Updated: October 12, 2021

PA Forward Parent Loan Review

Parent Loan

Advertising disclosure
Parents
Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
3.91% - 6.55%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Not Available
Repayment Terms
10 years, 15 years
Important Information

Rewards: Autopay discount (0.25%)

Eligibility: Must be a PA resident with a student attending any Title IV school or surrounding state resident attending a PA school

Overall Limits: $150,000 aggregate 

The bottom line:

PA Forward Undergraduate Student Loans are a good option for parents who are Pennsylvania residents or residents of surrounding states whose students are attending a PA school. There are no fees and PA Forward offers an autopay discount. 

Pros

  • No application, origination, or late fees
  • Autopay discount

Cons

  • Residency restrictions
  • Only two repayment terms: 10 and 15 years
PA Forward College Ave Discover Student Loans
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
3.91% - 6.55%
Variable:
Not Available
Fixed:
3.59% - 13.24%
Variable:
1.29% - 12.23%
Fixed:
5.49% - 13.99%
Variable:
3.99% - 12.99%
Loan repayment terms (Years) 10 years, 15 years 5, 15 years 15 years
Cosigner release? None Not specified None

PA Forward Parent Student Loans are available only for PA residents borrowing for attendance at a Title IV school, or residents of neighboring states who are attending a PA institutions. PA Forward student loans are offered by the Pennsylvania Higher Education Assistance Agency. Borrowers who meet the residency and credit qualifications will have a fixed interest rate that has a lower cap than most private lenders we review. Moreover, borrowers enrolled in autopay enjoy a 0.25% interest rate reduction.

Borrowers cannot apply with a cosigner. PA Forward offers four different repayment plans for students in school depending on their needs. There are two possible loan terms to choose from: 10 or 15 years, but note that students who are enrolled less than half-time are only eligible for the 10-year repayment term.

PA Forward - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 10 years, 15 years
  • Minimum Borrowing Limit: $1,500
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: $150,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: None
Requirements to Qualify
  • Minimum Credit Score: 680
  • Minimum Annual Income: None
  • Approved Schools Include: Title IV
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: Yes
  • Full Deferment: None
Repayment Details
  • Length of Grace Period: None
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: None
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Application Timeline: Not specified by lender
Extras
  • Sponsors a Scholarship: None
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
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