Applications now available for PA Forward Student Loan Program

Student loan interest rates set to double

HARRISBURG — Applications are available for the state’s new PA Forward Student Loan Program, according to the Pennsylvania Higher Education Assistance Agency (PHEAA).

The program offers borrower-friendly loans for undergraduate and graduate students, and parent borrowers.

The PHEAA said that PA Forward student loan borrowers can borrow up to the total cost of attendance with competitively low interest rates.  Additional benefits include no application or origination fees, and flexible repayment options and terms.

Borrowers can receive a .50 percent interest rate reduction upon successful graduation and an additional .25 percent interest rate reduction for immediate repay through direct debit, the PHEAA added. Student borrowers could also benefit from an available 6-month grace period after graduation before the first payment is due. This allows borrowers time to get their finances in order, including time to find a job, before repayment begins.

“The PA Forward Loan Program will make borrowing more affordable in Pennsylvania – but students must first understand that loans should be used to pay for college only when it’s absolutely necessary,” said Representative Mike Peifer, PHEAA Board Chairman. “We created this new low-cost loan program to provide relief to students and families who might still need financing assistance – even after exhausting their eligibility for grants, scholarships, and low-cost federal loans.”

You can find more information about the PA Forward loans here.

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