Written By Clint Proctor
Updated on January 16, 2026
According to the latest statistics from The Institute for College Access and Success (TICAS), Pennsylvania is the third highest student debt state in the United States. The average student debt load for Pennsylvania’s Class of 2020 that graduated with loans was $39,375.
Federal student loans should be the financing opinion that most Pennsylvania students turn to. They offer benefits that private lenders can’t match, like income-driven repayment (IDR) plans and the ability to join federal forgiveness programs like the Public Service Loan Forgiveness (PSLF) program.
But with the high cost of education in Pennsylvania, some students might need to borrow more than the allowed federal student loan limits. If you’ve exhausted your federal loans or are looking for a Pennsylvania student loan refinance option, keep reading to learn about private lenders serving your state.
6 Pennsylvania student loan refinance and private student loan options
Below are seven private lenders to consider for a Pennsylvania student loan refinance or private student loan. Note that if you choose to refinance federal student loans, you’ll lose eligibility for federal student loan benefits. Learn the pros and cons of refinancing federal student loans.
Pennsylvania Higher Education Assistance Agency (PHEAA)
You might know Pennsylvania Higher Education Assistance Agency (PHEAA) better by one of its other names — FedLoan Servicing or American Education Services (AES).
But PHEAA isn’t just a servicing agency for federal loan programs. It also offers PA Forward private student loans for Pennsylvania residents and a few neighboring states.
The PHEAA student loan product line includes both in-school student school and student loan refinancing products. Below we cover the details of both programs.
Pennsylvania student loans
In addition to Pennsylvania residents, students from the following states might also be eligible for a PHEAA loan by attending an approved PA school:
- Maryland
- New Jersey
- Delaware
- New York
- Virginia
- Ohio
PHEAA offers undergraduate, graduate and parent loans. The chart below compares each program’s rates and terms:
Undergraduate | Graduate | Parent | |
Fixed APR* | 4.03% to 6.56% | 4.03% to 6.56% | 4.21% to 6.40% |
Variable APR* | N/A | N/A | N/A |
Terms | 10 or 15 years | 10 or 15 years | 10 or 15 years |
Minimum Loan Amount | $1,500 | $1,500 | $1,500 |
Maximum Loan Amount | Up to 100% of the cost of attendance ($150,000 aggregate limit) | Up to 100% of the cost of attendance ($300,000 aggregate limit) | Up to 100% of the cost of attendance ($150,000 aggregate limit) |
Cosigner Allowed | Yes | Yes | No |
*As of December 25, 2020. Rates might include an autopay discount and are subject to change without notice.
There are no application or origination fees for any of the loans above. And PHEAA doesn’t charge prepayment penalties either. In-school repayment options include:
- Immediate full repayment
- Interest-only payments
- Fixed $25 payments
- Full deferment
All of PHEAA’s Pennsylvania student loans offer a Direct Debit interest rate discount of 0.25% plus undergraduate and graduate loan borrowers can earn an additional 0.50% graduation discount. Finally, borrowers can apply to have their cosigners released after making 48 consecutive, on-time monthly payments.
Pennsylvania student loan refinance
To qualify for a PA Forward Student Loan Refinance, you’ll need to be a resident of Pennsylvania or one of the states listed below:
- Maryland
- New Jersey
- Delaware
- New York
- Virginia
- Ohio
As long as you’re from one of the above states, there’s no Pennsylvania university attendance or graduation requirement. Here are the key details of the PA Forward Student Loan Refinance product.
- Fixed APR*: 3.72% to 7.11%
- Variable APR*: N/A
- Terms: 5,7,10, 15 or 20 years
- Min loan amount: $5,000 – $20,000
- Max loan amount: $300,000
- Cosigner release: Yes, borrowers can apply after 48 on-time payments
*As of December 25, 2020. Rates might include an autopay discount and are subject to change without notice.
PHEAA’s student loan refinancing program offers many of the same benefits as its private student loans. Again, there are no origination fees or prepayment penalties and an 0.25% autopay discount is available.
Members 1st Federal Credit Union
Members 1st is a large Pennsylvania credit union that has branch locations scattered across the state. To join, your employer, school, church or other organization must be affiliated with Members 1st or you must have a relative who’s a current member.
In addition to its various banking products, Members 1st offers private student loans and student loan refinancing. Below are the key details of its student loan options.
Pennsylvania student loans
Members 1st Federal Credit Union offers both graduate and undergraduate Pennsylvania student loans. However, both loans have identical terms and rates as listed below:
- Fixed APR: N/A
- Variable APR*: 4.99% to 6.14%
- Terms: 5,10 or 15 years
- Min loan amount: $1,000
- Max loan amount: Up to 100% of the cost of attendance ($250,000 aggregate limit)
- Cosigners allowed: Yes
*As of December 25, 2020. Rates might include an autopay discount and are subject to change without notice.
Note that Members 1st doesn’t currently offer any fixed-rate in-school student loans. It also doesn’t allow full deferment during school.
You can, however, choose interest-only or flat $25 in-school payments. Other benefits include a 0.25% autopay discount and cosigner release option after 48 consecutive, on-time payments.
Pennsylvania student loan refinance
Unlike its private student loans, Members 1st Federal Credit Union’s refinance loans offer both fixed and variable rates. Below are the current APR rates and other terms.
- Fixed APR*: 6.74% to 9.74%
- Variable APR*: 4.06% to 5.06%
- Terms: 5,10, or 15 years
- Min loan amount: $10,000
- Max loan amount: $200,000
- Cosigner release: Yes, borrowers can apply after 48 on-time payments
*As of December 25, 2020. Rates might include an autopay discount and are subject to change without notice.
It should be noted that cosigners aren’t required to be credit union members — only the primary account holder. Also, Members 1st allows parents to transfer their Parent PLUS Loans to a creditworthy child without being a cosigner on the new loan.
1st Ed Credit Union
1st Ed Credit Union is another Pennsylvania credit union that offers student financing to its members. Various Pennsylvania schools, businesses and other organizations partner with 1st Ed Credit Union (see the full list). Membership is also open to the family of current members.
1st Ed Credit Union’s student financing option is a “line of credit” rather than a traditional installment loan. Like most lines of credit, interest rates are variable. Currently, only undergraduate students are eligible to apply.
1st Ed Credit Union’s “line of credit” structure is unique in that students aren’t required to reapply each year. Instead, you can simply request an additional draw amount for each academic year. Here are the maximum borrowing amounts and rates:
- Fixed APR: N/A
- Variable APR*: 5.25% to 6.75%
- Terms: 20 or 25 years
- Min loan amount: $1,000
- Max loan amount: Up to 100% of the cost of attendance ($120,000 aggregate limit)
- Cosigners allowed: Yes
*As of December 25, 2020. Rates might include an autopay discount and are subject to change without notice.
1st Ed Credit Union offers longer repayment terms than some of the other lenders on this list and there’s a 0.25% rate discount for borrowers who set up automatic payments. Unfortunately, it doesn’t offer a cosigner release option.
Not a member of 1st Ed Credit Union or Members 1st? There might be other community banks or credit unions near you that offer private student loans. To search for more local options, we recommend using LendKey, a student loan refinance marketplace.
Earnest
Earnest is a national lender that provides both in-school loans and student loan refinancing. The company ranked #2 on Student Loan Planner®’s recent reader survey of major student loan refinancing lenders.
Private student loans
Earnest offers both undergraduate and graduate private student loans. Additionally, it’s designed profession-specific loans for students who are pursuing business, medical or law degrees. Here are the rates and term that each has in common:
- Fixed interest rates starting at 1.99% APR1,2 for qualified cosigner borrowers
- Variable interest rates starting at 4.74% APR1,2
- Terms: 5, 7, 10, 12 or 15 years3
- Loan amounts: Up to the full cost of attendance
- Autopay2 discount: Yes
Earnest Private Student Loans are subject to credit approval.
1 (Includes 0.50% combined Auto Pay and Loyalty rate discounts.) Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 2.69% to 16.74% (2.19% – 16.24% with Auto Pay and Loyalty discounts). Variable annual percentage rates (APR) range from 5.24% to 17.1% (4.74% – 16.6% with Auto Pay and Loyalty discounts). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent plus a margin and will change on the 1st of each month. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
Loyalty Discount
To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest’s Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away.
2 You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
3 Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples:
1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate (“APR”): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10.
2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months.
3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00.
4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.
Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.
Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770).
FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
Earnest offers great payment flexibility on its student loans. There is a generous nine-month grace period before payments begin and borrowers can skip a payment once per year. In-school payment options include:
- Interest-only payments
- $25 fixed payments
- Full principal and interest payments
Earnest also offers a 0.25% rate discount to borrowers who sign up for autopay. There are no origination fees or prepayment penalties. However, the lack of a cosigner release option is one of its few downsides.
Student loan refinancing
The Earnest student loan refinancing program offers many of the same benefits as its private student loans such as zero origination fees, autopay discounts, and the ability to skip a payment once every 12 months. Here are the key loan details:
Earnest: Best for flexible repayment
- Positives: Flexible repayment terms, custom loan payments
- Allows cosigners: Yes
- Deferment or forbearance available: Yes, up to 36 months
- Interest rates: Fixed starting at 4.35% APR; Variable starting at 5.73% APR1
- Bonus: $200 for refinancing 50k to $99,999; $1,000 for refinancing 100k to $199,999; $1,500 for refinancing $200k or more.2
Payment flexibility and consistently low rates make Earnest a top lender that Student Loan Planner® readers use when refinancing student loans. Earnest also services its own loans and has a Rate Match program that matches competitors' contractual interest rates. If you refinance $100,000 to $199,999, you can get a $1000 bonus ($500 Earnest bonus + $500 from Student Loan Planner®).
If you refinance $200,000 or more, you can get a $1500 bonus ($500 Earnest bonus + $1,000 from Student Loan Planner®). Additional terms apply.
__
1APR Disclosure:
2 Bonus Disclosure:
Terms and conditions apply. To qualify for this Earnest Welcome Bonus offer: 1) you must not currently be an Earnest client, or have received the bonus in the past, 2) you must submit a completed student loan refinancing application through the designated partner link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be fully disbursed. The bonus will be automatically transmitted to your checking account after the final disbursement. There is a limit of one bonus per borrower. This offer is not valid for current Earnest clients who refinance their existing Earnest loans, clients who have previously received a bonus, or with any other bonus offers received from Earnest. Bonus cannot be issued to residents in KY, MA, or MI. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences.
*As of December 25, 2020. Rates might include an autopay discount and are subject to change without notice.
Another way that Earnest promotes payment flexibility is through its “Precision Pricing.” There are 180 repayment terms to choose from ranging from 5 to 20 years. Borrowers can also apply for up to 12 months of hardship forbearance.
Currently, you can get a refinance bonus from Earnest. Read our full Earnest review for more about the lender.
Ascent
Ascent is a national lender that doesn’t offer student loan refinancing but does provide some unique in-school loan options. For example, international students can apply for any of their loans as long as they have a creditworthy U.S. cosigner. In-school payment options include:
- Full deferment
- Flat monthly payments
- Interest-only payments
Ascent also provides a special non-cosigned undergraduate student loan that’s based on a student’s potential future income rather than their credit score and income. To qualify for the non-cosigned future income student loan, you must be a junior or senior enrolled full-time or be at least nine months away from graduating.
Ascent charges no application or origination fees. There are also no prepayment penalties. In addition to its undergraduate loan options, Ascent offers a variety of profession-specific graduate loans. You can compare the rates and terms for each of its loan options in the chart below:
- Fixed interest rates: Starting at 1.94% APR
- Variable interest rates: Starting at 3.64% APR
- Terms: 5, 7, 10, 12, 15 or 20 years
- Loan amounts: Up to the full cost of attendance
- Autopay discount: Yes
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit AscentFunding.
There are a number of ways to earn free money from Ascent. Borrowers can apply for a 1% cash-back benefit after graduating and can earn ongoing cash back through the Ascent Rewards program.
Plus it gives away a $1,000 essay-free scholarship each month and its autopay discount ranges from 0.25% to 2.00%. Check out our full review of Ascent.
Credible
If you want to shop around with several student loan lenders, Credible can save you a lot of time. Credible is a free lender marketplace that sends your information to all of its partners after you’ve filled out just one application.
Within minutes, you can receive quotes from multiple lenders. Currently, Credible works with seven private student loan lenders (most of which offer undergraduate and graduate loans) and 10 refinancing lenders.
Rates and terms vary by lender. But no matter which company you choose, you won’t pay any application fees, origination fees or prepayment penalties. Plus, Student Loan Planner® readers can earn an additional bonus of up to $1,250.
Credible: Best for comparing multiple lenders
- Positives: Strong application experience
- Allows cosigners: Yes
- Deferment or forbearance available: Yes with some lenders
- Interest rates: Fixed starting at 3.98% APR (with autopay)*; Variable starting at 4.17% APR (with autopay)*
- Bonus: $1,750 bonus for loans over $200k, $1,250 bonus for loans $100k to $199k, $350 for loans $50k to $100k, and $100 for loans $5k to $50k (terms apply)
Credible presents offers from multiple lenders, which offer varying rates, terms and perks like unemployment protection. The application experience with Credible is one of the fastest of any refinancing company. If you refinance over $200,000, you can get a $1,750 bonus ($750 Credible bonus + $1000 from Student Loan Planner®). If you refinance $100,000–$199,999, you can get a $1,250 bonus ($750 Credible bonus + $500 from Student Loan Planner®). If you refinance $50,000–$99,999, you can get a $350 bonus (paid directly by Credible). If you refinance $5,000–$49,999, you can get a $100 bonus (paid directly by Credible). Additional terms apply. Read rates and terms at Credible.com.
Read our Credible student loan refinancing review, if you’re thinking about shopping for Pennsylvania student loan refinance offers through the platform.
How to minimize your Pennsylvania student loans
There are various ways for Pennsylvania students to lessen the amount of student loans they need during school.
One of the best ways is applying for the Pennsylvania State Grant since any money received from this program doesn’t have to be paid back. And set up a profile with a few scholarship websites to help you find local and national scholarships that you’re eligible to apply for.
Don’t forget that you can reduce your student debt even after graduation by taking advantage of Pennsylvania forgiveness programs.
Looking for more advice on how to minimize or pay back your Pennsylvania student loans? Our student loan experts would love to help you create your comprehensive student loan plan. Book a consultation with a student loan advisor today.
Refinance student loans, get a bonus in 2026
| Lender Name | Lender | Offer | Learn more |
|---|---|---|---|
|
$1,000 Bonus
Bonus for eligible users who refinance $200k or more. $500 for $100k to $200k (bonus from SLP, not SoFi. Terms apply.)
|
Fixed 4.49 - 10.99% APR
Variable 5.74 - 10.99% APR with all discounts with all discounts |
|
|
$1,500 Bonus
For $200k or more. $1,000 for $100k to $200k. $200 for 50k to $100k
|
Fixed 4.35 - 9.99% APR
Variable 5.73 - 9.99% APR
|
|
|
$1,750 Bonus
For $200k+. $1,250 for $100k to $199k. $350 for $50k to $99k. $100 for $5k to $50k
|
Fixed 3.98 - 10.99% APR
Variable 3.65 - 10.99% APR with autopay with autopay |
Not sure what to do with your student loans?
Take our 11-question quiz to get a personalized recommendation for 2026 on whether you should pursue PSLF, IDR, or refinancing (including the one lender we think could give you the best rate).
