PA Forward Parent Loan Review
Parent Loan
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
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
How does this loan compare?
Full Review
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: 5, 10 or 15 years.
PA Forward - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 5, 10, 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
- Minimum Credit Score: 670
- Minimum Annual Income: None
- Approved Schools Include: Title IV
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: None
- Interest-Only Repayment: Yes
- Full Deferment: None
- Length of Grace Period: None
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: None
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Yes
- Application Timeline: Not specified by lender
- Sponsors a Scholarship: None
- Job and Career Assistance: None
- Financial Literacy Training: Yes