The Pennsylvania Higher Education Assistance Agency (PHEAA) has announced the 2022-23 interest rates for PA Forward undergraduate, graduate and parent borrowers.
Combined with the program’s many benefits for borrowers, PA Forward undergraduate and graduate borrowers can enjoy fixed interest rates as low as 3.82% Annual Percentage Rate (APR) and not exceeding 7.69% APR. This rate change applies to new requests as of June 8.
Borrower benefits include 0.50% interest rate reduction for graduation and 0.25% interest rate reduction for direct debit participation, free automatic payment from PHEAA.
The PA Forward Student Loan Program is a suite of private, Pennsylvania-based, borrower-friendly student loan products, allowing students and families to borrow up to the full cost of attendance with competitive interest rates. and a variety 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 pay off a loan sooner, saving borrowers even more money. in interest.
PHEAA is the lender and program manager, with a line of credit 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 is available to residents of Pennsylvania attending an approved school inside or outside the Commonwealth, or to students from an approved state (Delaware, Maryland, New Jersey, 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:
n PA Forward Undergraduate Loan for students seeking an undergraduate degree, certificate or degree
n PA Forward Graduate Loan for students seeking an advanced degree such as Masters, PhD, Law, Health Professions or others
n PA Forward Parent Loan for parents or guardians of dependent undergraduate students seeking an undergraduate degree, certificate, or degree
n PA Term Refinance Loan for borrowers in repayment looking for an easier way to manage their debt by combining all of their federal and private student loans into one monthly payment under new terms and conditions.
Although the PA Forward Student Loan Program does not require a co-signer if the borrower has reached the age of majority in their state, applicants may qualify for a credit-worthy co-signer if they do not meet the minimum requirements for credit.
A creditworthy co-signer can also increase an applicant’s chances of approval and could result in a lower interest rate.
As with all of PHEAA’s business activities, money earned through the program will be used to help support the agency’s public service mission. This includes $1 billion that has been allocated to fund student aid programs and services for Pennsylvania residents over the past 10 years.
To help students make more informed choices about their higher education financing plan and avoid unnecessary or excessive borrowing, PHEAA offers MySmartBorrowing.org. This free resource helps users understand how the various career, academic, and financial decisions made during the college planning process can influence the total cost of their education and their ability to repay any student loans after graduation. diploma.
To learn more about PA Forward student loans, including PA Forward parent loan rates, and to apply, visit PHEAA.org/PA-Forward or call 1-800-PA-FORWD.