Updated: October 13, 2023

PA Forward Refinance Loan Review

Refinance Loan

Pricing disclosure

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. Interest rates listed include an autopay discount if available.
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. Interest rates listed include an autopay discount if available.
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 SoFi 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. Interest rates listed include an autopay discount if available.
Fixed:
4.86% - 10.18%
Variable:
Not Available
Fixed:
5.24% - 9.99%
Variable:
6.24% - 9.99%
Fixed:
5.49% - 12.18%
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, 7, 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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