PA's Low-Cost Way to Pay for College

Undergraduate Loan

Competitive Interest Rates

Competitive Interest Rates

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

4.84%–9.20% APR1

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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!

.50% Rate Reduction 0.50 % Rate Reduction

Lower Interest Rate for Graduating

We are invested in your future and with that comes a 0.50% interest rate reduction for graduating!

.25% Rate Reduction 0.25 % Rate Reduction

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.

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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 $150,000
  • Minimum loan amount: $1,500
  • No pre-payment penalty
  • No origination or application fees
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Application Process Made Easy

1

Step One

Check your eligibility

2

Step Two

Create an account

3

Step Three

Tell us about yourself and co-signer (if applicable)

4

Step Four

Submit your application

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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)

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!

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Co-signer Information

The PA Forward Student Loan Program does not require you to have a
co-signer

Co-signer

A co-signer is a person who accepts equal responsibility for the repayment of the loan.

unless you have not met the
age of majority

Age of Majority

The age a person is considered an adult

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

Creditworthy

Having a satisfactory credit rating

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.
Still Have Questions?

Still Have Questions?

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.) –

  • A borrower of a $10,000 loan who selects a 5-year (60 months) repayment term may receive an APR between 5.12% and 8.20%, monthly principal and interest payments between $189.31 and $285.87, and a total amount repaid between $11,358.51 and $17,152.35.
  • A borrower of a $10,000 loan who selects a 10-year (120 months) repayment term may receive an APR between 6.31% and 8.70%, monthly principal and interest payments between $112.68 and $180.41, and a total amount repaid between $13,522.19 and $21,649.02.
  • A borrower of a $10,000 loan who selects a 15-year (180 months) repayment term may receive an APR between 6.81% and 9.20%, monthly principal and interest payments between $88.94 and $151.76, and a total amount repaid between $16,008.31 and $27,315.99.

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.

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.