Are there any fees for applying and receiving a NJCLASS loan?
The NJCLASS Program deducts a 2.0% administrative fee from each disbursement of the approved loan amount. There are no other fees and it costs nothing to apply. Unlike other alternative loans on the market, this fee is not dependent upon your credit rating or the presence of a cosigner. This is an important consideration when comparing alternative or private loan programs. Return to top of page What are the credit criteria? The NJCLASS Graduate/Professional Fixed Rate Loan program does not use a credit-scoring model. Instead, we consider any applicant with a satisfactory credit history, including students who have no history (“credit-ready”). Applicants with a history of delinquent credit accounts (including previous NJCLASS loans), bankruptcies, nonmedical judgment or collection accounts, should apply for the NJCLASS Xpress Fixed Rate Loan program with an eligible cosigner. Return to top of page Am I eligible for a NJCLASS Graduate/Professional Fixed Rate Loan? The student must be enr
The NJCLASS Program deducts a 2.0% administrative fee from each disbursement of the approved loan amount. There are no other fees and it costs nothing to apply. Unlike other alternative loans on the market, this fee is not dependent upon your credit rating or the presence of a cosigner. This is an important consideration when comparing alternative or private loan programs. Return to top of page What are the credit criteria? The NJCLASS Graduate/Professional Fixed Rate Loan program does not use a credit-scoring model. Instead, we consider any applicant with a satisfactory credit history, including students who have no history (“credit-ready”). Applicants with a history of delinquent credit accounts (including previous NJCLASS loans), bankruptcies, nonmedical judgment or collection accounts, should apply for the NJCLASS Xpress Fixed Rate Loan program with an eligible cosigner. Return to top of page What is the Truth in Lending Act (TILA)? This law established in 1968 is designed to prote
