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NJCLASS Student Loans Review


ConsumersAdvocate.org Rating: 4 / 5 (Very good)
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The New Jersey College Loans to Assist State Students (NJCLASS) is a supplemental student loan program for students who are already receiving federal student loans. It helps students or their families with affordable loans to meet the remaining costs of higher education such as tuition, books, and room and board. These private student loans are not federally or state-funded and are distributed by the Higher Education Student Assistance Authority (HESAA).
 
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How is NJCLASS rated?

Breakdown

4.0/5
Loan Details
4.0/5
Eligibility Criteria
4.0/5
Customer Experience
4.0/5
Additional Benefits

Overall Rating: 4 / 5 (Very good)

NJCLASS loans are some of the most affordable supplemental private student loans in the country. They are available to students and parents who need to meet the costs of college education after all other sources of financial assistance have been used up. They offer different repayment options and terms to fit each need, as well as refinancing and consolidation loans.

NJCLASS Loan Specifics

Loan Details - 4 / 5

There are three types of standard NJCLASS loans:

• 10-year fixed rate with immediate repayment
• 15-year fixed rate with monthly interest repayment while enrolled in school
• 20-year fixed rate with principal and interest deferred while enrolled in school

Borrowers can request a loan up to the cost of attendance (which includes tuition and fees, books and supplies, room and board) minus any financial aid received.

Interest rates are fixed and considerably lower than many other private student loans. Borrowers can receive an additional 0.25% interest rate reduction when they choose to make automatic monthly ACH payments.

There is an administrative fee which equals three percent of the approved loan amount and is deducted from each disbursement. There are no other fees or costs attached to the loan.

Refinance options for 10 or 15 years are available to borrowers who are out of school, carry a debt of $5,000 or more, and have NJCLASS, federal Parent PLUS, or private educational loans.

Borrowers with NJCLASS family loans who have a minimum of $30,000 in debt can also apply for a consolidation loan. It provides personalized counseling, offers no prepayment penalty, and comes in 25- and 30-year terms.
Loan Types
Undergraduate
Graduate
Parent
Minimum Loan Amount
Varies
Maximum Loan Amount
Varies
Loan Term
10, 15, or 20 years
Interest Rates
Fixed
Repayment Options
Deferred
Fixed
Immediate
Partial Interest

Fixed APR Range

2.99% - 5.17%

NJCLASS Qualifications

Eligibility Criteria - 4 / 5

Since NJCLASS loans are distributed by the HESAA, they are only available for students or parents from New Jersey, or out-of-state students attending select New Jersey schools.

Students are eligible to receive an NJCLASS loan if they meet the following criteria:

• Be a U.S. citizen or an eligible non-citizen
• Be a resident of New Jersey that’s attending an approved college either in or out-of-state or:
• Be an out-of-state resident attending an approved New Jersey school
• Be enrolled in a degree or certificate program at least as a half-time student while performing well academically (as determined by the school)
• Submitted FAFSA and have determined all available Federal loan eligibility
• Meet minimum income requirements, have a coborrower, or have a cosigner
• Have no delinquency or defaults in other NJCLASS, federal, or state loans

Parent borrowers can take out a loan for a student if they are the biological or adoptive parent, or if they are the spouse of a student’s parent.
Cosigner Required
Citizenship Requirement
U.S. Citizen
Eligible Non-Citizen

NJCLASS Customer Experience

Customer Experience - 4 / 5

HESAA’s mission is to provide students with resources that can help them make informed decisions regarding their higher education goals, especially as it pertains to financial assistance. Its website contains plenty of information about student aid and financial programs, as well as requirements, processes, and forms necessary to complete applications.

Aside from having customer care available over the phone during regular business hours, the website contains mailing and faxing information for loan applications, servicing, and collections.

NJCLASS Company Reputation

Additional Benefits - 4 / 5

NJCLASS loans are not federal or state-backed loans but a private education loan programs that is authorized through the New Jersey Senate. The program is independently financed by bondholders, allowing for lower interest rates than most all other private student loans.
Lender Type
Supplemental Loan Program
Year Founded
1991
BBB Rating
A+
Date Collected
2021-04-28

Company Profile

Full Name
NJCLASS Student Loans
Company Website
https://www.hesaa.org/Pages/NJCLASSHome.aspx
Headquarters
4 Quakerbridge Plaza, Trenton, NJ, 08619
Top Rated
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#1 Choice for Students & Co-signers

  • Rates starting at 3.59% APR 1
  • Best option for those with cosigners and good credit
  • Enter to win a $1,000 scholarship, awarded monthly
  • Checking rates won't affect your credit score
  • Flexible options for repayment and no origination fees

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