Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans NJCLASS Student Loans Review Updated Jun 20, 2023 2-min read Reviewed by Jeff Gitlen, CEPF® Reviewed by Jeff Gitlen, CEPF® Expertise: Student loans, personal loans, home loans, insurance, credit cards Jeff Gitlen, CEPF®, is the director of content operations at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Learn more about Jeff Gitlen, CEPF® Learn More Students attending school can choose between three different loan optionsStudents with existing loans have access to a refinance or consolidation loanTo 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 loansDropdownStandard NJCLASS Loan3Click hereReFi + Refinance Loan2Click hereNJCLASS Consolidation Loan1Click 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-YearNJCLASS 15-YearNJ CLASS 20-YearRates (APR)4.45%4.96%5.51%Rate typeFixedFixedFixedAdmin fee3%3%3%Term length10 years15 years20 yearsIn-school repaymentFullInterest-onlyDeferredPrepaymentNo penaltyNo penaltyNo penaltyAutopay discount0.25%0.25%0.25%Learn moreClick hereClick hereClick here Pros Your choice between three different loansLow interest ratesA discount for making automatic paymentsNo prepayment penalty Cons A 3% administration feeNo $25 fixed repayment option while in schoolLoan 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-YearReFi+ 15-YearRates (APR)4.15%, 4.89%, or 5.99%4.45%, 5.19%, or 6.49%Rate typeFixedFixedTerm length10 years15 yearsDebt requirement$5,000+$5,000+Learn MoreClick hereClick here Pros Your choice between the two loans Cons Not a lot of information available on its websiteLower rates available elsewhereRepayment 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.