NJCLASS Student Loans Review
NJCLASS student loans are available to students attending NJ schools or NJ residents attending out-of-state schools.
Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.
- Students attending school can choose between three different loan options
- Students with existing loans have access to a refinance or consolidation loan
- To be eligible, you must have already submitted the FAFSA
The New Jersey College Loans to Assist State Students (NJCLASS) program is made available through the Higher Education Student Assistance Authority (HESAA). This program offers three different fixed-rate student loans to NJ residents or college students.
In this NJCLASS review, you’ll learn about the differences between the three loans, what eligibility requirements need to be met, how the application process works, and more.
What types of student loans does NJCLASS offer?
NJCLASS student loans include in-school, refinance, and consolidation loans. Here’s a breakdown of the different options:
| Loan type | # of loans | Dropdown |
| Standard NJCLASS Loan | 3 | Click here |
| ReFi + Refinance Loan | 2 | Click here |
| NJCLASS Consolidation Loan | 1 | Click here |
Standard NJCLASS Loan
There are three different loans offered under the Standard NJCLASS Loan. Each comes with a unique fixed rate, term length, and repayment option. Here is a breakdown of the three different options:
| NJCLASS 10-Year | NJCLASS 15-Year | NJ CLASS 20-Year | |
| Rates (APR) | 4.45% | 4.96% | 5.51% |
| Rate type | Fixed | Fixed | Fixed |
| Admin fee | 3% | 3% | 3% |
| Term length | 10 years | 15 years | 20 years |
| In-school repayment | Full | Interest-only | Deferred |
| Prepayment | No penalty | No penalty | No penalty |
| Autopay discount | 0.25% | 0.25% | 0.25% |
| Learn more | Click here | Click here | Click here |
Pros
- Your choice between three different loans
- Low interest rates
- A discount for making automatic payments
- No prepayment penalty
Cons
- A 3% administration fee
- No $25 fixed repayment option while in school
- Loan limits not disclosed
ReFi+ Refinance Loan
There are two NJCLASS ReFi+ products available to borrowers with existing NJCLASS, Parent PLUS, or private loans. Here is a breakdown of the two loans:
| ReFi+ 10-Year | ReFi+ 15-Year | |
| Rates (APR) | 4.15%, 4.89%, or 5.99% | 4.45%, 5.19%, or 6.49% |
| Rate type | Fixed | Fixed |
| Term length | 10 years | 15 years |
| Debt requirement | $5,000+ | $5,000+ |
| Learn More | Click here | Click here |
Pros
- Your choice between the two loans
Cons
- Not a lot of information available on its website
- Lower rates available elsewhere
- Repayment options are limited
NJCLASS Consolidation Loan
The NJCLASS Consolidation Loan allows borrowers with existing NJCLASS loans to consolidate them into one single, fixed-rate loan. Available information is limited, but borrowers must consolidate at least $30,000 and be out of school.
The repayment term for balances between $20,000 and $60,000 is 25 years, while the repayment term for balances of $60,00 or more is 30 years.
There is no interest rate information, but there is a 1% administrative fee if approved.
