State of New Jersey Higher Education Student Assistance ...

NJCLASS loans are for all students attending approved NJ schools as well as NJ residents attending approved out-of-state schools.

NJCLASS 10-Year

Fixed Interest Rate

3.75% / 4.55% APR

? Immediate repayment of principal & interest while in school1

? 3% Loan Administrative fee3 ? 10-year repayment term

NJCLASS 15-Year

Fixed Interest Rate

5.30% / 6.02% APR4

? Interest only payments while in school2

? 3% Loan Administrative fee3

? 15-year repayment term

NJCLASS 20-Year

Fixed Interest Rate

6.75% / 7.15% APR4

? Full deferment while enrolled at least half time in school2

? 3% Loan Administrative fee3 ? 20-year repayment term

2022-2023 NJCLASS Loan Features: ? Student and/or Parent is the Borrower ? Three fixed interest rates with choice of varying repayment options. ? Never a penalty for prepayment. ? Apply Online Anytime ? Sign your loan electronically through a safe & secure process ? 30-year history of providing higher education financing. ? Cost-saving feature: lower your interest rate when you choose in-school repayment, plus get a 0.25 percent point reduction with auto pay deduction from your checking or savings account. Subject to the availability of funds. ? Includes loan discharge for death and total and permanent disability of student beneficiary. ? Repayment assistance options (RAP and HIARP).

NJCLASS Loan Requirements: ? Must File a FAFSA ? Proof of income or cosigner required ? Must be enrolled at least half-time in an eligible degree or certificate program.

1The Principal and interest repayment calculations are based on repayment starting 45 days from disbursement for the immediate repayment option. Your actual payment may vary based on the terms and conditions of your loan agreement.

2The Principal and interest repayment calculations are based on repayment starting 45 days after leaving school for the full deferment and interest-only repayment options. Your actual payment may vary based on the terms and conditions of your loan agreement

3The 3% fee for the fixed rate loans is deducted from each disbursement and the net amount of the loan is disbursed to the institution.

4The APR assumes a single loan disbursement and a 4-year, in-school deferment.

See for more information on full terms and conditions. All loan options are limited and subject to availability. Funding is limited, submitting an application does not guarantee funding or repayment option choice. Borrower's repayment option choice is not confirmed until the Truth in Lending Act Loan Offer is accepted by the borrower.

(800) 792-8670 | Revised 5/13/22

The Federal Parent PLUS loan is not your only option. Consider an NJCLASS family loan for your academic needs.

State of New Jersey NJCLASS

NJCLASS 10 Year-Fixed Rate Loan

The student or parent is the borrower. A parent, relative or other US Citizen or eligible Non-Citizen may cosign the loan.

Immediate repayment of principal & interest

VS.

Loan Type Who Can be a Party to the Loan

Repayment Option

Federal Parent PLUS

Federal Parent PLUS Loan 10 Year-Fixed Rate Loan

Parent Only

Immediate repayment of principal & interest

Fixed $16,000 $16,494.85 3.75%/4.54%

Loan Type

Sample Loan Amount Requested ? can borrow up to cost of

attendance ? minus other aid Total Amount Borrowed (Including Fees)

Interest Rate/APR

Fixed $16,000 $16,706.34 7.543%*/8.53%

3.00%

Loan Fee

4.228%*

10 years (120 months) $166.19 $160.35 $3,812.59

$19,812.59 $664.76 per month $79,250.36 over life of loans

Years in Repayment

Payment while in School (Assuming One Loan Only)

Payment when out of School (Assuming One Loan Only)

Total finance charges & administrative fee

(Assuming One Loan Only)

Total Cost of Loan

Estimated cost of borrowing over 4 years, at $16,000 per year,

assuming that the interest rate is the same from year to year.

10 years (120 months) $198.68 $198.68 $7,841.60

$23,841.60 $794.72 per month $95,366.40 over life of loans

* For any federal loans disbursed before October 1, 2023

(800) 792-8670 | Revised 5/13/22

The Federal Parent PLUS loan is not your only option. Consider an NJCLASS family loan for your academic needs.

State of New Jersey NJCLASS

NJCLASS 15 Year-Fixed Rate Loan

The student or parent is the borrower. A parent, relative or other US Citizen or eligible Non-Citizen may cosign the loan.

Interest only while in school

VS.

Loan Type Who Can be a Party to the Loan

Repayment Option

Fixed $16,000 $16,494.85 5.30%/6.02%

Loan Type

Sample Loan Amount Requested ? can borrow up to cost of

attendance ? minus other aid Total Amount Borrowed (Including Fees)

Interest Rate/APR

3.00%

Loan Fee

15 years (180 months) $72.97 $165.17

$9,370.10 $25,369.92 $660.68 per month $101,479.68 over life of loans

Years in Repayment

Payment while in School (Assuming One Loan Only)

Payment when out of School (Assuming One Loan Only)

Total finance charges & administrative fee

(Assuming One Loan Only)

Total Cost of Loan

Estimated cost of borrowing over 4 years, at $16,000 per year,

assuming that the interest rate is the same from year to year.

* For any federal loans disbursed before October 1, 2023

Federal Parent PLUS

Federal Parent PLUS Loan 15 Year-Fixed Rate Loan

Parent Only

Interest only while in school Fixed

$16,000

$16,706.34 7.543%*/8.442%

4.228%* 15 years (180 months)

$105.01 $183.96

$13,560.05

$29,560.05

$735.84 per month $118,240.20 over life of loans

(800) 792-8670 | Revised 5/13/22

The Federal Parent PLUS loan is not your only option. Consider an NJCLASS family loan for your academic needs.

State of New Jersey NJCLASS

NJCLASS 20 Year- Fixed Rate Loan

The student or parent is the borrower. A parent, relative or other US Citizen or eligible Non-Citizen may cosign the loan.

Full deferment while in school

VS.

Loan Type Who Can be a Party to the Loan

Repayment Option

Fixed $16,000 $16,494.85 6.75%/7.15%

Loan Type

Sample Loan Amount Requested ? can borrow up to cost of

attendance ? minus other aid Total Amount Borrowed (Including Fees)

Interest Rate/APR

3.00%

Loan Fee

20 years (240 months) $0

$183.98 $19,127.22 $35,127.22 $735.92 per month $140,508.88 over life of loans

Years in Repayment

Payment while in School (Assuming One Loan Only)

Payment when out of School (Assuming One Loan Only)

Total finance charges & administrative fee

(Assuming One Loan Only)

Total Cost of Loan

Estimated cost of borrowing over 4 years, at $16,000 per year,

assuming that the interest rate is the same from year to year.

* For any federal loans disbursed before October 1, 2023

Federal Parent PLUS

Federal Parent PLUS Loan 20 Year-Fixed Rate Loan

Parent Only

Full deferment while in school Fixed

$16,000

$16,706.34 7.543%*/8.214%

4.228%* 20 years (240 months)

$0 $191.00

$21,245.00

$37,245.00

$764.00 per month $148,980.00 over life of loans

(800) 792-8670 | Revised 5/13/22

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