Higher Education Student Assistance Authority (HESAA) Student Loan Complaint

Higher Education Student Assistance Authority (HESAA) Student loan department,

Non-federal student loan Can't repay my loan Can't get flexible payment options New Jersey

I took out NJClass student loans through HESAA during my time at - in -/-/--/-/- for which my mom was a cosigner. The initial loans we took out totaled approximately $80000.00 w/ a 6 % interest rate. My mother went into a 5-year bankruptcy in -/-/-. The student loans could not be discharged through the bankruptcy, as she was a cosigner. It was not until this year ( -/-/- ) once her bankruptcy was completed that HESAA, the administrating agency of the NJClass loans, reached out to my mother to inform her the loans were in delinquency and now totaled approx. $130000.00. During the course of her bankruptcy, HESAA did not contact me ( the direct loan borrower ) to inform me of payments, increased interest rates, and that the loans ultimately went into delinquency until my mother 's bankruptcy ended.


I am trying to consolidate the loans and maybe refinance them, as my current monthly payment is $1000.00, which I ca n't realistically afford. During the time of my mother 's bankruptcy she tried to consolidate the loans but they were never accepted yet NJClass continued to run up the interest on the loans without informing my mother or me. NJClass loans are private, which limits the options borrowers can look into for repayment. HESAA does not offer any loan forgiveness or modification programs. They also do not offer income-based repayment plans for NJClass loans and they refuse to work with borrowers to offer more affordable monthly payments. They only offer consolidation. I tried to consolidate the loans directly under NJClass and was denied approval based on my income. In short, I 'm looking to get the loan payments down to something manageable so I can work towards paying off the debt but this is extremely difficult when legislation favors HESAA and the bills regarding NJClass loans still will not help many people in my situation.