PA's Low-Cost Way to Pay for College

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Graduate Loan

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Competitive Interest Rates

With our competitive, fixed interest rates, you never need to worry about your interest rate going up!

3.47%–10.56% APR^†

LEARN MORE ABOUT HOW YOUR INTEREST RATE COULD BE CALCULATED!

The interest rate you pay will be determined after you apply. It will be based upon your credit history and other factors, to include:

Credit score
Co-signer credit history (if applicable)
Loan term
Repayment plan

If approved, we will notify you of the rate you qualify for within the stated range.
Examples of rates and repayment terms

Interest Rate Rewards

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.

Loan Information

Helping you cover the costs of college is exactly why the PA Forward Student Loan Program was established.

Borrow up to 100% certified cost of attendance (tuition, fees, room, board, books, etc.) up to the aggregate limit of $300,000
Minimum loan amount: $1,500
No pre-payment penalty
No origination or application fees

Loan Eligibility

The PA Forward Student Loan is a loan designed specifically for students enrolled or plan to be enrolled seeking an advanced degree, such as masters, doctoral, law, health profession, certificate, diploma, or others. This loan is meant for:

PA residents attending an
approved school
in or out of PA
Students from an approved state (DE, MD, NJ, NY, OH, VA, and WV) attending an approved PA school
All borrowers must be citizens or permanent residents of the United States
Students regardless of enrollment status, including those enrolled less than half-time
- Less than half-time students may only borrow a maximum of $5,000 per loan.

NOTE: PA Forward Student Loans are separate from PHEAA's Pennsylvania State Grant. Eligibility for a PA State Grant does not mean you will be approved for a PA Forward Student Loan.

Immediate Repayment

If you want to get a head start on paying back your loan right away, this is the option to choose. With this option you will:

Be eligible for the lowest interest rate available
Pay your loan off earlier by making principal and interest payments while in school
Pay the least amount of interest over the life of the loan compared to the other repayment plan options

NOTE: Your first payment will be due within 30 to 60 days after the date of your final

disbursement

.

For less than half-time students, Immediate Repayment is the only repayment plan option. Rocket Image

Interest Only

If you want to avoid

interest capitalization

this is the repayment option for you! With this option you will:

Be responsible for paying the accrued interest during school
Enter repayment with the starting principal balance of the original amount you borrowed

NOTE: Interest payments will begin 30 to 60 days after the loan’s first disbursement. Full payments, payments made toward principal and interest, will not begin until 30 to 60 days after the expiration of your grace period

grace period .

Partial Interest Payment

To get a head start on paying the interest that accrues on your loan, this is a great option for you! With this option you will:

Be required to pay a fixed $25.00 a month payment^† that is applied toward your loan while you are in school
Have less interest capitalize when you enter repayment

NOTE: Payments will begin 30 to 60 days after the loan’s first disbursement. Full payments, payments made toward principal and interest, will not begin until after the expiration of your grace period.

Full Deferral

If you don’t want to worry about making payments until you leave school, this option is available to you! With this option you will not have to make payments while in school; however, you will end up paying the most amount of money over the life of the loan compared to the other repayment plan options.

NOTE: Payments will not be due until after you separate from school and any applicable grace period has expired.

Payments and Terms

The minimum monthly payment for a PA Forward Graduate Loan is $50.00 a month, unless you select the Interest Only or Partial Interest Payment repayment plans.
You have the option to choose between three terms^† to make repayment fit your needs:

NOTE:

5 years
10 years
15 years

NOTE: The longer your term, the more interest you could pay over the life of the loan.
Examples of rates and repayment terms

Loan Information

Helping you cover the costs of college is exactly why the PA Forward Student Loan Program was established.

Borrow up to 100% certified cost of attendance (tuition, fees, room, board, books, etc.) up to the aggregate limit of $300,000
Minimum loan amount: $1,500
No pre-payment penalty
No origination or application fees

Immediate Repayment

If you want to get a head start on paying back your loan right away, this is the option to choose. With this option you will:

Be eligible for the lowest interest rate available
Pay your loan off earlier by making principal and interest payments while in school
Pay the least amount of interest over the life of the loan compared to the other repayment plan options

NOTE: Your first payment will be due within 30 to 60 days after the date of your final

disbursement

.

For less than half-time students, Immediate Repayment is the only repayment plan option. Rocket Image

Interest Only

If you want to avoid

interest capitalization

this is the repayment option for you! With this option you will:

Be responsible for paying the accrued interest during school
Enter repayment with the starting principal balance of the original amount you borrowed

grace period .

Partial Interest Payment

To get a head start on paying the interest that accrues on your loan, this is a great option for you! With this option you will:

Be required to pay a fixed $25.00 a month payment^† that is applied toward your loan while you are in school
Have less interest capitalize when you enter repayment

Full Deferral

NOTE: Payments will not be due until after you separate from school and any applicable grace period has expired.

Application Process Made Easy

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

Apply Now

Helpful Tips

Here is what you need to have ready when filling out your application:

Name, address, and telephone number
Date of birth and Social Security number
Email address
Name and location of the school you plan on attending
Annual income

Grade level and anticipated graduation date
Academic period for which you would like to receive the loan
Mobile phone to receive one-time passcode for electronic signature
Co-signer's name and email address (if applicable)

Name, address, and telephone number
Date of birth and Social Security number
Email address
Name and location of the school you plan on attending
Annual income
Grade level and anticipated graduation date
Academic period for which you would like to receive the loan
Mobile phone to receive one-time passcode for electronic signature
Co-signer's name and email address (if applicable)

Add a Co-signer

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 a

co-signer

unless you have not met the

age of majority

based on the law of your state of residence or you do not meet the minimum credit requirement; however, you may benefit from a

creditworthy

co-signer. Having a co-signer may increase your chances that the loan will be approved and, perhaps, may get you a better interest rate.

CO-SIGNER RELEASE INFORMATION

The PA Forward Student Loan Program allows for co-signers to be released from their responsibilities after meeting certain requirements.

Forty-eight qualifying payments are required. The following requirements apply to determine the count of qualifying payments—it is a qualifying payment if it is:
- Made by the borrower or co-signer
- Made after the repayment period begins
  - This is after the repayment start date on AES’s servicing system
- Made within 15 days after the due date
- No more than $5.00 below the required installment amount
The count of qualifying payments is frozen in the following situations:
- During any period when a loan is on a reduced payment plan (for example, a repayment plan other than the standard principal and interest repayment plan)
- During any period of deferment or forbearance, regardless of type
The count of qualify payments is reset if a payment is made more than 15 days after the due date
A
lump sum
payment counts as one qualifying payment

Upon completion of making 48 consecutive on-time payments, the borrower must provide proof of income, and pass a debt-to-income calculation and credit check.

NOTE: Due to the Coronavirus (COVID-19) pandemic, all payments due between 3/13/2020 and 9/30/2020 count as a qualifying payment for the purposes of co-signer release, regardless if the payment was made. However, during this time, no period of administrative forbearance will count toward the number of on-time payments required to apply for co-signer release, unless payments were paid during the forbearance period.

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.

Still Have Questions?

Visit frequently asked questions about PA Forward's Graduate Loan.

See Questions

^† Select the symbol within this page to view our student loan lending disclosures.

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.

PHEAA is Invested in You!

We have been helping students since 1963; and our mission has been to create affordable access to higher education for students and families.

PA's Low-Cost Way to Pay for College

Graduate Loan

Competitive Interest Rates

Interest Rate Rewards

Loan Information

Loan Eligibility

Approved School

Immediate Repayment

Disbursement

Interest Only

Interest Capitalization

Grace Period

Partial Interest Payment

Full Deferral

Payments and Terms

Loan Information

Loan Eligibility

Approved School

Immediate Repayment

Disbursement

Interest Only

Interest Capitalization

Grace Period

Partial Interest Payment

Full Deferral

Payments and Terms

Application Process Made Easy

Add a Co-signer

Co-signer

Age of Majority

Creditworthy

Lump Sum

Still Have Questions?

PHEAA is Invested in You!