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N.J. lowers interest rate for student loans

    by Tony Fitts, External or Unknown
    Published 

TRENTON College students in New Jersey can now take out loans from the state at lower rates since the New Jersey Higher Education Student Assistance Authority's recent bond sale.

The New Jersey College Loans to Assist State Students program, known as NJCLASS, is aimed at filling any financial aid gap left after grants, scholarships, and other loans.

The 10-year rate is now 4.99 percent, down from 5.99 percent. The 15-year rate has dropped to 6.20 percent, from 6.95 percent, and the 20-year rate is 7.85 percent, down from 8.40 percent. The 10-year variable rate is currently 4.51 percent, the state said in a news release announcing the new numbers.

Students who already applied for loans for next year — money disbursed after June 10 — will receive the lower rates, the state said.

"These new NJCLASS rates are welcome news to New Jersey students and families who aspire to a quality education leading to a successful career," Gov. Christie said in the release.

New Jersey residents attending college out of the state are eligible, as are out-of-state students attending college in New Jersey. More information is available online at njclass.org.

— Inquirer staff