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Updated: November 23, 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.
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
How does this loan compare?
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 |
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|---|---|---|---|
| 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 |
Full Review
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
Other Loans that PA Forward Offers:
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
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