New Jersey Higher Education Student Assistance Authority's issuance is an ABS transaction backed by private student loans made under the New Jersey Higher Education Student Assistance Authority's NJCLASS loan program, which includes a refinance loan program. We assigned our preliminary ratings to the series 2025-1, 2025-2, and 2025-3 student loan revenue bonds. The preliminary ratings reflect our view of the transaction's credit support, expected initial total and senior parity, and payment and legal structures, among other factors. ENGLEWOOD (S&P Global Ratings) May 7, 2025--S&P Global Ratings today assigned its preliminary ratings to New Jersey Higher Education Student Assistance Authority's series 2025-1, 2025-2, and 2025-3 student loan revenue bonds (see list). The bond issuance is an ABS transaction backed by private
