NJCLASS is one of the nations most affordable and flexible supplemental student loan programs in the nation.
- Only a 2% loan fee
- Students or parents can borrow
- Flexible repayment options - including deferment while in school
- 20 year repayment term for the NJCLASS Fixed Rate Loan
- 25 year repayment term for the fixed rate Graduate and Professional Loan
NJCLASS allows students or parents to borrow the money you need to meet the cost of education after all other sources of student aid are exhausted. There are no annual and/or aggregate loan limits. NJCLASS may be used for school related expenses including tuition and fees, books, supplies, and room & board.
NJCLASS fixed rate loans approved after August 7, 2008 will bear a 7.62% interest rate for loans in either monthly repayment of principal and interest or with quarterly interest payments. Loans with deferred payment of principal and interest will carry a rate of 7.92%. The interest rate increases by 0.75% in the 49th month of monthly principal and interest repayment under all repayment options.
Students are encouraged to apply for Federal Direct Student loans before they apply for a NJCLASS loan.