With our competitive, fixed interest rates, you never need to worry about your interest rate going up!
The interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors, to include:
- Credit score
- Loan term
- Repayment plan
If approved, we will notify you of the rate you qualify for within the stated range.
Helping parents and/or guardians cover the costs of college is exactly why the PA Forward Student Loan Program was established.
- Borrow up to 100% certified cost of attendance (tuition, fees, room, board, books, etc.) up to the aggregate limit of $150,000
- Minimum loan amount: $1,500
- No pre-payment penalty
- No origination or application fees
Anyone who is providing support to a dependent student.
- PA residents with students attending an approved schoolin or out of PA
Federally-approved educational institution under Title IV of the Higher Education Act of 1965
- Residents from an approved state (DE, MD, NJ, NY, OH, VA, and WV) with students attending an approved PA school
- U.S. citizens or eligible non-citizens of the U.S.
- Parents or guardians who meet minimum credit requirements
Repayment Plan Options
If you want to get a head start on paying back your loan right away, this is the option to choose. With this option you will:
- Be eligible for the lowest interest rate available
- Pay your loan off earlier by making principal and interest payments while your student is in school
- Pay the least amount of interest over the life of the loan compared to the other repayment plan options
Disbursement is the transfer of loan funds from a lender to the school.
Capitalization is the addition of unpaid interest to the principal balance of a loan. Capitalization of interest results in a higher principal balance and additional finance charges over the course of repayment and may cause your monthly amount to increase.
- Be responsible to pay the accrued interest while your student is enrolled in school
- Enter repayment with the starting principal balance of the original amount you borrowed
NOTE: Interest payments will begin 30 to 60 days after the loan’s first disbursement. Full payments, payments made toward principal and interest, will not begin until the student leaves school or drops below half-time.
Payments and Terms
- The minimum monthly payment for a PA Forward Student Loan is $50.00 a month, unless you select the Interest Only repayment plan.
- You have the option to choose between three terms2 to make repayment fit your needs:
- 5 years
- 10 years
- 15 years
NOTE: The longer your term, the more interest you could pay over the life of the loan.
Save Time and Money with Direct Debit
Direct Debit is a free service that sets up an electronic deduction from your checking or savings account each month. You may qualify for a 0.25% interest rate reduction upon Direct Debit approval.
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.
2 Repayment Terms (No interest rate discounts were applied to these examples.):
- A borrower of a $10,000 loan who selects a 5-year (60 months) repayment term may receive an APR between 4.09% and 6.68%, monthly principal and interest payments between $184.62 and $196.60, and a total amount repaid between $11,077.01 and $14,364.31.
- A borrower of a $10,000 loan who selects a 10-year (120 months) repayment term may receive an APR between 5.29% and 7.18%, monthly principal and interest payments between $107.54 and $117.14, and a total amount repaid between $12,904.55 and $16,817.02.
- A borrower of a $10,000 loan who selects a 15-year (180 months) repayment term may receive an APR between 5.79% and 7.68%, monthly principal and interest payments between $83.31 and $93.84, and a total amount repaid between $14,995.62 and $19,843.12.
NOTE: Subject to aggregate loan limits.
The PA Forward Student Loan Program is a credit-based loan program. Applicants are subject to credit qualifications, completion of an application and credit agreement, and verification of application information. PHEAA uses applicant(s) FICO score(s) to determine eligibility and interest rates. Higher credit scores may mean an applicant is offered a lower interest rate.
PHEAA reserves the right to discontinue all programs or benefits without prior notice.