Loans for Pennsylvania Students
Find the Best Way to Pay
The Pennsylvania Higher Education Assistance Agency (PHEAA) is one of the most well recognized student loan agencies in the country. PHEAA is sanctioned by the state of Pennsylvania and offers state students high-quality and low-cost loan options.
About PHEAA
The Pennsylvania Higher Education Assistance Agency provides Pennsylvania students with access to the typical Federal Family Education Loan Program (FFELP) that includes the Stafford and PLUS Loans. But PHEAA offers a few federal loans specially customized for state students. KeystoneBEST, KeystoneBEST for Parents and KeystoneBEST for Graduates are close copies of their generic federal loans, but may provide slightly discounted rates and fees depending upon lender.
Customized Federal Loans for Penn Students
If you are looking for any added perks you can squeeze out of your federal loans, check out PHEAA’s options. Borrowers are still expected to apply via the FAFSA:
- KeystoneBEST is the PHEAA spin on the Stafford Loans. The biggest difference borrowers are expected to see is the overall reduction in the amount they must repay in comparison to the generic Stafford model.
- KeystoneBEST for Parents is the PHEAA version of the federal Parent PLUS loan. Once again, Pennsylvania lenders help make this a much more affordable option to the generic fed version.
- KeystoneBEST for Graduates is the PHEAA version of the Grad PLUS Loan, but could come with slightly better benefits.
Alternative Loans for Penn Students
Federal loans, scholarships and grants can still fall short of supplying the necessary tuition costs. Private loans, used to the exclusion of other cheaper aid can be dangerous, but when used to augment a cost of attendance balance, private loans make useful financial tools.
Alternative loans are available, but borrowers must be willing to shop and compare loan features and payment methods.
Repayment
Many students get a little overwhelmed when it comes to the repayment of their loans. It is commonplace for college graduates to carry multiple loan debt, plus credit card debt on top of that. And while most loans now come bundled with the 6 month grace period, it is often still not enough time for many grads to get settled and earning enough money to begin multiple repayments.
Plan your loan repayments wisely. Common plans include standard, graduated, income-sensitive, and extended. There are options for deferment, as well.
