The Pennsylvania Advanced schooling Assistance Agency (PHEAA) has announced the 2022-23 interest rates for PA Forward undergraduate, graduate and parent borrowers.
Combined with the program's benefits for borrowers, PA Forward undergraduate and graduate borrowers can also enjoy fixed interest rates as little as 3.82% Annual Percentage Rate (APR) and never exceeding 7.69% APR. This rate change pertains to new requests by June 8.
Borrower benefits include 0.50% interest rate reduction for graduation and 0.25% rate of interest reduction for direct debit participation, free automatic payment of PHEAA.
The PA Forward Education loan Program is a suite of private, Pennsylvania-based, borrower-friendly education loan products, allowing students and families to gain access to as much as the full price of attendance with competitive interest rates. and a number of upfront and refund benefits.
Additional benefits include no set-up or set-up fees, flexible repayment options, and bi-weekly payment options that can repay a loan sooner, saving borrowers much more money. in interest.
PHEAA is the lender and program manager, having a credit line provided by the Pennsylvania Treasury and a tax-exempt stipend from the State Department of Economic Development (DCED), making PA Forward's student loan program pennsylvania.
The program can be obtained to residents of Pennsylvania attending an approved school inside and out the Commonwealth, or to students from an approved state (Delaware, Maryland, Nj, New York, Ohio, Virginia, and Virginia -Western) attending an approved school in Pennsylvania.
The PA Forward Student Loan Program includes four different student loan products:
- PA Forward Undergraduate Loan for college students seeking an undergraduate degree, certificate or degree
- PA Forward Graduate Loan for students seeking a sophisticated degree such as Masters, PhD, Law, Health Professions or others
- PA Forward Parent Loan for moms and dads or guardians of dependent undergraduate students seeking an undergraduate degree, certificate or degree
- PA Term Refinance mortgage for borrowers in repayment looking for the best easier way to manage their debt by combining all of their federal and student loans into one monthly payment under new terms and conditions.
Although the PA Forward Student Loan Program doesn't need a co-signer when the borrower has reached age majority in their state, applicants may qualify for a credit-worthy co-signer if they don't meet the minimum requirements for credit.
A creditworthy co-signer can also increase an applicant's chances of approval and may create a lower rate of interest.
As with all of PHEAA's business activities, money earned through the program is going to be accustomed to help offer the agency's public service mission. This includes $1 billion that has been invested in fund student aid programs and services for Pennsylvania residents over the past Ten years.
To help students make more informed choices regarding their higher education financing plan and steer clear of unnecessary or excessive borrowing, PHEAA offers MySmartBorrowing.org. This free resource helps users understand how the different career, academic, and financial decisions made throughout the college planning process may influence the all inclusive costs of the education and their capability to repay any student loans after graduation. diploma.
To find out more about PA Forward Student Loans, including PA Forward Parental Loan rates, and also to apply, visit PHEAA.org/PA-Forward or call 1-800-PA-FORWD.