PA's Low-Cost Way to Pay for College

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Parent 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!

3.50%–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
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 Reward

With our great interest rate reward, you could save a total of 0.25% off your fixed interest rate!

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 parents or guardians 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

Loan Eligibility

The PA Forward Parent Loan is a loan designed specifically for parents or

guardians

of dependent undergraduate students enrolled or who plan to be enrolled at least half-time in a degree, certificate, or diploma granting program. This loan is meant for:

PA residents with students attending an
approved school
in or out of PA
Residents from an approved state (DE, MD, NJ, NY, OH, VA, and WV) with students attending an approved PA school
All borrowers must be citizens or permanent residents of the United States
Parents or guardians who meet minimum credit requirements

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 your student is 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

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 while your student is enrolled in 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. Rocket Image

Payments and Terms

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

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 parents or guardians 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

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 your student is 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

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 while your student is enrolled in school
Enter repayment with the starting principal balance of the original amount you borrowed

Application Process Made Easy

Step One

Check your eligibility

Step Two

Create an account

Step Three

Tell us about yourself

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 your student plans 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

Name, address, and telephone number
Date of birth and Social Security number
Email address
Name and location of the school your student plans 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

Still Have Questions?

Visit frequently asked questions about PA Forward's Parent 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

Parent Loan

Competitive Interest Rates

Interest Rate Reward

Loan Information

Loan Eligibility

Guardians

Approved School

Immediate Repayment

Disbursement

Interest Only

Interest Capitalization

Payments and Terms

Loan Information

Loan Eligibility

Guardians

Approved School

Immediate Repayment

Disbursement

Interest Only

Interest Capitalization

Payments and Terms

Application Process Made Easy

Still Have Questions?

PHEAA is Invested in You!