Updated: October 13, 2023

PA Forward Refinance Loan Review

Refinance Loan

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Residency Restrictions

Refinance
Student Loan Rating
4 of 5
Check Rates
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.
4.86% - 10.18%
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
5, 7 or 10 (minumum $5, 000 balance), 15 ($10, 000 balance), or 20 years (minimum $20, 000)
Important Information

Rewards: Autopay discount (0.25%)

Eligibility: Any PA resident or resident of an approved state (DE, MD, NJ, NY, OH, VA, and WV) who is the borrower or co-signer for the student loans

Overall Limits: $300,000 aggregate 

The bottom line:

PA Forward Refinance Student Loans are a good option for students who are Pennsylvania residents or residents of surrounding states who attended a PA school. PA Forward does charge late fees on refinanced loans, but not application, origination, or prepayment fees.

Pros

  • No application or origination fees
  • Autopay discount

Cons

  • Late fees (4% of amount past due or $5.00 whichever is less)
  • Residency restrictions
View full rankings of the best student loans for refinance
PA Forward Earnest LendKey
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:
4.86% - 10.18%
Variable:
Not Available
Fixed:
4.96% - 9.79%
Variable:
5.49% - 9.74%
Fixed:
7.11% - 11.18%
Variable:
4.38% - 7.98%
Loan repayment terms (Years) 5, 7 or 10 (minumum $5, 000 balance), 15 ($10, 000 balance), or 20 years (minimum $20, 000) 5, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? Yes, after 48 months on-time principal and interest payments None Yes, after 12 months on-time principal and interest payments
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PA Forward Refinance Student Loans are available to any PA resident or resident of an approved state (DE, MD, NJ, NY, OH, VA, and WV) who is the borrower or co-signer for the student loans. 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. If you’re an existing PA Forward borrower, you can reduce your final interest rate by 0.35% when you choose to consolidate at least one undergrad, graduate, or parent PA Forward loan into a new PA Forward Refinance Loan.

Borrowers who apply with a cosigner can release the cosigner from responsibility after 48 months of consecutive on-time payments. PA Forward offers four different repayment plans for students in school depending on their needs. Loan terms to choose from include 5, 7 or 10 years (minumum $5,000 balance), 15 years ($10,000 balance), or 20 years (minimum $20,000).

PA Forward - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Hard
  • Repayment Terms: 5, 7 or 10 (minumum $5,000 balance), 15 ($10,000 balance), or 20 years (minimum $20,000)
  • Minimum Borrowing Limit: $5,000
  • Yearly Borrowing Limit: None
  • Aggregate Borrowing Limit: $300,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 670
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: None
  • Full Deferment: None
Repayment Details
  • Length of Grace Period: None
  • Maximum Deferment Period: None
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: Yes, after 48 months on-time principal and interest payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
Extras
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
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