:
- Social Security Number
- Alien Registration Number, if applicable
- Total Annual Income (you need not disclose alimony, child support, etc. if not using it as a basis for repayment).
- Monthly rent or mortgage amount
- Employer name, address, telephone number, and length of employment, if applicable
- Driver's License Number
- E-mail address
- 2 personal references
(name, address and telephone number). Please note that
references should be adult U.S. residents who each reside
at a different address. The Cosigner(s) and Borrower(s)
should not use any of the same people as references.
- If the Borrower is applying
with his/her spouse or another person as a co-obligor,
that person will also need to provide the information
listed above.
- Academic period of the loan (may be more than one semester, but not more than 1 year)
- Cost of attendance.
- Amount of financial aid you are receiving.
- Amount of the loan that is being requested.
Borrowers may apply for
a loan up to the cost of attendance, less any financial
aid. The cost of attendance (which is determined by the
school) includes tuition, fees, room and board, and other
educational expenses. Please contact your school's financial
aid office if you have any questions about the maximum
amount for which you may apply. The minimum amount for
a NJCLASS loan is $500.
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Cosigners:
- Social Security Number
- Alien Registration Number, if applicable.
- Total Annual Income (you need not
disclose alimony, child support, etc. if not using it as
a basis for repayment).
- Monthly rent or mortgage amount
- Employer name, address, telephone number, and length of employment, if applicable.
- Driver's License Number
- E-mail address
- 2 personal references (name, address
and telephone number). Please note that references should
be adult U.S. residents who each reside at a different
address. The Cosigner(s) and Borrower(s) should not use
any of the same people as references.
- If the Cosigner is applying with his/her
spouse or another person as a co-obligor, that person
will also need to provide the information listed above.
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Required Settings and Software
- You will need to have cookies and JavaScript enabled in your browser.
- Pop-up blocking software must be turned off.
- We recommend using IE 9.0+ to complete your application.
- In order to print out the completed NJCLASS application, you will
need to have Adobe Acrobat Reader version 8.0 or greater. If you do not
have it installed on your computer, you can download it from Adobe's
site (free).
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Borrower and Coborrower Rights & Responsibilities
Once the student's eligibility for the loan is finalized through the school's certification,
a Loan Offer Disclosure will be sent to you. We will also send a Loan Offer Disclosure
to the cosigner. The loan offer must be accepted within 30 days to continue with the loan process.
A Predisbursement Disclosure Statement will be sent to all parties on the loan prior to funding.
There is a 3-day right to rescind period that must expire before the loan is funded.
If the school the student attends participates in electronic funds transfer (EFT),
funds will be disbursed directly to the institution and credited to the student's account.
The borrower has the right to pay in full or pay more than the required installment amount
at any time without penalty. The borrower has the right to examine or receive a copy of the
state laws and regulations that govern the NJCLASS Program.
The borrower has the right to cancel any portion of the loan within 60 days from the date
of disbursement. Borrowers should have the school return funds on their behalf. Any monies
returned within 60 days of disbursement will have the administrative fee and accrued interest
credited to the loan balance.
The NJCLASS program deducts up to a 3% administrative fee from each disbursement of the
approved loan amount for our Fixed Rate Loan. There are no other fees. The borrower must repay
the principal and pay the interest under the terms and conditions specified on the Promissory Note.
The borrower must notify HESAA promptly, in writing, if any of the following events occur before
the loan is repaid:
- The student fails to enroll in the school chosen for the period for which the NJCLASS loan was intended.
- The student withdraws or begins attending less than half time.
- The student graduates or changes graduation date.
- The borrower, co-borrower, cosigner or joint cosigner changes his/her name, address, or employer.
The borrower must use the proceeds that he/she receives from the NJCLASS loan for tuition
and other reasonable and authorized educational expenses - including room and board, fees, books,
supplies, equipment, laboratory expenses and for transportation and commuting costs incurred by
the student to attend the school chosen for the academic period indicated on the NJCLASS Loan
Application.
Cosigner and Joint Cosigner Rights and Responsibilities
HESAA will provide the cosigners with a Loan Offer Disclosure Statement and a Predisbursement Disclosure Statement prior to consummation of the loan.
All parties to the loan have the right to cancel the loan within the 3-Day Right to Rescind period as disclosed on the Predisbursement Disclosure Statement.
You are being asked to guarantee payment of this debt. If the borrower does not pay the debt, you will be obligated to repay the loan. Be sure that you want to accept this responsibility. If the borrower does not pay, you will be required to pay up to the full amount of the debt including interest and any late fees and collection costs, which increase this amount.
The creditor can collect this debt from you without first trying to collect from the borrower. 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.
In the case of the borrower's default the cosigner and joint cosigner remain responsible to repay this loan. If the borrower's debt is cancelled due to death or total and permanent disability, the cosigner and joint cosigner remain responsible to repay this loan, unless the borrower was the student beneficiary. Your obligation can be discharged only if you or the student beneficiary dies or becomes totally and permanently disabled.
What to Consider When You're Considering Cosigning a Loan
Privacy Act Notice Screen
Disclosure of your Social Security Number
(SSN) is required to participate in the NJCLASS 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.
NJCLASS Fixed Rate Loan Features:
- Low fixed interest rate
- Up to a 3.0% loan administration fee for all borrowers, deducted at disbursement
- Up to 20 year repayment
- Flexible repayment options
Fixed Interest Rate Only - NJCLASS reduces the interest rate during school and for the first 12 or 48 monthly payments of principal and interest based on the repayment option you select. This reduction assists borrowers in repaying more principal during these early months when the loan balance is highest. The result is a lower overall cost to the borrower. In the 13th or 49th month of principal and interest repayment, your interest rate increases by 0.75% and stays at that rate for the remainder of the loan.
The NJCLASS program deducts up to a 3% administrative fee from each disbursement of the approved loan amount. There are no other fees, and it costs nothing to apply. Unlike other lenders, this fee is not dependent upon your credit rating or the presence of a cosigner. This is an important consideration when comparing alternative or private loan programs.
Since NJCLASS's initial debut in 1991, NJCLASS has established itself as a national leader by offering one of the lowest fixed rate supplemental loans in the country.
If you have any questions after completing your pre-approval application, please call us at 800-792-8670.
NJCLASS Variable Rate Loan Features:
- Low Variable Interest Rate
- Interest Rate Repayment Cap
- 0% Loan Administration Fee
The NJCLASS Variable Rate Loan has an interest rate ceiling or cap of 9.50%. What does this mean? It means that the interest rate can never exceed 9.50% for the life of the loan no matter how high interest rates may go.
The NJCLASS Variable Rate Loan does not charge a Loan Administration Fee. In fact, there are no other fees, and it costs nothing to apply.
If you have any questions after completing your pre-approval application, please call us at 800-792-8670.
Are there loan limits for NJCLASS Loans?
Pursuant to P.L.2017 c.198, for student beneficiaries first applying for a
NJCLASS loan on or after August 8, 2017 the total NJCLASS loans borrowed may
not exceed $150,000. This is an aggregate loan limit, which will be increased
annually for each academic year over the prior year by the regression-based
index value of the Higher Education Price Index. The loan limit does not apply
to students who have previously received NJCLASS loans or who applied for their
current loans prior to August 8, 2017.
Must I consider Federal Loans before I take out a NJCLASS Loan?
Public Law 2017 c. 198 also added requirements regarding the maximum annual loan amounts
for a student borrower. To determine the maximum annual loan amount the total federal
subsidized Direct loan amount available to the student has always been deducted from
the NJCLASS loan amount. The new law now requires HESAA to deduct the maximum amount
of federal Direct Unsubsidized Loans available to the student from the available NJCLASS
loan amount if the available interest rate for federal Direct Unsubsidized Loans is lower
than the interest rate available to the student under the NJCLASS Loan Program. However
to ensure that students do not lose federal loan benefits, including but not limited to
income-based repayment (IBR), loan forgiveness and redemption programs, HESAA is requiring
all federal Direct Loan amounts, subsidized and unsubsidized, to be deducted from the
certified NJCLASS loan amount, regardless of the interest rate.
