Find out if you are eligible for a lower rate.
Some New Jersey college students will receive slight relief this fall from the rising cost of higher education.
The agency that oversees the state's student financial aid program announced this week it will lower interest rates on loans provide through the New Jersey College Loans to Assist State Students (NJCLASS) program.
The following interest rates will be lowered for this school year:
- 10 year-loans decreased from 4.99 percent to 4.48 percent
- 15-year loans decreased from 6.20 percent to 5.19 percent
- 20-year loans decreased from 7.85 to 7.15 percent
NCLASS loans are available to New Jersey residents who attend a college in the state or out-of-state students enrolled at New Jersey colleges.
Borrowers who previously applied for an NJCLASS loan will be able to receive the lower rate if their funds have not yet been disbursed, according the The New Jersey Higher Education Student Assistance Authority (HESAA).
The interest rates will be lower in part because of HESAA's strong bond rating and favorable market conditions, Executive Director Gabrielle Charette said.
Adam Clark may be reached at adam_clark@njadvancemedia.com. Follow him on twitter at @realAdamClark. Find NJ.com on Facebook.