PA Forward Parent Loan: The Smarter Choice for Parents & Guardians
Are you a parent or guardian looking for financial assistance to support your student’s education? If so, you may have come across the federal parent PLUS loan. While it may seem like a viable option, let us introduce you to a smarter choice–PA Forward’s Parent Loan.
Say goodbye to the steep interest rate of 8.05% from a federal parent PLUS loan and say hello to significant savings with PA Forward Parent Loan’s lower rates of 3.84% to 7.68% APR1. You’ll also keep more money in your pocket because our Parent Loan has no origination fee unlike the federal parent PLUS loan that charges 4.228% of the loan amount.
PA Forward offers numerous benefits over the traditional federal parent PLUS loan, such as:
| INTEREST RATES: | PA FORWARD PARENT LOAN | FEDERAL PARENT PLUS LOAN |
|---|---|---|
| 5-YEAR TERM 4.10%-6.70% (3.84%-6.43% APR1) Effective as of 5/11/23 |
5-YEAR TERM Not Available |
|
| 10-YEAR TERM 5.30%-7.20% (5.04%-6.93% APR1) Effective 5/11/23 |
10-YEAR TERM 8.05% (APRs not available) 7/1/23-6/30/24 |
|
| 15-YEAR TERM 5.80%-7.70% (5.79%-7.68% APR1) Effective 5/11/23 |
15-YEAR TERM Not available |
|
| FEES: | No origination or application fees | 4.228% origination fee |
| LEGAL GUARDIAN ELIGIBILITY: | Eligibility for legal guardians | Legal guardians are not eligible to receive parent PLUS loans, even if they have had primary responsibility for raising the student. |
Choose PA Forward and pave the way for a brighter future for your student.
1 Annual Percentage Rate (APR) Calculations: The lowest APR is based on the following assumptions: a loan of $10,000 made in a single disbursement, a borrower who selected an Immediate Repayment Plan, monthly payments of $183.49 for a period of 60 months, a fixed periodic interest rate of 4.10% and total payments of $11,009.34. The borrower in this sample qualified for a 0.25% Direct Debit benefit for the entirety of the repayment period. This APR is an estimate and may differ from the actual rate received.
The highest APR is based on the following assumptions. A loan of $10,000 made in a single disbursement, a borrower who selected an Interest Only Repayment Plan and a repayment term of 180 months, monthly payments of $64.17 for 46 months and monthly payments of $93.84 for the remainder of the repayment term, a fixed periodic interest rate of 7.70% and total payments of $19,843.12. The borrower in this sample did not qualify for any interest rate discounts.
These APRs are estimates and may differ from the actual rate received.