1. ALL THINGS HESAA Welcome to All Things HESAA .
Today our training will focus on various programs.
This presentation will provide you a general overview.

2. Samantha Benson Financial Literacy Program Manager

3. Real Money 101 Program FREE! Available throughout New Jersey
Materials included
4 workshops to select from

4. Topics Include Banking & Budgeting
Building Credit & Privacy Protection
Graduate & Professionals
Real Money 101 General Overview

5. Registration Instructions

6. Registration Instructions (Cont’d)

7. Registration Instructions (Cont’d)

8. Registration Instructions (Cont’d)

9. Senior Marketing Manager
Sharon Austin,
Senior Marketing Manager

10. ‘NJGRANTS.org” website tour
I will be taking you on a magical mystery tour of… HESAA’s landing page for New Jersey State Grants & Scholarships. I am sure most of you already know that HESAA’s Grants & Scholarships department has its own website. However, I’d like to point out why this site is useful for yourselves and your students and we recommend you send your students here where they will find important links to the State deadlines & Other deadlines for Completing State Grant Records
Also, All student correspondence will send the student to the njgrants.org website where they will register and login to view import notices regarding missing documentation, documents required for verification and to view award notice. All HESAA grants correspondence is sent via the address provided on the fafsa. We will send the twice and then send a letter to the home address. No matter what type of contact HESAA points all student to the NJGRANTS website.
School and families can estimate their TAG amount by completing the TAG estimator.
Link to the FAFSA
And get information on other grant programs.

11. www.NJGRANTS.org NJFAMS LOGIN
I want to take a quick minute to point out four very important places on this webpage.
State Deadline
Log into your NJGrants and Scholarship acct
Electronic Document Collection
Answer New Jersey State Grant Questions
Forms

12. Please keep in mind that HESAA has two different sets of State Deadlines. I will only refer to the deadlines
First there is:
HESAA's FAFSA Filing Deadlines – The FAFSA must be RECEIVED by the Federal processor (not postmarked) by the dates shown to be considered for the Tuition Aid Grant (TAG), Governor’s Urban Scholarship, NJ STARS and NJ STARS II programs:
Keep in mind that EOF Students who received TAG in the prior year will have a April 15th deadline for TAG but will have a September 15th deadline for EOF
In addition Keep in mind that a NJSTARS Students who received TAG in the prior year will have a April 15th deadline for TAG but will have a September 15th deadline for NJSTARS
File Completion Deadlines: All information and documents must be received from the student or institution by the deadlines

13. Click on “Electronic Document Collection” to submit documents is available for TAG correspondence.
Students are directed to a MappingXpress webpage from NJFAMS where they are able to upload up to 12 different types of documents at a time.
Students have the option to have MappingXpress send an that confirms a successful file upload.
Electronic Document Collection.
A statement directing students to click on “Electronic Document Collection” to submit documents was added to all TAG correspondence.
We have taken our fax and mailing address off of all correspondence. EDC is the preferred method to submit document by the student and the schools.

14. mappingXpress for Financial Aid Administrators
This is the way institution submit documents. You will find your link on the welcome page after your fist log into HESAA’s system You must Beware…make sure you read instructions prior to uploading documents where you will receive your pass code and keyword.
If you call Magda for assistance and have not read the instructions Magda will yell at you
It is the same concept as the student portal. However, fao’s will use a different passcode and keyword
After you submit documents through mapping express, DO NOT submit via fax for mail. This will cause duplicate information and will cause a delay in processing for ALL students.
Click on Instructions to obtain passcode and keyword

15. HESAA has provided a drop down list of the most frequently requested documents
When a student clicks on “Electronic Document Collection”, the student is given instructions, including the “NJTAG1617” pass code before redirecting them to MappingXpress, an online service on mapping your future.org
Once on the mappingXpress page, students can upload up to 12 different type of documents and receive an confirming a successful file upload.
If the document name is not listed, an “other” option can be used.

16. Students should keep a copy for their records
When the student elected to upload their documents through Mapping Express they were asked to provide an address. Once documents are uploaded a confirmation will be sent to the address provided.
Students should keep a copy for their records
Please keep in mind that it could take up to 2-3 business days for the submitted documents to show as received.
Once they are submitted they are placed in a file by date order. They will be reviewed by date order only. Depending on the time of the year, file review can take up to 6 weeks.
PLEASE DO NOT ADVISE STUDENTS RESEND DOCUMENTS ONCE THEY ARE SCANNED AND SUBMITTED. DOING SO WILL CAUSE A DELAY IN PROCESSING FOR EVERYONE.

17. New Jersey State Grant Questions
Veteran Educational Benefits (Independents) Earned Income Tax Credit Untaxed Social Security Benefits Early Withdrawal from Qualified Retirement Account (ie. 401K )–Hardship Spouse’s Social Security Number and Name (Married Independents) Parent Name and Social Security Number (If parent is married and only one parent was reported on the FAFSA)
New
Answer State Specific Questions
Once the FAFSA is signed and submitted the student lands on the confirmation page. There will be an orange arrow that lets them know that their State requires adtl information. If by some strange reason (like the fact that the arrow is so small and people don’t pay attention) the student does not immediately link to the State questions the student can go directly to njgrants.org, login and answer the questions. We will match the FAFSA up with the adtl questions. Until the student answers these questions, they will have and incomplete TAG record.

18. Forms
Forms on njgrants.org provides a copy of the forms we send students via mail. So, if you have a student that never got that…
You can send them to forms to complete and upload. They are fillable. However, the wet signature must be provided some forms will have to be printed signed and uploaded.

19. NJCLASS & Welcome Page on E-ADMINISTRATOR
NJCLASS & Welcome Page - Financial Aid Administrators must complete a user access form to receive a user ID and Password
NJCLASS ONLY - Student must register to receive a user ID and Password
Although all parties use the same log in, Registration for a user ID and Password are different
Financial Aid administrator are required to complete a user access form which can be requested from Magda Torres or Sharon Austin. The form must by signed by the requestor and their supervisor and sent back to HESAA.
students are required to register for a user ID and Password prior to logging into the HESAA portal.
Enter User ID and Password, Click Login

20. NJFAMS LOGIN for STUDENTS

21. Student Registration
Once a student has created a User Name they cannot change it. If the student chooses to change their password, they must do that in their profile.
Student may also update their address in their profile.
If the student makes a mistake on their registration, for example, wrong ssn or dob they will create a mismatch and will not be able to view their information. The will need to reach HESAA to correct their mistake.

22. Forgot Password or User Name

23. Access Forms, Manuals, Calculators, etc.
Welcome Page
Once you log into the first log in you will land on the “Welcome Page” This page gives you access to information that is not student record specific.
While there are still forms available HESAA will be transitioning forms to NJFAMS
Access Forms, Manuals, Calculators, etc.

24. HESAA Programs Review
Welcome
Sharon Austin

25. HESAA Programs Review
TUITION AID GRANT PART TIME TUITION AID GRANT EDUCATION OPPORTUNITY FUND Law Enforcement Officer Memorial Scholarship Survivor Tuition Benefits World Trade Center NJBEST Scholarship
Welcome

26. Tuition Aid Grant (TAG)
Demonstrate Financial Need
Be a U.S. Citizen or an eligible non-citizen
New Jersey Resident for at least 12 consecutive months prior to enrollment
Be registered for the Selective Service (if required)
Maintain satisfactory academic progress
Be a full time undergraduate student enrolled in an approved degree or certificate program
File FAFSA, answer additional State Grant questions, and complete file requests by established deadline dates
The Tuition Aid Grant is specifically for New Jersey resident attending college in NJ. To be eligible a student must….
Read Slide….
Verification, college code change deadlines are set. If a deadline is missed by either the student or the institution, the student will loose their award. Students must also answer the additional questions that HESAA is requiring of each potential TAG eligible student. Students can link from their FAFSA to our website, or go on line to answer these questions.

27. Tuition Aid Grant (TAG)
New Jersey State-Specific Questions
Veteran Educational Benefits (Independents)
Earned Income Tax Credit
Untaxed Social Security Benefits
Early Withdrawal from Qualified Retirement Account (ie. 401K) –Hardship
Spouse’s Social Security Number and Name (Married Independents)
Parent Name and Social Security Number
(If parent is married and only one parent was reported on the FAFSA)
NEW

28. Tuition Aid Grant (TAG) Deadline Dates
Verification and changes deadlines are set. If a deadline is missed by either the student or the institution, the student will loose their award. These filing deadlines are for the current year,
Please remember that for the AY, these dates have changed. Since the onset of using PPY and the earlier FAFSA filing date, the dates have been moved up to: April 15th, September 15th and February 15th.

29. TAG – Not Eligible if…
The student already has a bachelor degree, or if enrolled at a two-year college a bachelor or associate degree
The student has received the maximum allowable number of grant payments
The student owes a refund of a Federal or State grant
The student is in default on a Federal or State loan
The student is enrolled in a program leading to a degree in theology or divinity

30. TAG – Not Eligible if…
When the parent(s) lives outside of New Jersey and verification of parental income and assets cannot be completed because the parents do not file a U.S. Federal Income Tax return, the student cannot be considered for State financial aid.
This include students whose parents filed a foreign tax return or whose parents are not required to file a foreign tax return.
Students and parents must provide IRS and State income tax returns for
verification purposes.
Verification requires the comparison of FAFSA information with information reported on the U.S. federal income tax return tax schedules and related asset information prior to determining state grant eligibility.
1. Verification requires the comparison of FAFSA information with information reported on the us federal income tax return tax schedules and related asset information prior to determining state grant eligibility.

31. TAG – Common Mistakes
Assuming that the April 15th deadline requirement is applicable to all upperclassmen
Only students with prior year TAG awards are required to file their FAFSA by April 15th. All others have the September 15th deadline.
2. Submitting Documentation Not requested by HESAA.
Submitting documents not requested causes HESAA staff to verify unnecessarily and in turn causes delays in the overall verification process.
Self explanatory

32. Part-Time Tuition Aid Grant (TAG)
Enrolled in a degree or approved certificate program at a New Jersey County College ONLY
Demonstrate financial need
Enrolled for six to eleven credits
Meet all other eligibility criteria for TAG
PT TAG is for Community colleges ONLY.
Students must meet all eligibility requirements for TAG.
If the student is enrolled for 6-11 credits at a cc they may be eligible for the PT award amount. Pt students must be reported on the part time roster.

33. Educational Opportunity Fund (EOF)
Comprehensive State-supported program that provides access to higher education for economically and educationally disadvantaged students. EOF programs not only provide financial assistance, but they also provide academic and non-academic support for students.
Must demonstrate an educationally and economically disadvantaged background.
Must be a New Jersey resident 12 consecutive months prior to receiving the award.
Must apply, be accepted, and enrolled at a participating New Jersey college or university.
Must meet the academic criteria as set by the institution of choice*.
Must file a Free Application for Federal Student Aid (FAFSA).
Have a family gross income that falls within the EOF financial eligibility range and an accumulation of assets that do not exceed 20% of the EOF income eligibility scale per household size as established in N.J.A.C. 9A:11-2.3(a)1.
*= An eligible student shall exhibit evidence of the potential to succeed in college, but:
1. Shall not have demonstrated sufficient academic preparation to gain admission to an approved institution of higher education under its regular standards of admission (where applicable) and shall have standardized test scores that are below the institutional norms; or
2. Shall have an educational background that indicates a need for improved basic skills, additional academic support, or additional preparation for the applicant’s desired degree program.
Academic Year
Applicant Household Size
Gross Income Not to Exceed 1
$24,120 2
$32,480 3
$40,840 4
$49,200 5
$57,560 6
$65,920 7
$74,280 8
$82,640 **
For each additional member of the household add $8,360

34. Governor’s Urban Scholarship
The Governor's Urban Scholarship is a merit award available to students who:
Rank in the top 5.0% of their high school class at the end of their junior year
Attain a grade point average of at least 3.0 at the end of their junior year in high school
File a FAFSA and complete the State grant record within established State deadlines
Have a New Jersey Eligibility Index (NJEI) below 10500
Applicants must graduate from a traditional public, public charter, county vo-tech or nonpublic school and reside in:
Asbury Park City
Newark City
Camden City
New Brunswick City
East Orange City
Paterson City
Irvington Township
Plainfield City
Jersey City
Roselle Borough
Lakewood Township
Trenton City
Millville City
Vineland City
$1,000 Annual Award
Student must be in the top 5% of their class during the junior year
They must have a 3.0 at the end of their junior year
Student must file a FAFSA and have a complete grant record with in established deadlines.
Student NJEI cannot be higher than 10500
Eligibility is based on a student’s residence, not the location of the high school.
Potential GUS eligibility is determined when HESAA sends a spreadsheet and letter to the high school principals during a students Junior year requesting information so HESAA can track and award students meeting the criteria for the award.
Keep in mind that students must meet all other TAG requirements.

35. New Jersey Governor’s Industry Vocations Scholarship (NJ-GIVS)
Governor’s Industry Vocation Scholarship for Women & Minorities (NJ - GIVS)
Up to $2,000 per year for the cost of enrollment
Benefits women and minorities pursuing certificate or degree programs in construction – related fields
Must be NJ resident, citizen or eligible non-citizen
Male students must be registered with Selective Service
Must file a FAFSA annually
Attend any New Jersey Community College, County vocational school or approved proprietary trade school
Maintain satisfactory academic progress, up to 2 years
Household income cannot be greater than $60,000
Student must have a high school diploma or GED
HESAA is also administers small smaller scholarships, that you may not be aware of. There are no rosters for these scholarships, but are handled outside the normal TAG process.
NJGIVS is a scholarship specifically for women and minorities
Recipients can receive up to $2000 for up to two years.
Students must file a fafsa annually to assist in determining NJ residency, citizenship, and income criteria.
Students must have a hs diploma or GED
Students can attend one of the 19 county colleges, county vocational technical school or proprietary school affiliated with an eligible TAG institution.

36. NJ-GIVS program examples
Some of the certificate programs eligible for the scholarship include:
Architectural Engineering Technology
Carpentry
Construction Supervision
Electronical Trades
Engineering Science/technology
Fiber Optic Technical Specialist
Heating and Air Conditioning
Plumbing
Solar Energy Technology
Welding
These are just some examples of the programs that have already been approved.
If your institution has programs that they would like to add, please contact HESAA.

37. NJBEST Scholarship
Student must be a beneficiary of a NJBEST 529 College Savings Plan opened for at least four years.
Pending adoption of regulations for new accounts opened beginning June 2018, HESAA matches the first contribution up to $1,000.
Total contributions to the NJBEST 529 plan must be equal to at least $1,200.
Either the student or contributor must be a New Jersey resident at the time of college attendance
The contributor must make a qualified withdrawal from the account before payment of scholarship
Student must be enrolled at least half-time and in first semester of attendance (freshman) in an eligible New Jersey higher education institution.
The scholarship will be awarded after enrollment is verified, which will be after the start of the student’s FIRST semester (after drop/add-mid to late September)
NEW
The scholarship is paid directly to the college. College must post the payment to the students account

38. World Trade Center Scholarship
Dependent children and surviving spouses of NJ residents who perished as a result of 9/11 or who perished as a result of illness caused by exposure to the attack site.
Award amount is determined in late July for the following academic year ( award amount is $5,000 for AY)
Scholarship amount cannot exceed the actual tuition, fees, and room and board.
Recipient may attend any Title IV eligible institution in New Jersey or out-of-state.
Must be citizen or eligible non-citizen
Be a full-time, undergraduate student and meeting academic progress
Must apply within 8 years of the dependent’s high school graduation or 8 years from the date of the spouse’s death.
Payment Maximums
5 semesters for a two year degree program
8 semesters for a regular four year degree program.
The WTC scholarship benefits dependent
children and surviving spouses of New
Jersey residents who were killed or died as a result of injuries sustained by the terrorist attacks against the U.S. on September 11, The award also benefits the dependents of those who died as a result of illness caused by exposure to the attack sites.
Those incurring the full-time cost of attendance at an eligible institution, having
lost the financial resources of a parent or
spouse, are deemed to have financial need.
The WTC Board sets the amount of the
scholarship each summer for the next academic year. The scholarship amount cannot exceed the actual tuition, fees, room and board charged. Scholarship amounts may change as a result of changes in program funding and student’s other available financial assistance.
Benefits
Recipients may attend any Title IV - eligible college
or university in New Jersey or out-of-state.
Eligibility
Students must:
Be a child or spouse of an individual who was a NJ resident on September 11, 2001 who was: killed in the terrorist attacks against the United States on September 11, 2001
died as a result of injuries received in the attack
died as a result of illness caused by exposure to the attack sites
declared missing and officially presumed dead as a result of the attack
Be a U.S. citizen or eligible non-citizen
Be a full-time, undergraduate student
Eligibility to apply is limited to eight years from the date of the child’s high school graduation and eight years from the date of death for the spouse.
Maintain satisfactory academic progress
Not have received the maximum allowable number of payments. For example: eight semesters of payment for a regular four-year degree program; five semesters of payment for a regular two-year degree program.

39. Law Enforcement Officer Memorial Scholarship
Covers up to the cost of attendance, less other aid
Awards are renewable for up to four years
Be a dependent child of a New Jersey law enforcement officer killed in the line of duty
Be a U.S. citizen or an eligible non-citizen
Be enrolled full-time in an undergraduate degree program at an approved New Jersey college, university or degree-granting proprietary school
Be registered with Selective Service (if required)
Maintain satisfactory academic progress
Maximum number of payments=8
A scholarship award that is for a dependent child of a NJ law enforcement officer killed in the line of duty.
It can cover up to the student’s COA at a degree granting institution in NJ.

40. Survivor Tuition Benefits
Free Tuition at any public institution in New Jersey
Awards are renewable depending on available funding
Be a child or surviving spouse of a New Jersey firefighter, emergency service worker or law enforcement officer killed in the line of duty
Be an eligible U.S. citizen or non-citizen
Be enrolled at least half-time in an undergraduate program at an approved New Jersey college, university or degree-granting proprietary school
Be registered with Selective Service (if required)
Maintain satisfactory academic progress
Eligibility is limited to eight years from the date of the child’s high school graduation and eight years from the date of death for the spouse.
Maximum number of payments=8
A scholarship available to either a child or spouse of a NJ firefighter, emergency worker or law enforcement officer killed in the line of duty.
Its tuition only (not full COA) and can be less than full time, but not enrolled less than half time.

41. Jossette Greene, Program Manager
NJ STARS & NJ STARS II
Jossette Greene, Program Manager

42. Overview NJ STARS II NJ STARS
NJ STARS II provides successful NJ STARS students with funding to transfer to a New Jersey four-year college/university to earn a bachelor’s degree.
The New Jersey Student Tuition Assistance Reward Scholarship
(NJ STARS) Program provides merit-based awards to New Jersey residents who rank in the top 15.0% of their class at the end of either junior or senior year of high school.

43. Overview NJ STARS NJ STARS II Eligibility Requirements
Top 15.0% (end of Jr/Sr year)
NJ Residency
College Readiness (by 9/1st)
Comply with TAG requirements
Enroll full-time
Exceptions Medical/Military leave of absence
6th semester (Nursing/Engineering)
Part-Time (term of graduation or approved part time exemption)
Benefits
Covers tuition ONLY(less state/federal aid)
Up to 5 semesters
Eligibility Requirements
NJ Residency
Graduate from CC with 3.25 or higher CGPA
NJ STARS scholar term of CC graduation
Family income less than $250,000
Comply with TAG requirements
Enroll full-time
Exceptions Medical/Military leave of absence
Part-Time (Approved Exemption)
Benefits
Up to $1250 per semester(less state/federal aid)
Up to 4 Semesters
As TAG precedes NJ STARS, students must comply with all TAG eligibility requirements. Please note that students do not need to be eligible for a TAG award. The does those however, need to file a FAFSA, have the attending county college listed as their 1st college choice, must comply with verification and must have a complete grant record with HESAA.
NJ Residency: there is a grandfathering provision for residency. If a student receives an NJ STARS payment and their parents decide to move out of state, the student may be eligible to retain NJ STARS. Upon filing the following AY FAFSA, the student will become a residency reject for TAG. At that point they can provide HESAA with documentation indicating the date parents moved out of state. If HESAA determines that the date parents moved is after the date the student received NJ STARS, the student may be grandfathered. These cases are evaluated on a case-by-case basis. Make sure to always consult with us.
*NJ STARS scholar means a student who either received an award, or was eligible to receive an award but was not funded because tuition was fully covered by other State or Federal need-based grants.

44. Common Mistakes NJ STARS
1st term of program participation is reported inaccurately.
Using a certification code E for non-funded students who are enrolled in remedial courses because they are fully-funded by PELL/TAG, etc.
Student is part-time during graduation semester and not notifying HESAA.
NJ STARS II
Certifying students who have not attained an associate degree.
Certifying students who graduated with a CGPA. Must be 3.25 or higher.
Certifying students who did not identify as NJ STARS II during their 1st semester enrolled at institution.
Student’s FAFSA indicates family income over $250,000.
Example: Student made a mistake on FAFSA by duplicating the family income. Actual family income is $125,000.
Both NJ STARS/II
Not using the correct certification codes.
Funding students who dropped below full-time enrollment status.
These are common mistakes which can become findings if selected for an audit/management review.

45. TAG on NJFAMS Sharon Austin Senior Marketing Manager
E-administrator is packed with TAG information.

46. Financial Aid Administrator Menu
You must contact your schools liaison for password resets and access
All User Names, Passwords, Access controlled by school liaison

47. NJFAMS Menu In this section of today’s training,
I would like to touch on just some key information on each one of the 6 options of the grants main menu.

48. NJFAMS Rosters

49. Three ways to update a student record
Base year change through ISIR correction
Paper change form when student is selected for State Verification
Exception
If reporting a Projected Year CHANGE due to an Acceptable Special Circumstance, change will cancel State Verification

50. Projected Year Changes
Acceptable Conditions
Unacceptable Conditions
Unemployed – Parent (10 week waiting period)
Disability of a parent wage earner
Retirement
Death
Separation/Divorce
Loss of untaxed income or unemployment benefits
Student’s loss of full-time work
Loss or change in amount of overtime
Loss of second or part-time job
Parent work status changed from full-time to part-time
Furlough
10 week wait period not met for unemployment
Student did not work for 35 hours per week for 30 weeks in base year
Removal of unemployment benefits and earned income from the current year
Removal of cancelled debt, gambling winnings or of a one-time occurrence of TAXED income
Parent changes from one full-time job to another and makes less money
These are examples of conditions that would warrant a projected year change.
On the left, HESAA’s acceptable conditions are highlighted in green.
On the right, are examples of conditions that HESAA will not accept, highlighted in red.

51. 2018-19 Changes Examples of a Base Year Change
A correction to demographic information.
A correction to financial information.
A dependency status change.
Answering NJ State-specific questions on behalf of the student.
NEW
Examples of a base year change are:
A correction to demographic or financial information, a college code change, a dependency status change and reporting answers to NJ State-specific questions on behalf of the student.

52. For more detailed information HESAA invites you to attend
NJFAMS Student Portal & School Portal Overview
Wednesday, 3:45 pm to 5:00 pm, Carousel D&F
NJFAMS Roster Certification and Payment Training
Thursday, 11:45am – 1:00pm, Pageant B & C
Adltol
Additional Training
PLUS…
NJSTARS, TAG…
Coming Soon

53. Program Overview and Recent Changes to the NJCLASS Program
NJCLASS Originations
Program Overview and Recent Changes to the NJCLASS Program

54. What is NJCLASS
In 1991 the New Jersey Legislature created the New Jersey College Loans to Assist State Students (NJCLASS) program.
NJCLASS is a statutorily defined supplemental student loan program offered by the State of New Jersey.
Since 1991 the Authority has used proceeds from its 26 annual series of tax-exempt revenue bonds to originate approximately $ 4 Billion in NJCLASS loans. This also includes Consolidation , Graduate/Professional and now ReFi+ Loans.
All NJCLASS Loans are serviced in house by the Authority.
A FAFSA has always been required – Grants, Scholarships and Institutional Funds are always the first option, followed by eligible Federal Subsidized Loans and Unsubsidized Loans.
School certification is required for all loans except the NJCLASS Consolidation Loan and the ReFi+ Loan.
Repeat borrowers, co-signers and co-borrowers must qualify annually for each new loan and can not be delinquent on any NJCLASS loans .
Student and or Borrower can not have a defaulted student loan.

55. NJCLASS Loan Products
10 Year Fixed Rate Term Monthly Principal and Interest
15 Year Fixed Rate Monthly Principal and Interest
15 Year Fixed Rate Monthly Interest
20 Year Fixed Rate
Complete deferment of Principal and Interest until student is out of school.
25 Year Fixed Rate Monthly Principal and Interest
Graduate/Professional
25 Year Fixed Rate Monthly Interest
25 Year Fixed Rate
Complete Deferment of Principal and Interest until student is out of school
Consolidation Loan
($30,000-$59,999.99)
30 Year Fixed Rate Monthly Principal and Interest
($60,000 & up)
10 Year Fixed Rate
NJClass ReFi+ Loan
Monthly Principal and Interest
All NJCLASS repayment options are subject to availability. (Visit HESSAA.org for the most current interest rates and loan terms available.)

56. NJCLASS
Borrowers can choose different repayment options, depending upon the loan product they select.
Monthly Repayment: repayment of principal and interest begins within 60 days after the initial disbursement.
Monthly Interest Only: repayment of principal is deferred until graduation, withdrawal, or notification of less than half-time enrollment and monthly payment of interest is required while in deferment. At the expiration of the deferment, monthly principal and interest payments are required.
Full Deferment: repayment of principal and interest is deferred until graduation, withdrawal, or notification of less than half-time enrollment and the interest is capitalized annually while in deferment. At the expiration of the deferment, monthly principal and interest payments are required. This is the most expensive option and carries a higher interest rate than the two repayment options listed above.

57. NJCLASS
Recent legislation has resulted in some changes to the NJCLASS Loan Program.
Loan Limits
School Certification Determination

58. NJCLASS
Loan Limits
For student beneficiaries first applying for an NJCLASS loan on or after August 8, 2017 the total NJCLASS loans borrowed for each student may not exceed $150,000.
This is an aggregate per student loan limit, which will be increased annually for each academic year over the prior year by the regression-based index value of the Higher Education Price Index.
The loan limit does not apply to students who have previously received NJCLASS loans or who applied for their current loans prior to August 8, 2017.

59. NJCLASS
The student beneficiary maximum loan limit will be determined during the application process, prior to preliminary approval.
When a school certification is sent to the school the loan limit has already been determined and will be reflected in the loan amount requested for certification.

60. NJCLASS School Certification
Public Law 2017 c. 198 added requirements regarding the use of NJCLASS loans to supplement Direct Federal loan borrowing. To determine the maximum annual NJCLASS loan amount the total federal subsidized Direct loan amount available to the student has always been deducted from the NJCLASS loan amount.
The new law now requires HESAA to also deduct the maximum amount of federal Direct Unsubsidized Loans available to the student from the available NJCLASS loan amount if the available interest rate for federal Direct Unsubsidized Loans is lower than the interest rate available to the student under the NJCLASS Loan Program.

61. NJCLASS
The school must include any eligible federal SUBSIDIZED and UNSUBSIDIZED loans in their equation (cost of attendance - other aid) when certifying a NJCLASS Loan regardless if the student takes the federal loans or not.
This does not pertain to PLUS or GRAD PLUS loan eligibility.

62. Determining a NJCLASS School Certified Loan Amount
Example:
NJCLASS loan amount requested by borrower $60,000
$60,000 Cost of attendance budget
-$ 2,000 Scholarship received
-$ 3,500 Federal Direct Subsidized Eligibility
-$ 2,000 Federal Direct Unsubsidized Eligibility
$52,500 NJCLASS Eligibility
Final NJCLASS certified amount is $52,500
( whether the student takes the Federal loans or not)

63. Changes to the Paper Certification

64. NJCLASS Certification
Upon final credit approval and underwriter sign off, a school certification request is sent to the schools.
Depending on the school’s preferred method, the certifications are sent:
Electronically
Paper
Most schools use a standard electronic file method for certification, but can come to the HESAA web site to certify a NJCLASS loan.
Using E-Administrator schools can:
Certify a NJCLASS loan directly on the HESAA web site.
Check loan statuses and print rosters from E-Administrator.
Make loan changes.
notifications that identify loans pending school certification are sent to the schools.

65. NJCLASS Loan Process Just review the loan process at a high level.
Apply on Line
Receive Pre-Approval
Lender Review
School Certification
Loan Offer
Disbursement
Repayment
Just review the loan process at a high level.

66. NJCLASS Loan Disclosures
Application Disclosure – At time of application all parties to loan must view and acknowledge they viewed the disclosure.
Loan Offer Disclosure – After the loan is certified by the school, a Loan Offer is sent . The borrower has a 30-day acceptance window for comparison shopping. The Loan Offer can only be accepted by the borrower. A loan cannot be approved for disbursement unless the Loan Offer has been accepted.
Pre-disbursement Disclosure – This disclosure is sent prior to loan disbursement. The borrower has a 3-day right to rescind and any disbursement of the loan is prohibited prior to the expiration of this window.
Disclosures are presented at various times throughout the application process to assist the borrowers in making responsible choices when it comes to their loans.
It is important to note that all parties to the loan application view/and or receive a copy of all loan disclosures.
NJCLASS also provides a repayment calculator during the application that assists the borrowers in making their repayment option selections. It tells them the monthly payment, what they would pay over the life of the loan and what is the most expensive repayment option, and what they could save by choosing another option.

67. The NJCLASS ReFi+ Loan gives borrowers the opportunity to refinance existing NJCLASS Loans and/or any Parent PLUS Loans into one monthly payment.
NJ NEXUS Requirement
All NJCLASS Loans meet the NJ Nexus.
To include a Parent PLUS Loan in a NJCLASS ReFi+ Loan, the student beneficiary of each underlying loan must meet at least one of the following criteria:
Is currently a NJ resident;
Was a NJ resident at the time each underlying Parent PLUS Loan included in this refinance was obtained; or
Attended a NJ school with the proceeds of each Parent PLUS Loan being refinanced.
Eligible Loans
All NJCLASS Loans, including NJCLASS Consolidation Loans
Parent PLUS Loans
The borrower must be the borrower on each underlying loan included in the refinance.
Interest rate is determined by credit score.
Visit HESAA.org for the most current rates, fees and loan terms.

68. Things You Should Know About NJCLASS Loan Products

69. NJCLASS
NJCLASS does not determine the interest rate by creditworthiness or presence of a cosigner for all of its products except the ReFi+ Loan. As a non-profit lender, NJCLASS interest rates are based on the cost of capital and administration of the loan program only.
For all products except the NJCLASS ReFi+ Loan and NJCLASS Consolidation Loan the borrower selects their interest rate when choosing their preferred repayment option.
Deferments and forbearances do not extend the repayment term; a 15 year loan must be paid off 15 years from the date of first disbursement.

70. Things You Should Know About NJCLASS
Eligible Institutions
Accredited Institutions Only
Eligible to Participate in Title IV Aid Programs
Offering Degree Granting or Certificate Programs
School Cohort Default Rates
Federal 3- year Cohort Default rate below 25% for the Standard NJCLASS Loan.
Federal 3-year Cohort Default rate below 15% for the NJCLASS Loan for Graduate/Professional Students.
School Eligibility Reviewed Annually at Minimum
A student can apply for a NJCLASS loan for a school that is currently not approved by NJCLASS. That student will receive a conditional approval, and staff will review the school for eligibility. If it is determined the school is not eligible, the loan will be declined.

71. Things You Should Know About NJCLASS
Borrower Eligibility for NJCLASS Standard Program
The student can be the borrower; a student’s biological, adoptive or step-mother/father can be a parent borrower
Be a U.S. Citizen or eligible non-citizen
Be a New Jersey resident attending an approved school (in or out-of-state) or an out-of-state resident enrolled in an approved NJ-based school (NJ Nexus)
Be enrolled in a degree or certificate program
Be enrolled at least half-time and be making satisfactory academic progress
Have submitted a FAFSA and determined his or her Federal loan eligibility before applying for a NJCLASS Loan
Not be delinquent on any existing NJCLASS Loans or have a Federal or any State loan in a default status

72. Things You Should Know About NJCLASS
Borrower Eligibility for NJCLASS Graduate Professional Program
The student must be the borrower (cosigners not permitted);
Be a U.S. Citizen or eligible non-citizen;
Be a New Jersey resident attending an approved school (in or out-of-state) or an out-of-state resident enrolled in an approved NJ-based school; (NJ Nexus);
Be a graduate or professional student enrolled or accepted in a graduate or professional program as certified by an eligible institution ;
Be enrolled at least half-time and be making satisfactory academic progress;
Have submitted a FAFSA and determined his or her Federal loan eligibility before applying for a NJCLASS Loan; and
Not be delinquent on any existing NJCLASS Loans or have a Federal or any State loan in a default status.

73. Things You Should Know About NJCLASS
One party on a NJCLASS application must pass both the credit and income requirements.
NJCLASS can be used for a past loan term as long as it is within the past year and the student is not in collections or default.
Borrowers can use Mapping Xpress to send documentation to the originations office.
Since HESAA is the lender for NJCLASS all NJCLASS loans are serviced locally at HESAA.
NJ NEXUS
Students who are not residents of NJ but are attending an eligible NJ school can apply for a NJCLASS Loan.
Students who are NJ residents and are attending an eligible school that is not located in NJ can also apply for the NJCLASS loan.
NJCLASS does not determine the interest rate by creditworthiness or presence of a cosigner for all of its products except the ReFi+ Loan. As a non-profit lender, NJCLASS interest rates are based on the cost of capital and administration of the loan program only.
Deferments and forbearances do not extend the repayment term; a 15 year loan must be paid off 15 years from the date of first disbursement.

74. Return of Funds HESAA NJCLASS Loan Returns
Funds returned to HESAA within 60 days of disbursement will have all interest and fees credited back to the loan.
Schools can return funds by check or electronically using the NJCLASS Return of Funds Form pictured below.
Any funds returned by check should be mailed to:
HESAA
NJCLASS Loan Returns
PO Box 547, Trenton, NJ

75. CONTACT INFORMATION
TAG payment/eligibility questions
Jean Hathaway X1343
Payment Unit
Kristina Fripps X1337
Technical Assistance
Magda Torres X1405
NJCLASS X 5538
School Relations
Sharon Austin x1402
Financial Literacy
Samantha Benson X1403
Small Scholarship Programs
Larry Hutchinson X1323
NJ STARS
Jossette Greene X1316
Here, you have contact information for specific programs.

76. Your Institution’s Customer Support Representative
CONTACT INFORMATION
For general questions, you also have a list of institutions’ customer support representatives that can assist you as well with eligibility questions.

77. Your Institution’s Customer Support Representative
CONTACT INFORMATION
Here, you have contact information
And a list of institutions’ customer support representatives

78. HESAA University

79. Questions?
Thank You