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New Jersey Students can opt for a variety of Higher Education Loan Products

As a student in one of the New Jersey colleges or universities, it is possible to choose from a variety of loan products and funding options on offer here. Some of them include NJ Student Tuition Assistance Reward Scholarship, Educational Opportunity Fund Grant, Part-Time Tuition Aid Grant for County College Students, Tuition Aid Grant or TAG, Survivor Tuition Benefits, Urban Scholars Award, Outstanding Scholars Recruitment Program and much more.
 
In order to be eligible for any of these awards it is necessary to score a good SAT score. Students must fill the FAFSA form as required by the Higher Education Student Assistance Authority to enter the race for these scholarships and grants. It is also important to submit these forms on time before the specified deadline.

In New Jersey, almost all schools participate in the Federal Family Education Loan Program or the Direct Federal Student Loan Program. In fact, this assistance authority for higher education is the state’s lender of last resort. Students in New Jersey taking the FFELP loan are helped with assistance of 1% Federal default fee.

Higher Education Student Assistance in New Jersey also offers an alternative student loans program also known as the NJCLASS loans. Under this loan scheme, there are a variety of options to choose from. For instance, the fixed rate loan is offered for undergraduates where the amount can be used by the student to pay for tuition fee and purchase supplies, books, board and room. This loan is offered for a period of 20 years with a fixed interest rate of 7.62%.

Professional students and graduates can opt for the NJCLASS fixed rate loan offered at a repayment period of 25 years at a fixed interest rate of 7.72%. The Social Work Loan Forgiveness program offered at New Jersey is for student borrowers who are employed at a qualified facility as a direct professional within a year of completion of their graduate or bachelor’s degree. They must be employed in the field of vocational training, case management, speech, recreational, occupational or physical therapy, counselling, addiction treatment services, budgeting assistance, medication management, nutrition and other clinical services and daily living activities assistance.
 
Another helpful loan program offered at New Jersey is the teacher loan forgiveness program. Applicants must be teachers by profession working in any of the schools in the Abbott School District. They must be enjoying existing student Federal Loans. A maximum amount of $24,000 will be paid by the state. 25% of the loans can be redeemed by the teachers who teach subjects such as foreign language, science, maths or special education. Any other subject teachers are eligible for redemption at an interest rate of 20% annually.

The Higher Education Student Assistance Authority loans offered in New Jersey thus offer student loans that help cover their college cost at a relatively lower rate of interest, which is in fact lower than the Federal loans. So, if you are a student of any of the New Jersey University or college, this is a good fund option.