NEW YORK (Standard & Poor's) May 4, 2005--Standard & Poor's Ratings Services assigned its ratings to New Jersey Higher Education Student Assistance Authority's $225 million student loan revenue bonds 2005 series A, B, C, and D (see list). The 2005 bonds are tax-exempt auction rate bonds that re-price every 35 days. The 2005 bonds will be issued to finance student loans, pay the costs of issuance and capitalized interest, and fund other trust accounts, including the debt service reserve account. The financed student loans comprise state supplemental loans, called the NJCLASS Loan Program (74%), and federally insured Federal Family Education Loan Program (FFELP) loans (26%). This is the seventh series issuance under a master trust indenture from 1998. The ratings
