<p>Just wondering if anyone has experience with the process and time required for the NJClass loan. The website was advising coming back at the end of May to start an app for the coming year, but has not switched to the end of June! With bills coming in July and due early August I'm concerned, as this is our first choice for borrowing.</p>
<p>My family has somewhat dated experience with the NJClass loan process.
We took a NJClass loan for each of DS first two years of undergrad back in 2004 and 2005.</p>
<p>I also remember being anxious about the timing involved…and would we have the $$$ in time for the payment due. Turned out to be an incredibly easy and quick online application, with the approval shown immediately after loan submission online. They sent some snail mail paperwork to be signed and returned shortly thereafter. Painless.
Repayment has been painless as well, we set up direct debit from our checking acct. They send a monthly reminder and then debit on the agreed upon date each month.
The interest rates on our two small loans are both a bit under 6%.</p>
<p>I’m sure one of the resident CC FA members can check me on this…but I think if you have an approved loan, the school will wait for disbursement to the student acct.</p>
<p>My son just graduated and has a boatload of NJClass loans.</p>
<p>We were planning on consolidating after he graduated (it would reduce his monthly payment significantly), but the funds available have been “exhausted” (per the website)… we are hoping that changes SOON.</p>
<p>This is the first year I recall any issues, but since I don’t live in Jersey I don’t know what is going on politically. My guess is that it is political. There must be a funding issue.</p>
<p>I used NJClass for 2 years with my son 2006 and 2007 I think. It was quick approval, I kept records of everything and didnt have any problem with money getting to the school on time.
We had great rates at the time, my only complaint was that payment couldn’t be tracked online. We had auto-debit for an even lower rate and monthy statement sent to house, but salliemae was easier to track and pay online. </p>
<p>We called a few times to check things, a long wait for us if you called mid-morning or afternoon, but if you call early, they were very helpful in answering questions.
My son is in grad school now, so nothing is due yet, will see what it’s like in a couple of years.</p>
<p>Good ole political issues in New Jersey, yes.</p>
<p>I imagine that new funding for NJClass will be available after July 1st.
We did not enjoy having to wait till almost Aug each year son was in undergrad at Rutgers university to know just how much his tuition had increased each year. Left precious little time to scrape the pennies together.</p>
<p>Thanks for all the info, agree that politics is in play here. Guess I’ll wait through June, but after that will have to go with PLUS instead.</p>