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Rural Energy for America Program Renewable Energy Systems & Energy Efficiency Improvement Guaranteed Loans & Grants in New Jersey · Business & Industry Loan. New Jersey is $44 billion in debt and counting as money to repay loans has not been tapped. Credit: (Mike Lawrence from Flickr; CC BY 2.0). Paramus Hyundai is ready to help you out with online auto loans near Jersey City, NJ, so don't hesitate to contact us to learn more.

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Even if you have a great savings plan and you’ve got your eyes on the prize, sometimes you just need some backup. Our consumer loan products are designed to provide you with the money you need, when you need it most, to keep you moving forward. We offer everything from a variety of MasterCard® Credit Cards to Auto & Truck Loans, RV, Boat and Motorcycle Loans, Personal (Lifestyle) Loans, Student Loans and even a smart option for Student Loan Debt Consolidation.

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We’re proud of the fact that all of the loans we offer are strong and competitive. We invite you to take a look at our Home Loan Rates, as well as our Credit Card Rates, Auto & Truck Loan Rates, RV, Boat & Motorcycle Loan Rates and Personal Loan Rates. We think you’ll like what you see.

Credit: (Mike Lawrence from Flickr; CC BY 2.0)

New Jersey is awash in debt, and earlier this year Gov. Phil Murphy and lawmakers put billions of dollars in a special fund to accelerate efforts to pay off some of the state’s many bonds.

But several months later, none of that money has been used to help reduce New Jersey’s bottom line.

With no outward signs of progress on debt reduction from the Murphy administration, Republicans, currently in the minority in both houses of the Legislature, have started sounding alarms about the administration’s handling of the state’s new debt-relief account.

In all, $2.5 billion was set aside by Murphy and fellow Democrats who control the Legislature in late June to retire, or “defease,” existing bonded debt. Another $1.2 billion was earmarked for future capital projects that could be funded on a pay-as-you-go basis to reduce future financing costs.

In a recent letter sent to Treasurer Elizabeth Maher Muoio, Sen. Steve Oroho and Assemblyman Hal Wirths, both Republicans from Sussex County, questioned why the debt-relief funds “have sat unused” for three months.

Racking up interest 

“In the meantime, expensive bonded state debt that could have been retired continues to rack up interest costs,” the two lawmakers wrote.

Asked by NJ Spotlight News for a response, Department of Treasury officials said work on the new debt-relief initiative is well underway. Consultants have been hired and documents are being drafted, all to advance the goal of reducing how much the state must pay each year to service its hefty debt burden.

“The administration moved quickly to initiate a defeasance plan after the Appropriations Act was signed in late June,” Treasury spokeswoman Jennifer Sciortino said in an email.

As of earlier this year, when Treasury published the state’s most recent official accounting of what New Jersey owes all its bondholders, the state’s grand total for bonded debt was slightly over $44 billion.

That sum is nearly as large as the state’s latest annual budget. It also places New Jersey fourth-highest among U.S. states in the category of gross tax-supported debt, according to Treasury’s report.

Last year, Murphy and lawmakers added to that debt burden when they borrowed nearly $4 billion without voter approval because they projected steep revenue losses triggered by the coronavirus pandemic.

No early repayment of COVID-19 bonds

Those COVID-19 bonds were structured in a way that prevents any early repayment. That means, even though the projected revenue losses never materialized in full, New Jersey taxpayers remain responsible for paying back the full principal and interest costs tied to the pandemic debt issue into the 2030s.

Muoio, the state treasurer, faced a bruising round of questioning and second-guessing of the debt issue during legislative budget hearings earlier this year.

Months later, Democrats were not shy about linking the concerns about last year’s pandemic bonds to the decision to establish the $3.7 billion “Debt Defeasance and Prevention Fund,” which Murphy signed into law in late June.

Moreover, with plenty of debt issues still on New Jersey’s books — and with many likely having higher interest costs than the roughly 2% the state was charged for the COVID-19 debt last year — Treasury officials projected the debt-relief fund could generate significant, long-term savings. Those savings could total as much as $500 million over the next 10 years, the officials said.

The law that established the debt-relief fund set up a minor role for the Legislature’s bicameral and bipartisan Joint Budget Oversight Committee, giving lawmakers a way to keep tabs on any progress made by the administration in debt reduction or prevention.

But nothing has been presented to members of the committee since the fund was created, said Oroho and Wirths, who both serve on the joint budget panel. They suggested in their recent letter to Muoio that the administration is costing taxpayers money by not acting sooner to retire high-interest debt.

“Allowing another 90 days’ worth of avoidable interest expenses to continue or investment opportunities to be missed would be extraordinarily poor money management,” the two lawmakers wrote.

Their concerns echo other criticisms aired by Republican lawmakers in recent weeks in response to the Murphy administration’s decision not to use any of the funding it received from the federal government earlier this year through the American Rescue Plan Act to pay down money that New Jersey has had to borrow from the federal government to sustain unemployment benefits.

Those federal dollars have helped the state fund jobless benefits during a surge in unemployment since the onset of the pandemic. That debt  was initially offered interest-free, but the federal government started charging interest on it last month.

So far, Murphy and lawmakers have earmarked about a third of the overall $6.2 billion in COVID-19 aid the state has received from the federal government this year. Murphy’s administration has held a series of invite-only events in recent weeks for input on how to use the balance of the federal funds, with the latest coming last week. The administration is also collecting written input from the public. It can be sent to Murphy’s office via [email protected]

Working with advisers, outside legal counsel

In response to questions about the status of the state funds that were set aside in late June for debt relief, Sciortino, the state Treasury spokeswoman, said they are currently deposited in New Jersey’s interest-generating Cash Management Fund.

Treasury has been working in recent months with its financial advisers and outside legal counsel to identify debt issues that are ripe for defeasance and to begin drafting required legal documents, she said. The process of obtaining approval from state authorities that were the official issuers of prior bond issues that are being targeted for defeasance is also underway, Sciortino said.

“It will likely take a few months to complete this process and transfer funds into escrow,” she said.

A similar update was provided to the lawmakers in a response to their letter, Wirths said in an interview. But Wirths — who served as a cabinet official during former Gov. Chris Christie’s tenure — said he remains concerned about a lack of urgency and suggested the Murphy administration could move more quickly if it wanted to.

“It seems like they’re making it a lot more complicated than it needed to be,” he said.  “It’s frustrating.”


Financial Aid

Financial Aid Appointments

If you or your family is experiencing financial hardships due to the COVID-19 pandemic please email or call the Office of Financial Aid so we can discussion your situation and the possibility of a re-evaluation of your financial aid award.

The Office of Financial Aid is now scheduling appointments for students who need to conduct business in person.  Appointments can be made through email at [email protected] or through our chat located on our website. In person appointments are available Monday through Thursday from 8am to 5pm. However, we are confident that most questions can be handled without in-person visits via a phone call, a webex meeting or email.

Please be aware at this time the Office of Financial Aid is no longer accepting documents in person or via fax. We apologize for any inconvenience. Please send in requested documents via US Mail or use Mapping Xpress.  Please see the instructions below.

Please visit for the most updated information on COVID-19.

How to Submit Financial Aid Verification Documents 

Student Instructions to submit completed financial aid verification forms with MappingXpress

The Office of Financial Aid will no longer accept documents via email or fax.  Students may submit documents via US mail, in person, or you can upload documents via MappingXpress

You will need the following information:

  • First Name
  • Middle Initial
  • Last Name
  • Last 4 of SSN
  • Birth Date
  • Student ID
  • Email
  • Telephone


  1. Visit 
  2. Enter the passcode Ramapo#1Please note the passcode is case sensitive.
  3. Complete the form and click “Submit”.
  4. Confirm the information you entered is correct and click “Submit”.
  5. Select the total number of documents you would like to upload. You can select up to 12 documents for each upload. You will have the opportunity to add additional documents after your initial upload. We recommend the total size of the file(s) you upload be less than 25MB. Uploading files totaling more than 25MB may cause your session to time-out or cause the individual retrieving your file(s) experience a time-out issue.
  6. Select the type of document and choose the file.
  7. Click the “Upload” button.
  8. Select whether or not you have additional documents to upload.
  9. If yes, select yes and click “Submit”. Repeat steps 5-7.
  10. If no, select no and click “Submit”.
  11. Print out the confirmation page for your records or make a note of your confirmation number.
  12. Click the “Exit” button.

Click here to submit completed forms:


Accepting Your Loans

Please be aware, students must now Accept or Decline Federal Direct Loans through the Ramapo College Self-Service.  Your loan will not appear on your bill until you do so.  Please follow these instructions:

Log into Ramapo College Self-Service with your Ramapo Email username and password

  1. Select “Student Services & Financial Aid” and “Financial Aid
  2. Select “My Award Information” and “Award by Aid Year
  3. Choose Award Year 2021-2022
  4. Select “Accept Award Offer” tab

The Award Overview tab is a summary of your financial aid package.  The Terms and Conditions tab provides you with important information about your awards.  The “Accept Award Offer” tab is where you must choose to accept or decline your loans.

Other Important Information:

NJ Residents make sure that you complete the required additional state questions no later than September 15.

To provide this information online, you must create a login to HESAA’s NEW student information system, NJFAMS to do this:

  1. Go to  If you do not yet have a user name and password to NJFAMS, you will be able to create one.
  2. Click the “create a student login” link to create your user name and password to the NEW system.
  3. Once logged into NJFAMS you can view any outstanding tasks that require your attention to complete your record.

College Financial Aid for New Jersey Students and Parents

New Jersey's One Stop Financial Shop: HESAA

A large amount of your time spent when planning for college involves finding financial aid, primarily student loans. And once you're in college, the money issue continues to come up again every fall just as surely as the tuition bills come due. New Jersey provides a highly specialized service to college students, called the Higher Education Student Assistance Authority or HESAA.

HESAA assumes the prospective student knows nothing about planning to attend college or securing financial aid, and offers a tutorial beginning with advice on what to do before and during high school to prepare for your college experience.

Here's what you'll find useful:

  • Tips on planning for college, including recommendations for courses, extracurricular activities and assembling a portfolio on which to build strong applications
  • How to apply to college: making a list of preferred schools, familiarizing yourself with their application requirements and deadlines, marshaling documents ahead of time
  • New Jersey's 529 College Savings Plan, with extra benefits for New Jersey residents
  • Information on grants and scholarships (tuition aid grants, need-based grants and scholarships, scholarships by and for special groups)
  • Planning for student loans: federal loans for regular or work study students, plus NJClass alternative loans offered by the state, with forms and applications for the federal programs
  • Financial planning calculators to plot the course of your college spending
  • How to avoid scholarship scams (there should be no application fee, there is no guaranteed success for paid matching services, avoid advance fee loans, and so on)
  • Managing money after college, including student loan payments
student loans in New Jersey

New Jersey Helps You Save For College

The 529 College Savings Plan run by the state, called NJBest, lets you and your family take advantage of a provision in the tax code designed to encourage saving for a student's college education. You or someone in your family (the "account holder") sets up an investment savings account that pays for a student (the "beneficiary") to attend college. The account holder has a choice of investment types, and the sooner you begin to put money aside the less debt you will need to take on at college time.

Take Advantage of Grants and Scholarships in NJ

HESAA lists eleven grants and scholarships available from the state of New Jersey, as well as five awarded by the federal government. New Jersey has Tuition Aid Grants for all students, plus various types of assistance available for the following categories: economically and educationally disadvantaged, highest achieving, World Trade Center survivors and survivors of fallen New Jersey first responders. The federal aid depends on financial need, college cost, and classes taken. There's also a grant just for prospective teachers.

Student Loans Strategy

When you have committed your savings and pursued all possible grants and scholarships, then look to cover whatever expenses remain with a loan. The federal student loan programs are your first step. Complete the FAFSA, the Free Application for Federal Student Aid, and submit it by the deadline to be considered for federal aid. Don't make the mistake that over two million students make each academic year—they incorrectly assume their household income would not qualify them for aid, andfinancial aid in New Jersey thus pass up helpful opportunities. The federal loans include:

  • Subsidized and unsubsidized Stafford Loans. Subsidized loans charge interest only when repayment begins, and unsubsidized loans charge interest until completely repaid.
  • PLUS Loans, which are unsubsidized, for parents of dependent students and graduate or professional students. They require that the borrower sign a promissory note.
  • Perkins Loans, which carry low interest and are given to students with greater financial need.
  • Direct Consolidation Loans, which let you roll your existing federal loans into a single loan for ease of management.

The federal loans offer borrowers low fixed interest rates and flexible repayment terms, as opposed to more expensive private student loans. And they're very easy to obtain: any full-time student can qualify for a Stafford Loan. The only disadvantage of federal loans is the limitation on the total amount you can borrow.

Find out more about the federal student loan programs.

An Alternative Student Loan for New Jersey

Not every state sanctions its own form of private student loan, so New Jersey's NJClass Loans are an excellent reason to look at colleges in New Jersey. As with every other private or alternative student loan, the NJClass loan is a last resort. (In fact, one must exhaust all federal loan opportunities in order to be eligible for NJClass).

There are different types of NJClass loan for undergraduates and graduates, for graduate students in professional disciplines, and for medical and dental students (the MedNJ Loan). NJClass also offers consolidation loans.

These low cost supplemental loans have only a 3% administrative fee, making them a real bargain for the borrower. The NJClass loan performs both an income (minimum $40,000 annually) and credit check when applying. The majority of their applicants apply with a cosigner as most students would not meet the criteria for getting approved for the loan.

Источник: has dedicated much efforts to its team arranging apartment financing in New Jersey, with loan options including CMBS, Fannie®, Freddie®, Banks,Life Companies, and much more. Commercial mortgages in New Jersey start at $750,000, although our niche lending and brokerage is between $2 Million and $20 Million. Loan options include standard permanent financing, as well as ground-up development, bridge loans, mezzanine pieces, preferred equity, and more. We furthermore pride ourselves in maintaining one of the nation's most complete conduit lending platforms for placing apartment CMBS loans. 

Our multifamily brokerage and lending strengths are throughout the state, with a particularly strong presence in the following areas: Newark, Jersey City, Paterson, Elizabeth, Edison, and Trenton.

To speak with a New Jersey Apartment Lending Specialist, please call (800) 567-9631 or email [email protected] for more information. 

Get it on the App Store
Download the Bank of America App

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Or we can text a download link directly to your phone

By providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.

Apple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Get it on the App Store
Download the Bank of America App

Before you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.

Or we can send you a link by email

Apple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

Get it on Google Play
Download the Bank of America App

Before you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.

Or we can text a download link directly to your phone

By providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.

Android is a trademark of Google Inc. Samsung is a registered trademark of Samsung Electronics Co., Ltd.

Get the mobile banking app

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New Jersey Student Loans

Higher Education Student Assistance Authority

The majority of students in the United States will need to consider some form of financial assistance when it comes time to plan for college. Scholarships and grants are ideal, as they offer money for college that never has to be repaid. Unfortunately, not every student will qualify for an award, and even those that do may be left with considerable unmet need. In order to completely finance their college education, most students will need to rely on education loans.

For resident students in New Jersey, applying for grants, scholarships and loans has never been easier. The New Jersey Higher Education Student Assistance Authority (HESAA) provides resident students with the resources they need to plan for college, and to fund their post-secondary education. In addition to a wide range of state supported scholarships and grants, the HESAA also provides students with access to a number of affordable Federal and state sponsored college loans.

The FAFSA and Student Loans in New JerseyNew Jersey loans for college

Before applying for any financial aid for college, students in New Jersey must first fill out and submit their Free Application for Federal Student Aid. The FAFSA is used to determined a student’s eligibility for Federal and state sponsored scholarships and grants, as well as all Federal and state-based education loans. New Jersey residents planning for college should make the FAFSA a priority before applying for any type of financial aid, including their college loans.

HESAA and Federal Loans

Federal student loans remain the most popular and successful of all financial aid programs in the country. Federal loans offer the lowest interest rates and the most student friendly repayment terms of any colleges loans on the market. Students in the state of New Jersey may apply for any and all Federal education loans through the New Jersey Higher Education Student Assistance Authority. The HESAA can help match students to the most suitable Federal loan, and will guide them through the application process.
Federal Student Loans available through the HESAA include:

New Jersey residents who are relying on student loans to help them pay for college should begin by applying for those Federal loans for which they are qualified. Federal student loans are the most affordable on the market, and should be the first stop on every students path to college funding.

The New Jersey College Loan to Assist State Students

The New Jersey state legislature is well aware that even with Federal loans most college-bound students will still be left with a sizable amount of unmet need. In order to make college more accessible to its residents, New Jersey offers their own state-based low cost student loan. The New Jersey College Loan to Assist State Students, or NJCLASS, is a low cost, fixed interest rate, loan designed to act as a supplement to the Federal student loan program. The NJCLASS is available to all of New Jersey’s college-bound residents, and can be used to help defray education costs at any college or university in the country. The NJCLASS is also made available to out of state students enrolled in one of New Jersey’s state colleges or universities.
The NJCLASS offers a number of highly attractive features for qualified borrowers, including:

  • Low fixed interest rates
  • Flexible repayment options
  • Instant credit decision
  • No penalties for early repayment

The NJCLASS offers three loan options for student borrowers:

  • The NJCLASS Classic Loan is available to undergraduate students. It offers a low fixed interest rate, flexible repayment plans, and up to a 20 year repayment option.
  • The NJCLASS Graduate and Professional Student Loan is available to graduate and post-graduate students. The loan offers low interest rates and flexible repayment options. Students need not submit proof of income to qualify, and do not require a cosigner to receive the loan.
  • The NJCLASS Consolidation Loan is available to student borrowers with more than $30,000 in outstanding NJCLASS loans. The consolidation loan can help borrowers significantly reduce their monthly payments so they can better manage their outstanding debt.

Borrow Wisely

All student loans carry some element of risk, and the HESAA helps students learn how to plan their financial futures, and manage their outstanding debt. The HESAA’s dedicated website offers tutorials and counseling for students applying for loans, so they will be better prepared to fulfill their obligations as a borrower.

Resident students in the great state of New Jersey have access to a wide range of financial aid programs to help them pay for college. In addition to a wealth of scholarships and grants, New Jersey offers students one of the most forward thinking state-based loan programs in the country.

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