HESAA
- Company typePrivate
- Founded2010
- HeadquartersTrenton, United States
- Headcount101–250
- GTM typeB2C
- OfferingServices
HESAA firmographics
Firmographics- Name
- HESAA
- Legal name
- Higher Education Student Assistance Authority
- Website
- https://hesaa.org
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Ownership category
- akta.pro rank
HESAA industry classification
Industry- Product category
- State Higher Education Financial Aid Administration
- NAICS
- Voluntary Health Organizations (813212), Educational Support Services (61171), Grantmaking and Giving Services (81321)
- SIC
- Personal Credit Institutions (6141), Services-Educational Services (8200), Services-Social Services (8300)
- akta.pro primary industry
- Student Loan Programs & Servicers (Public/Nonprofit) (EDADAHAE)
- akta.pro secondary industries
- Scholarship, Financial Aid & FAFSA Support Platforms (EDAFAMAF), Scholarships, Grants & Education Benefits Administration (Financing-adjacent) (FSAKAEAM), Scholarship, Financial Aid & FAFSA Support (EDAMAKAF), Financial Aid, Scholarships & FAFSA/CSS Profile Support (EDANAEAI), Public Health Financing, Budgeting & Grants Management (HLAJAMAC)
Keywords
Where HESAA is headquartered
LocationHeadquarters
- HQ city
- Trenton
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
HESAA business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- NJCLASS Student Loans: HESAA provides supplemental family loans (NJCLASS) for educational expenses not covered by financial aid or savings. These are fixed-rate loans with no origination fees and no penalties for early repayment. Revenue is generated through loan interest and associated fees.
- NJBEST 529 College Savings Plan Administration: HESAA administers the NJBEST 529 college savings plan, providing investment management and tax-advantaged savings for New Jersey families. Revenue is derived from program management and investment administration.
- Student Loan Redemption Programs: HESAA administers loan redemption programs for professionals in high-need fields (healthcare, nursing, teaching, STEM, behavioral health). Funding comes from state appropriations and is distributed to eligible professionals in exchange for service commitments.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | NJCLASS Option 1 - 10-Year Fixed Rate (5.95% APR) |
| Subscription | Monthly | NJCLASS Option 2 - 15-Year Fixed Rate (7.25% APR) |
| Subscription | Monthly | NJCLASS Option 3 - 20-Year Fixed Rate (8.65% APR) |
| Subscription | Monthly | NJCLASS Refinance - Starting at 6.45% |
| Other | Pay-as-you-go | NJBEST 529 Plan - $25 minimum to open |
| Other | One time/ perpetual license | NJBEST Matching Grant - Up to $750 |
| Other | One time/ perpetual license | NJBEST Scholarship - Up to $6,000 |
| Other | Multi-year contract | Health Care Professional LRP - Up to $200,000 |
| Other | Multi-year contract | Nursing Faculty LRP - Up to $50,000 |
| Other | Multi-year contract | Teacher Loan Redemption - Up to $20,000 |
| Other | Multi-year contract | Behavioral Healthcare Provider LRP - Up to $150,000 |
| Other | Multi-year contract | Air Traffic Controller LRP - Up to $100,000 |
| Other | Multi-year contract | NJ STEM LRP - Up to $8,000 |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels8 records
HESAA product offering
Product offeringCore offering
HESAA is the New Jersey state agency responsible for administering the full spectrum of higher-education financial aid: need-based grants (TAG, CCOG, Garden State Guarantee), merit and special-purpose scholarships (NJ STARS, NJBEST, World Trade Center), supplemental fixed-rate student loans (NJCLASS), the NJBEST 529 college savings plan, and career-based loan redemption programs targeting healthcare, nursing, teaching, STEM, behavioral health, aviation, and legal professionals. Customers access these programs through the NJFAMS online portal and the NJCLASS E-Access portal, with supporting outreach via workshops, school counselor training, and a financial-literacy program (Real Money 101).
Product overview
HESAA (Higher Education Student Assistance Authority) is a New Jersey state agency providing financial and informational resources for post-secondary education. The organization operates a unified product portfolio centered on the NJFAMS student portal for aid management and the NJCLASS loan program, supplemented by the NJBEST 529 college savings plan. Financial aid programs include need-based grants (TAG, CCOG, GSG) and merit/special circumstance scholarships (NJ STARS, WTC). The loan redemption suite offers career-based debt relief for healthcare, nursing, teaching, STEM, behavioral health, and aviation professionals. Supporting services include Real Money 101 financial literacy training and HESAA University professional development for financial aid administrators. The overall architecture is portal-based, with integrated online systems for students, families, school counselors, and institutional administrators.
Differentiator
Problem solved
Functional benefit
Brands
- NJCLASS: New Jersey College Loans to Assist State Students - supplemental family loans for educational expenses
- NJBEST
- NJFAMS
- TAG
Products and services
- NJFAMS (New Jersey Financial Aid Management System) A user-friendly, real-time online portal allowing New Jersey students to check award status, manage to-do lists, apply for state scholarships, and upload required verification documents for state financial aid. Targeted at NJ students applying for state aid.
- NJCLASS (New Jersey College Loans to Assist State Students) Supplemental fixed-rate education loans available to NJ families for undergraduate and graduate educational expenses not covered by grants, scholarships, or federal loans. Includes refinancing, consolidation, and repayment-assistance options across 10-, 15-, and 20-year terms.
- NJBEST 529 College Savings Plan A 529 college savings plan allowing New Jersey families to save for education expenses with tax-free growth, state tax deductions up to $10,000 per year for eligible contributors, NJBEST Matching Grants up to $750, and NJBEST Scholarship up to $6,000.
- Tuition Aid Grant (TAG) New Jersey's largest need-based grant program, supporting nearly one-third of all NJ full-time undergraduates with direct tuition assistance at eligible NJ institutions based on financial need.
- Community College Opportunity Grant (CCOG) Need-based grant enabling eligible New Jersey students from lower-income backgrounds (AGI up to $65,000) to pursue their first associate degree tuition-free at any of New Jersey's community colleges statewide.
- Garden State Guarantee (GSG) Need-based financial aid program covering tuition and fees for New Jersey residents with AGI $0-$65,000 in their third and fourth years at participating public four-year institutions, providing $0 tuition for eligible cohorts.
- Loan Redemption Programs A suite of career-based student loan redemption programs offering up to $200,000 (primary care), $50,000 (nursing faculty), $20,000 (teachers), $150,000 (behavioral health), $100,000 (air traffic controllers), $8,000 (STEM), and variable amounts (prosecutors/public defenders) in exchange for multi-year service commitments in designated high-need areas of New Jersey.
- NJ STARS and NJ STARS II Scholarships Merit-based scholarships for top-performing New Jersey high school students attending New Jersey colleges and universities, with NJ STARS II providing continued funding for transfers to four-year institutions.
- World Trade Center Scholarship Special-purpose scholarship providing post-secondary funding to eligible dependents of victims who died or were permanently disabled as a result of the World Trade Center attacks.
- NJ Alternative Financial Aid Application (NJ Dreamers) Confidential state financial aid application enabling New Jersey Dreamers who are not eligible for FAFSA to apply for state financial aid, with eligibility based on three years of NJ high school attendance and graduation from a NJ high school or equivalent.
- Real Money 101 Financial Literacy Program Free financial literacy program for New Jersey high schools and colleges covering banking, budgeting, credit building, and money management, presented by HESAA outreach staff in-person or virtually.
- HESAA University Free training courses for New Jersey financial aid administrators covering NJCLASS loans, grants, scholarships, and HESAA program administration, delivered via webinars and in-person sessions.
Quantifiable outcome
- Nearly one-third of all NJ full-time undergraduates receive TAG support
- +5 more outcomes
Companies that use HESAA
Customer profileNamed customers8 records
Segments8 records
Ideal customer profiles3 records
HESAA technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
HESAA partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- NJ Public Four-Year Institutions (GSG)corePartner institutions include Kean University, Montclair State University, NJ City University, NJ Institute of Technology, Ramapo College, Rowan University, Rutgers University (Camden, New Brunswick, Newark), Stockton University, The College of New Jersey, Thomas Edison State University, and William Paterson University. These institutions participate in the Garden State Guarantee program providing $0 tuition for eligible third and fourth-year students.
- Brookdale Community College (Pay It Forward)coreBrookdale Community College joined the NJ Pay It Forward Program to expand financial support for nursing and radiologic technology students. This workforce development initiative prepares students for careers in healthcare while addressing industry staffing needs.
- NJ Family Planning LeaguecoreThe NJ Family Planning League administers the state's family planning program serving approximately 153,000 individuals annually. HESAA works with them on loan redemption programs for healthcare providers offering reproductive health services.
- Rutgers University (Clinical Training)corePartnership with Rutgers University to expand clinical training programs and upskill/train healthcare professionals in reproductive health, with $2 million in funding through the Reproductive Health Access Fund.
- Planned Parenthood of Metropolitan New Jersey and Planned Parenthood of Northern, Central and Southern New JerseycoreHESAA supports loan redemption for healthcare providers at these reproductive health facilities. Approximately 44,000 NJ Medicaid members receive care at these centers, which are supported through the Reproductive Health Access Fund.
- KHEAA (Kentucky Higher Education Assistance Authority)minorFFELP loans previously guaranteed by HESAA were transferred to KHEAA effective January 1, 2020. KHEAA now handles servicing for these legacy loans.
Scale indicators7 records
Recent moves6 records
Expansion highlights7 records
HESAA competitors and assessment
Company assessmentDirect peers
- Pennsylvania Higher Education Assistance Agency (PHEAA): PHEAA is the Pennsylvania state counterpart to HESAA, administering state grant, scholarship, and loan programs (including PA Forward state student loans). It is a direct peer as a state higher education assistance authority operating the same product taxonomy (grants, state loans, 529-equivalent savings) for a neighboring state.
- Office of Student Financial Assistance (OSFA) - multiple state variants: State-level student financial aid authorities (e.g., Minnesota OSFA, Oregon HECC/OSFA, Florida OFSA) operate the same functional stack as HESAA — state grants, state-specific scholarships, 529 plan administration, and supplemental loans — making them direct comparables by mission, funding model, and product portfolio.
- New York State Higher Education Services Corporation (HESC): NYS HESC administers New York's state student aid programs (TAP, NY 529, Get on Your Feet loan forgiveness) and is a direct functional peer to HESAA — same statutory model (state authority), same product stack (need-based grants, 529, supplemental loans, loan forgiveness).
- Kentucky Higher Education Assistance Authority (KHEAA): KHEAA is the Kentucky state student aid authority, explicitly referenced in HESAA's data as the transferee of HESAA's legacy FFELP loan portfolio. It is a direct peer operating state grants, college savings, and student loan servicing with an identical functional mandate.
- Rhode Island Office of the Postsecondary Commissioner (RIOPC) / RI Student Loan Authority: RI Student Loan Authority and the broader RIOPC perform the same role as HESAA at the state level — administering state scholarships, loan programs, and financial literacy services. It is a direct peer by function, scale, and product mix.
Broad incumbents
- Trellis Company: Trellis Company (formerly TG and the National Council of Higher Education Loan Programs - NCHELP) provides student loan servicing, default prevention, and outreach services for higher education agencies. It is comparable to HESAA in servicing infrastructure and program administration services for state clients.
- College Board (CSS Profile and BigFuture): College Board administers the CSS Profile — the financial aid application used by many NJ students seeking institutional aid at private colleges. It is a broad incumbent in financial aid application infrastructure adjacent to HESAA's NJFAMS portal.
- Federal Student Aid (FSA) / U.S. Department of Education: Federal Student Aid administers the national FAFSA, federal Pell Grants, and Direct Loan program that HESAA's state programs complement and override. It is a broad incumbent in the same sector, providing the upstream federal aid infrastructure that NJ-specific HESAA programs sit on top of.
- Nelnet (student loan servicing): Nelnet is a major student loan servicer for federal and private portfolios. It is a broad incumbent comparable to the loan servicing and technology platform aspects of HESAA's NJCLASS operations and NJFAMS portal.
Emerging players
- SoFi (private student loans and refi): SoFi is a private student loan originator and refi lender that competes directly with HESAA's NJCLASS loan book on rate and digital UX. It is an emerging competitor to HESAA's supplemental loan product rather than to its grant/scholarship monopoly.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
HESAA social profiles
Digital presenceHESAA financial estimates
Financial estimateRevenue estimate
Valuation estimate
HESAA leadership team
Management profileNumber of profiles
Profiles11 records
HESAA funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HESAA M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HESAA
What does HESAA do?
HESAA is the New Jersey state agency responsible for administering the full spectrum of higher-education financial aid: need-based grants (TAG, CCOG, Garden State Guarantee), merit and special-purpose scholarships (NJ STARS, NJBEST, World Trade Center), supplemental fixed-rate student loans (NJCLASS), the NJBEST 529 college savings plan, and career-based loan redemption programs targeting healthcare, nursing, teaching, STEM, behavioral health, aviation, and legal professionals. Customers access these programs through the NJFAMS online portal and the NJCLASS E-Access portal, with supporting outreach via workshops, school counselor training, and a financial-literacy program (Real Money 101).
Is HESAA a public or private company?
HESAA is a private company. It is classified as state government owned and is currently operating.
When was HESAA founded?
HESAA was founded in 2010. It employs 101 to 250 people.
Where is HESAA based?
HESAA is headquartered in Trenton, United States, in the North America region.
How does HESAA make money?
Three revenue lines are on record. NJCLASS Student Loans are the primary driver. The others are NJBEST 529 College Savings Plan Administration and student Loan Redemption Programs.
Who are HESAA's main competitors?
Direct peers on record are Pennsylvania Higher Education Assistance Agency (PHEAA), Office of Student Financial Assistance (OSFA) - multiple state variants, New York State Higher Education Services Corporation (HESC), Kentucky Higher Education Assistance Authority (KHEAA) and Rhode Island Office of the Postsecondary Commissioner (RIOPC) / RI Student Loan Authority. Broad incumbents are Trellis Company, College Board (CSS Profile and BigFuture), Federal Student Aid (FSA) / U.S. Department of Education and Nelnet (student loan servicing). SoFi (private student loans and refi) is listed as an emerging player.
Does HESAA have an API?
No public API is recorded for HESAA.
What industry is HESAA in?
HESAA's product category is State Higher Education Financial Aid Administration. Its primary akta.pro industry code is EDADAHAE, Student Loan Programs & Servicers (Public/Nonprofit), with a secondary code of EDAFAMAF, Scholarship, Financial Aid & FAFSA Support Platforms. Its NAICS code is 813212 and its SIC code is 6141.