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NJ College Loan to Assist State Students (NJ Class)
- Phone Number:1-800-792-8670
- Web Site: http://www.hesaa.org
- Eligibility: Parents or students; US citizens or permanent residents; must pass credit check and minimum income requirement by lender. Grad students must be at least half-time, and have satisfactory credit history, and do not require a co-signer. Undergrads must be at least half time (6 credits); students on Coop not eligible.
- Amount: Up to the full cost of attendance minus other aid (Minimum $500)
- Interest Rate: As of June 1, 2007: Fixed rate for all borrowers. UG Repayment Options 1&2: 7.62%. Repayment Option 3: 8.02%. GR Repayment Options 1 & 2: 7.72%. Repayment Option 3: 8.02%. The interest rate increases by 0.75% in the 49th month of monthly principal and interest repayment under all repayment options.
- Fees: 2% origination fee
- Repayment: Option 1: repay principal plus interest while in school; Option 2: repay interest while in school; Option 3: defer all principal and interest while in school (interest is capitalized and amortized). Please note that for Option 2 & 3, the first repayment is due 60 days after graduation, withdrawal, or less than half-time enrollment. Repayment Period: 25 years
- Application: Can be completed online at http://www.hesaa.org