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Updated: December 17, 2021
PA Forward Refinance Loan Review
Refinance Loan
Advertising disclosure
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.
2.48% - 6.36%
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
How does this loan compare?
|
 |
 |
|
|---|---|---|---|
| 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:
2.48% - 6.36%
Variable:
Not Available
|
Fixed:
2.49% - 7.59%
Variable:
1.74% - 7.24%
|
Fixed:
2.49% - 7.75%
Variable:
1.90% - 5.25%
|
| Loan repayment terms (Years) | 5, 7 or 10 (minumum $5, 000 balance), 15 ($10, 000 balance), or 20 years (minimum $20, 000) | 5, 7, 10, 15, 20 years | 5, 7, 10, 15, 20 years |
| Cosigner release? | Yes, after 48 months on-time payments | None | Yes, after 12 months on-time payments |
Full Review
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.
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 payments
- Death Discharge: Yes
- Disability Discharge: Yes
Customer Service
- US-Based Call Center: Yes
Extras
- Job and Career Assistance: None
- Financial Literacy Training: Yes
Other Loans that PA Forward Offers:
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