IMPORTANT INFORMATION TO CONSIDER
IMPORTANT INFORMATION TO CONSIDER
Are you considering consolidating your federal student loans into a PA Forward Refinance Loan? If so, learn more about the pros and cons of refinancing at StudentAid.gov.
Competitive Interest Rates
With our competitive, fixed interest rates, you never need to worry about your interest rate going up!
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
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.
Loyalty Benefit
If you’re an existing PA Forward borrower, you can reduce your final interest rate by 0.35% when you choose to consolidate at least one undergrad, graduate, parent, or refinance PA Forward loan into a new PA Forward Refinance Loan.
PA FORWARD STUDENT LOAN REFINANCE
Why Refinance?
- Lower monthly payments*
- Get a lower interest rate**
- One bill, one lender
- No pre-payment penalties
- Fixed interest rate
- Different repayment terms to fit your personal situation***
Refinance Payment Estimator
Our estimator can help you see how refinancing may impact your monthly payments.
Estimate PaymentsAdd a Co-signer
With a co-signer, you may increase your chances that the loan will be approved, and, perhaps, you may get a better interest rate!
Co-signer Information
The PA Forward Refinance Loan does not require you to have aCo-signer
A co-signer is a person who accepts equal responsibility for the repayment of the loan.
Creditworthy
Having a satisfactory credit rating
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 sumpayment counts as one qualifying payment
Lump Sum
A payment in excess of the monthly installment amount
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.
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
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
- Annual Income
- Mobile phone to receive one-time passcode for electronic signature
- Co-signer's name and email address (if applicable)
- Current student loan account information
DID YOU KNOW?
Biweekly Payments
Making biweekly payments can help you pay off your student loans faster, while saving you money! By paying half of your monthly payment every 2 weeks, you end up making an extra payment every year.
Check out the example detailing the time and money you could save by making biweekly payments while being enrolled in Direct Debit.
Save Time and Money
$35,000 Loan With a 10-year Repayment Term and a 7.15% APR
| Payment Frequency | Interest Savings | Time to Payoff |
|---|---|---|
| Monthly | $0.00 | 10 Years |
| Biweekly | $1,690.50 | 8 Years 11 Months (13 Months Sooner!) |
NOTE: This is an estimate based on the loan balance, term, and interest rate referenced above. For this example, the amount borrowed was $35,000 for a repayment term of 10 years, an interest rate of 7.42%, biweekly payments of $204.73, and a total amount repaid of $49,134.34. All payments in this example have been made on time. A 0.25% interest rate reduction was applied for participation in Direct Debit for the entirety of the repayment period. The savings could increase or decrease depending on loan balance, term, and interest rate.
Still Have Questions?
Visit frequently asked questions about PA Forward's Refinance Loan.
See Questions
*Your payment could increase depending on the selected repayment term.
**Interest rate depends on credit score and other factors.
***You could pay more interest over the life of the loan with a longer loan term.
† 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.
Copyright © 2025 Pennsylvania Higher Education Assistance Agency (PHEAA).
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