Updated: November 23, 2021

PA Forward Refinance Loan Review

Refinance Loan

Advertising disclosure
Refinance
Student Loan Rating
2.5 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.
Not Available
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%), graduation discount (0.50%)

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

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
PA Forward SoFi Earnest
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:
Not Available
Variable:
Not Available
Fixed:
2.49% - 6.94%
Variable:
2.25% - 6.59%
Fixed:
2.44% - 5.79%
Variable:
1.88% - 5.64%
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, 10, 15, 20 years
Cosigner release? Yes, after 48 months on-time payments None Not specified

PA Forward Refinance Student Loans are available only for PA residents attending 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 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: 0.0310
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
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
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