Routing Number 231374916

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Routing Number 231374916

Complete Guide to the PA Forward Student Loan Program

Pursuing higher education can be one of the most rewarding experiences in a person’s life. However, financing that education can sometimes be a challenge. That’s where the Pennsylvania Higher Education Assistance Agency (PHEAA) steps in! Here, we’ll explore the various aspects of this program, including its benefits, eligibility criteria, types of student loans available under the program, and more.



The Pennsylvania Higher Education Assistance Agency (PHEAA) has provided affordable access to higher education for Pennsylvania students and families since its creation in 1963. It has evolved into one of the nation’s leading student loan options. PHEAA’s mission is to ease the financial burden of higher education for students, families, schools, and taxpayers. 


PA Forward Student Loan Program Benefits

The program offers the following benefits:


  • No application or origination fees: Applying for a student loan shouldn’t come with excessive fees. With PA Forward, there are no application or origination fees to worry about.


  • Low fixed interest rates: PA Forward offers competitive fixed interest rates to keep your borrowing costs under control.


  • Multiple repayment options: PA Forward provides multiple repayment options to accommodate different needs.


  • Potential interest rate rewards: Responsible borrowers may be eligible for interest rate reductions, saving you money over the life of your loan.


  • No prepayment penalty: PA Forward encourages responsible borrowing by not imposing any prepayment penalties.


  • Borrow up to 100% of the certified cost of attendance: Whether you’re an undergraduate, graduate, or a parent, you can borrow up to 100% of the certified cost of attendance, including tuition, fees, room and board, books, and more.


Eligibility for Undergrad, Grad, or Parent Loans

The PA Forward Student Loan Program helps a broad range of students, including:


  • PA residents attending an approved school in or out of PA: If you’re a Pennsylvania resident pursuing higher education, you’re eligible for various student loan options, regardless of whether you choose a school within or outside the state.
  • Students from approved states (DE, MD, NJ, NY, OH, VA, and WV) who are attending an approved PA school. 
  • U.S. citizens or eligible non-citizens. 
  • Borrowers and/or co-signers who meet the minimum credit requirements.



While a co-signer is not mandatory for the PA Forward Student Loan Program, having one can help. A creditworthy co-signer will improve your chances of loan approval and may help secure a better interest rate for your loans.


Loan Types

The PA Forward Student Loan Program provides various loan types, including:


Undergraduate Loan: This loan is designed for students pursuing an undergraduate degree, certificate, or diploma.


Graduate Loan: If you’re pursuing an advanced degree, such as a master’s, doctoral, law, or health profession degree, this is the loan for you.


Parent Loan: Parents or guardians of dependent undergraduate students can use this loan to support their child’s education.


Refinance Loan: Borrowers in repayment who want to manage their student debt more effectively can choose this loan, which also provides payment estimates.


Plan Ahead 

Navigating the world of student aid can sometimes be challenging, but it doesn’t have to be. PHEAA provides many resources to help students and their families make informed decisions:




While exploring your options for student loan programs, keep in mind that many financial institutions offer various types of student loans. At Phoenixville Federal, we have proudly served the area for over 100 years, providing a diverse range of financial services. While you consider your options, we would love for you to explore the PHEAA program and the services we offer. Your community is our community, and together, we can help it thrive.