PA Forward Refinance Loan Review
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.
How does this loan compare?
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
- 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
- Minimum Credit Score: 670
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: None
- Interest-Only Repayment: None
- Full Deferment: None
- 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
- US-Based Call Center: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes