HARRISBURG – In honor of February’s observance of Financial Aid Awareness Month, the Pennsylvania Higher Education Assistance Agency (PHEAA) reminds college-bound students and their families to be smart borrowers.
“We always tell families to look for free money first with grants and scholarships that do not have to be repaid,” said Senator Wayne Fontana, acting chairman of the PHEAA Board of Directors.
“Federal loans come next; only when families find that a gap still exists in their funding plans do we recommend our state-based PA Forward Student Loan Program.”
PHEAA continuously works to provide affordable access to higher education and serves as the lender and loan servicer of Pennsylvania’s best state-based private student loan option – the PA Forward Student Loan Program.
The PA Forward Student Loan Program was designed to assist Pennsylvania students and families in achieving their goal of financing higher education.
PA Forward provides loans for undergraduate and graduate students and parent borrowers. Even if federal aid options were exhausted for the year, PA Forward Student Loans will cover 100 percent of the remaining costs.
Additionally, borrowers can refinance their student loans with PA Forward to combine all their federal and private student loans into one convenient monthly payment.
“At PHEAA, we’re extremely proud to be able to offer the PA Forward Student Loan Program to students and families who have exhausted every other option of affording higher education,” said James Steeley, PHEAA president and chief executive officer.
“A gap in funding should not force students to take on unmanageable future debt. We want to help these students start their professional life on the best financial footing possible.”
PHEAA is the lender and servicer for the program, with a line of credit provided by the PA Treasury and tax-exempt allocation from the PA Department of Economic Development (DCED).
PA Forward is available to Pennsylvania residents attending an approved school in or out of the Commonwealth, or a student from an approved state (DE, MD, NJ, NY, OH, VA, and WV) attending an approved Pennsylvania school.
Throughout Financial Aid Awareness Month, PHEAA and PA Forward are hosting a series of informational, virtual webinars to guide students and parents in the college-planning process:
- Advanced Planning for Financing Higher Education
The thought of Higher Education costs can be overwhelming; however, planning and identifying what you can do to help lessen those costs is an important step. It’s never too early or too late to start understanding what those costs are and what is available to help maintain, plan, and make affordable decisions.
Tuesday, Feb. 7 – 12 – 1 p.m.
Tuesday, Feb. 21 – 6:30 – 7:30 p.m. - Searching for Scholarships and Affording the Balance
There are many ways to pay for education, and one important step is to search and apply for scholarships. More free money equals less borrowing. This presentation will review the types of options available, tips on applying, and what to do about the balance.
Thursday, Feb. 9 – 12 p.m. – 1 p.m.
Thursday, Feb. 23 – 6:30 p.m. -7:30 p.m.
Register to attend at https://www.pheaa.org/virtual.
Funds earned through PA Forward support PHEAA’s public service mission of creating affordable access to higher education.
Over the past 10 years, the agency has allocated over $1 billion to fund student aid programs and services for the Commonwealth.
To learn more about PA Forward Student Loans and to apply, please visit PHEAA.org/PA-Forward or call 1-800-PA-FORWD.