With our competitive, fixed interest rates, you never need to worry about your interest rate going up!
The interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors, to include:
If approved, we will notify you of the rate you qualify for within the stated range.
Examples of rates and repayment terms
With our great interest rate rewards, you could save a total of 0.75% (0.50% Graduation and 0.25% Direct Debit interest rate rewards) off your fixed interest rate!
Lower Interest Rate for Graduating
We are invested in your future and with that comes a 0.50% interest rate reduction for graduating!
Save Time and Money with Direct Debit!
Direct Debit is a free service that sets up an electronic deduction from your checking or savings account each month. You will qualify for a 0.25% interest rate reduction upon Direct Debit approval.
Are you a Pennsylvania Commonwealth or PHEAA employee?
See if you qualify for an additional 0.25% interest rate reward.
Helping you cover the costs of college is exactly why the PA Forward Student Loan Program was established.
Step One
Check your eligibility
Step Two
Create an account
Step Three
Tell us about yourself and co-signer (if applicable)
Step Four
Submit your application
Helpful Tips
Here is what you need to have ready when filling out your application:
The PA Forward Student Loan Program is credit based, so many students will need to secure a qualified co-signer for approval. Plus, by adding a co-signer, you may get a better interest rate!
Co-signer Information
The PA Forward Student Loan Program does not require you to have aA co-signer is a person who accepts equal responsibility for the repayment of the loan.
The age a person is considered an adult
Having a satisfactory credit rating
The PA Forward Student Loan Program allows for co-signers to be released from their responsibilities after meeting certain requirements.
Co-signer release requirements include:
If you would like to apply for this benefit or have questions, please contact the servicer of the loan, American Education Services (AES) at 1-800-233-0557 Monday to Friday, 7:30 AM to 9:00 PM (ET).
NOTE: Both the borrower and any co-signer remain responsible for the student loan account until the co-signer release request is approved, if applicable.
Once the co-signer is released, they will no longer be held responsible for the repayment of the loan. This responsibility will remain solely with the original borrower of the loan.
Visit frequently asked questions about PA Forward's Undergraduate Loan.
See Questions
1 Annual Percentage Rate (APR) Calculations - The lowest APR is based on the following assumptions: a loan of $10,000 made in a single disbursement, a borrower who selected an Immediate Repayment Plan and a repayment term of 60 months, monthly payments of $188.16 and a final payment $179.85, a fixed periodic interest rate of 5.13%, and total payments of $11,281.47. The borrower in this sample qualified for a 0.25% Direct Debit benefit for the entirety of the repayment period and a 0.50% Graduation benefit was applied 47 months into repayment.
The highest APR is based on the following assumptions: a loan of $10,000 made in a single disbursement, a borrower who selected an Interest Only Repayment Plan and a repayment term of 180 months, monthly payments of $102.80, a fixed periodic interest rate of 9.23%, and total payments of $22,503.56. The borrower received an in-school deferment of 46 months and a grace period of 6 months. The borrower in this sample did not qualify for any interest rate discounts.
2 Loans taken for a less than half-time academic period may borrow up to $5,000.
3 Partial Interest Payment – After the in-school and grace periods, any unpaid interest will be repaid along with principal. For example, a borrower of a $10,000.00 loan will pay $25.00 per month for 52 months (46 months in school and 6 months in grace). Following that time period, if that borrower selected a 10-year repayment plan and received a periodic interest rate of 7.33%, the borrower would have an APR of 6.64%, monthly payments of $135.34 for 120 months, and a total amount repaid of $17,540.47. The borrower in this sample qualified for a 0.25% Direct Debit benefit for the entirety of the repayment period and a 0.50% graduation benefit applied at the end of the 52-month partial interest period.
4 Repayment Terms (No interest rate discounts were applied to these examples.) –
5 Loans taken for less than half-time are only eligible for a 5- and 10-year repayment term.
Please note these APRs are estimates and may differ from the actual rates received.
NOTE: Subject to aggregate loan limits.
The PA Forward Student Loan Program is a credit-based loan program. Applicants, including co-signers, are subject to credit qualifications, completion of an application and credit agreement, and verification of application information. PHEAA uses applicants FICO scores to determine eligibility and interest rates. Higher credit scores may mean an applicant is offered a lower interest rate.
PHEAA reserves the right to discontinue all programs or benefits without prior notice.
We have been helping students since 1963; and our mission has been to create affordable access to higher education for students and families.
Copyright © 2024 Pennsylvania Higher Education Assistance Agency (PHEAA).
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