PA Forward Undergraduate Student Loan Review
Undergraduate Student Loan
PA Forward Undergraduate Student Loans are a good option for students who are Pennsylvania residents or residents of surrounding states who are attending a PA school. There are no fees and PA Forward offers both an autopay and graduation interest rate discount.
How does this loan compare?
PA Forward Undergraduate 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, and a 0.50% rate reduction upon graduation.
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. There are three possible loan terms to choose from: 5, 10 or 15 years, but note that students who are enrolled less than half-time are only eligible for the 5 and 10-year repayment terms.
PA Forward - Private Student Loan Details
- Credit Check: Hard
- Repayment Terms: 5, 10, 15 years
- Minimum Borrowing Limit: $1,500
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: $150,000
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: None
- Minimum Credit Score: 670
- Minimum Annual Income: None
- Approved Schools Include: Title IV
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes, $25
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- Length of Grace Period: 6 months
- 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
- Hours of Operation (in addition to weekdays): No Evenings or Weekends
- Financial Literacy Training: Yes