New Jersey Student Loans
Higher Education Student Assistance Authority
The New Jersey Higher Education Student Assistance Authority (HESAA) is single-handedly responsible for the state’s higher education financial funding. Besides attractive low-interest loans, students also have access to state scholarships and grants, savings plans, financial planning tools and all the online applications they require for approval. Before students can apply for any state student loans, they must first exhaust their efforts with the federal government.
It goes without saying that federal loans will fall short of almost all college tuition requirements. And the HESAA loans fill in the blanks where high-end lenders try to horn in.
A Fixed Loan Option!
The NJClass Loan is a specially designed loan wrapped up with a refreshing low fixed interest rate, not typically found in student loans. HESAA offers fixed because it attaches specific rates to the three loan repayment options. The NJClass Loan may also be customized, allowing students to extend the repayment term to a whopping 20 years. Undergrads, who are not qualified based on credit, are encouraged to secure a co-borrower or co-signor for the loan. This is often a parent, relative or trustworthy friend. Still your co-signor must have good credit and you both should understand the terms of the loan.
NJClass Loans for Graduate Students offers applicants the chance to qualify without a job, unusual for credit-based loans, but understandable for grad students. Also understandable is the more relaxed approach to a credit record. Fixed interest rates still apply, but are slightly higher and the repayment term can be extended an additional 5 years if necessary.
Online applications and lightning fast approvals are guaranteed by HESAA. This is really nice, especially when many other states still require students to download and mail or fax in applications.
New Jersey’s Life Loan Ups the Ante on the FFELP
The NJLife Program is HESAA’s spin on the Federal Family Education Loan Program. NJLife provides even more attractive and easily accessible funding for disadvantaged NJ families. NJ students may go to school in any state and qualify, as long as they can prove their household income is below $25,000. HESAA also offers payment reductions for automatic and on-time payments.
