Loan Repayment Option Compare
    Fri Apr 20 18:23:47 EDT 2018
    The information below is an estimate of the expected repayment amounts for each of the repayment options we offer.
    Requested Loan Amount :
    Funds Required Date:
    Anticipated College Graduation Date :
    Fixed Rate Repayment Options
    Repayment Option Features
    10 Year Fixed Rate - Begin Repayment Immediately 15 Year Fixed Rate - Begin Repayment Immediately 15 Year Fixed Rate - Pay Interest-Only While In School
    Interest Rate w/Step Up
    Monthly Payment Amount in School
    Monthly Payment Amount After School
    Total of Payments
    How Much Can I Save by Making Payments While in School Compared to the 20 Year Fixed Rate Deferred Option?
    These estimated payment amounts are based upon a single loan disbursement using the date funds are required you provided above. The estimated payment amounts reflected here may vary from the repayment information later disclosed due to changes in the approved loan amount, actual disbursement amounts and dates, and graduation date.
    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.
    Facts to Consider:
    * Interest accrues from the date of disbursement. Interest that is not paid is capitalized (added to your loan balance) annually. That means interest will accrue on that higher principal balance in the following year(s). This will increase your monthly payments and the total amount you have to repay.
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