New Jersey Student Loan Program Guide for Students and Parents

New Jersey offers several student loan programs to help students and parents cover the cost of higher education. The New Jersey Higher Education Student Assistance Authority (HESAA) administers these programs.

The NJ CLASS Loan program offers low-interest loans to undergraduate students, with interest rates as low as 4.5%. This can be a great option for students who need help covering tuition and fees.

To be eligible for NJ CLASS Loans, students must be New Jersey residents and enrolled at least half-time in a degree-granting program at a participating college or university. This program can help make college more affordable for students and their families.

New Jersey offers a variety of student loan programs to help students cover expenses not covered by federal loans or other financial aid. The NJCLASS loan program offers different rates and terms for borrowers.

The NJCLASS loan program has several options for repayment, including a 10-year fixed rate of 5.99% APR, a 15-year fixed rate of 6.99% APR, and a 20-year fixed rate of 7.99% APR. These rates and terms can help borrowers manage their debt and make payments more affordable.

To be eligible for an NJCLASS loan, students must first take out federal loans and have unmet needs. This means that students must apply for federal loans and other forms of financial aid before being considered for an NJCLASS loan.

NJCLASS loans can be used to pay for school in-state or out-of-state, including online programs. This makes it a great option for students who want to attend a school outside of New Jersey or pursue an online degree.

Some NJCLASS loans, such as the MedNJ Loan, are specifically designed for students pursuing medical or dental degrees. These loans often have more favorable terms and lower interest rates than other NJCLASS loans.

NJCLASS loans can also be consolidated after graduation to potentially get a lower interest rate and save money. This can be a great option for borrowers who want to simplify their payments and reduce their debt burden.

Here are the different types of NJCLASS loans available:

NJCLASS loans also have a 3% administrative fee, which is relatively low compared to other student loan programs. Borrowers must also meet income and credit requirements, and many students apply with a cosigner to increase their chances of approval.

In New Jersey, attending a public school within the state or applying for state financial aid can help offset the cost of college. Students are eligible for in-state tuition or state-based aid only if they're a qualifying resident of New Jersey, meaning they've lived in the state and maintained a permanent residence for at least 12 months before enrollment.

Undocumented students, including those with DACA status, can qualify for in-state tuition and state-based aid in New Jersey. To apply for state financial aid, students must complete the New Jersey Alternative Financial Aid Application.

New Jersey offers various types of aid, including 529 plans, in-state tuition, grants, scholarships, tuition waiver, student loans, and student loan repayment assistance.

Here are some of the financial aid options available in New Jersey:

The New Jersey Tuition Aid Grant covers up to 100% of the cost of tuition at participating schools, with awards varying based on financial need, the cost of attendance at the selected school, and available program funding. To qualify, students must be a resident of New Jersey and be enrolled full-time as an undergraduate student in an approved degree or certificate program.

To apply for financial aid in New Jersey, follow these four steps:

1. Submit the FAFSA or the New Jersey Alternative Aid Application.

2. Create a NJFAMS account to view your eligibility for various state financial aid programs and submit applications.

3. Complete program-specific applications, as some programs require separate applications.

4. Reach out to your financial aid office to ask about available financial aid programs and how to apply.

New Jersey residents who want to receive state financial aid must submit the FAFSA by the following deadlines:

New Jersey also offers three free tuition grants: the Community College Opportunity Grant, the Garden State Guarantee, and the New Jersey Tuition Aid Grant.

New Jersey has several scholarship programs available to students who want to attend school in the state.

The NJ STARS award covers the cost of tuition, less any State and/or federal grants and scholarships, for up to 18 credit hours per semester.

New Jersey residents who rank in the top 15.0% of their class at the end of either the junior or senior year of high school may be eligible to receive an NJ STARS award for attendance at their home county college.

The Governor's Urban Scholarship Program benefits students in New Jersey's economically-challenged communities.

The Governor's Industry Vocations Scholarship (NJ-GIVS) pays up to $2,000 per year or up to the cost of tuition, less any federal, State, or institutional aid in an eligible certificate or degree program at one of New Jersey's eligible institutions.

Individuals between the ages of 16 and 23 who were in foster care may be eligible for the New Jersey Foster Care Scholars Program.

Award amounts vary, but the New Jersey Foster Care Scholars Program can be used to pay for tuition and fees at New Jersey public colleges and universities.

There are nine New Jersey scholarship programs based on achievements, academics or other criteria, with some also taking financial need into consideration.

HESAA lists eleven grants and scholarships available from the state of New Jersey, as well as five awarded by the federal government.

The NJ STARS II program is for students who have successfully completed the NJ Stars program and are ready to transfer to a four-year university in New Jersey.

Award amounts for the NJ STARS II program cannot exceed $1,250 per semester, and the scholarship is paid directly to the school for up to four consecutive semesters.

New Jersey offers a range of tuition assistance programs to help students cover the cost of college. The Tuition Aid Grant is one of the most generous need-based financial aid programs in the nation, providing up to 100% of tuition costs to full-time undergraduate students enrolled in an approved degree or certificate program.

Maximum awards for the Tuition Aid Grant vary depending on the type of institution, with county colleges offering up to $3,098 and independent colleges and universities offering up to $14,404. To qualify, students must be New Jersey residents, enrolled full-time as an undergraduate student, and meet specific financial need requirements.

Some students may also be eligible for in-state tuition rates, which can be significantly lower than out-of-state tuition. New Jersey residents can qualify for in-state tuition rates by attending a public school within the state and meeting certain residency requirements.

Here's a breakdown of the maximum awards for the Tuition Aid Grant by institution type:

The Tuition Aid Grant is a need-based financial aid program that's one of the most generous in the nation. It awards full-time undergraduate students enrolled in an approved degree or certificate program.

One third of all full-time undergraduate New Jersey residents attending school in New Jersey receive support through TAG. This program is available to students who are residents of New Jersey and are enrolled full-time as an undergraduate student in an approved degree or certificate program.

The maximum full-time TAG awards for the 2023-2024 academic year vary based on the type of institution:

Grants are one of the best forms of financial aid because, in most circumstances, you don't have to pay the money back.

Tuition waivers are a type of financial aid that can help reduce the cost of attending college in New Jersey. There is one tuition waiver program in New Jersey.

The Unemployment Tuition Waiver is a program that allows certain unemployed individuals to attend public universities in New Jersey with a full waiver of tuition costs. To qualify, courses must be approved by a One-Stop Career Center counselor and be part of an Individual Employment Plan.

Students who attend public universities in New Jersey can also receive in-state tuition rates and state aid, which can help offset the cost of attendance. To be eligible for in-state tuition or state aid, students must have lived in New Jersey and maintained a permanent residence for at least 12 months before enrollment.

Some students, including those with DACA status, may be eligible for in-state tuition rates and state aid in New Jersey. To qualify, they must have attended high school in New Jersey for 12 months or more, graduated from a high school in the state or received the equivalent of a diploma, and filed an affidavit with the college stating that they will submit an application to legalize their status when they're eligible.

Here are some requirements for in-state tuition and state aid in New Jersey: