Higher Education Student Assistance Authority of New Jersey

Higher Education Student Assistance Authority (New Jersey)

• Tuition Aid Grant (TAG)
• Part-Time Tuition Aid Grant (TAG) for County College Students
• Educational Opportunity Fund (EOF) Grant
• NJ Student Tuition Assistance Reward Scholarship (NJ STARS)
• NJ Student Tuition Assistance Reward Scholarship II (NJ STARS II)
• Edward J. Bloustein Distinguished Scholars (DS) Award
• Urban Scholars (US) Award
• New Jersey World Trade Center Scholarship (WTC)
• Survivor Tuition Benefits (STB)
• Law Enforcement Officer Memorial Scholarship (LEOMS)
• Dana Christmas Scholarship for Heroism
• Outstanding Scholars Recruitment Program (OSRP)

New Jersey schools participate in either the Direct Federal Student Loan Program or the Federal Family Education Loan Program (FFELP). New Jersey's state guarantor and lender of last resort is the Higher Education Assistance Authority. They will pay the 1% federal default fee for New Jersey students who take out a FFELP loan.

New Jersey's Higher Education Student Assistance Authority is one of the few state agencies that offers a program of alternative student loans. These are more like traditional private loans than the ones offered by other states, such as Minnesota. .

They are called:

NJCLASS Loans

• For undergraduates or their parents
• may be used for tuition and fees, books, supplies, and room & board
• can be deferred while in school
• 2% origination fee
• 20 year repayment term
• interest rate- fixed 7.62% rate for loans in either monthly repayment or quarterly interest payments;loans with deferred payment- fixed rate of 7.92%

The NJCLASS Fixed Rate for Graduate and Professional Students

• for students only
• may be used for tuition and fees, books, supplies, and room & board
• can be deferred while in school
• 2% origination fee
• 25 year repayment term
• interest rate- fixed 7.72% interest rate for loans in either monthly repayment or quarterly payments;loans with deferred payment- fixed rate of 8.02%

There are no annual or total limits for these school loans. NJCLASS school loans can be consolidated.

The Social Services Loan Redemption Program

Requirements

• for state or federal school loans where the student is the borrower
• must be employed as a direct care professional at a qualified facility within 1 year after completing a bachelor’s or graduate degree program in these fields:
• counseling
• physical, occupational, recreational or speech therapy
• case management
• vocational training
• assistance with activities of daily living
• medication management
• budgeting assistance
• addiction treatment services
nutrition and other clinical services
• must be a resident of the State of New Jersey
• may not be in default on a federal or state loan

The state will pay $5,000 per year for each year of service for a maximum toal of $20,000.

New Jersey also has a teacher loan forgiveness program:

The Teaching Fellows Program

Requirements

• must have student loans through the Federal Student Loan Programs
• must be teachers teaching in one of the public schools in an Abbott School District
• must be graduates of Spring 2004 or after from a New Jersey College or University with a minimum cumulative GPA of 3.0
• must be residents of New Jersey with a New Jersey teaching certificate

The state will pay a maximum of $24,000. Teachers working in the subject areas of math, science, foreign language, or special education will have $6,000 or 25% of their loans redeemed for each year of service. Teachers in other subject area will receive redemption at a rate of 20% per year.