- Be a student enrolled or plan to be enrolled seeking an advanced degree such as masters, doctoral, law, health profession, certificate, diploma, or others at an eligible school
- Be a NY, OH, or VA resident attending an approved schoolin or out of state (with the exception of PA)
Approved School
Federally-approved educational institution under Title IV of the Higher Education Act of 1965 - Be a citizen or a permanent resident of the United States
- Be a borrower or co-signer who meets the minimum credit requirements
- Be a student regardless of enrollment status, including if you are enrolled less than half-time1
- Each year, you may borrow up to 100% certified cost of attendance (tuition, fees, room, board, books, transportation expenses, and miscellaneous expenses) minus any financial aid you are receiving (including other loans and work-study) as certified by your school's financial aid office.
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Aggregate loan limitsfor a Keystone Student Loan ($300,000)2 apply.
Aggregate Loan Limits
Total amount of Keystone Student Loans borrowed and disbursed during a student's academic career.NOTE: Less than half-time students may only borrow a maximum of $5,000. - The minimum loan amount is $1,500.
Age of Majority
Co-signer
Creditworthy
- Making 48 consecutive on-time payments of principal and interest while in repayment,
excluding deferment and forbearance time
- Payments are considered on-time if they are received no later than 15 days after the due date
- A lump sumpayment counts as one qualifying payment
Lump Sum
An amount paid all at once, that is equal to two or more monthly installment payments.
- Upon completion of making 48 consecutive on-time payments, the borrower must provide proof of income, as well as pass a debt-to-income calculation and credit check
- Must be in repayment making your full billed monthly payment amount
- The use of any deferment or forbearance will not count toward the co-signer release payment counter. The payment counter will resume once the deferment or forbearance ends
- Graduation benefit: Once we receive notification that you graduated, we will apply a 0.50% interest rate reduction to your account.
- Direct Debit benefit: Once you apply and are approved for our free,
automatic electronic payment service (Direct Debit), we will apply a 0.25% interest rate reduction to your account.
Direct Debit
Direct Debit is a free service that sets up an electronic deduction from your checking or savings account each month.
- Be eligible for the lowest interest rate available
- Pay your loan off earlier by making principal and interest payments while in school
- Pay the least amount of interest over the life of the loan compared to the other repayment plan options
Disbursement
Interest Capitalization
- Be responsible to pay the accrued interest during school
- Enter repayment with the starting principal balance of the original amount you borrowed
Grade Period
- Be required to pay a fixed $25.00 a month payment3 that is applied toward your loan while you are in school
- Have less interest capitalize when you enter repayment
- Name, address, and telephone number
- Date of birth and Social Security number
- Email address
- Name and location of school you are or plan on attending
- Annual income
- Grade level and anticipated graduation date
- Academic period for which you would like to receive the loan
- Co-signer's name and email address (if applicable)
- Mobile phone to receive one-time passcode for electronic signature
- Pay early: If you make your payment before your due date, more of the payment will be applied toward principal.
- Pay more frequently: Making payments more frequently, such as making biweekly payments, can help lower your principal balance and interest amount paid. By making payments every 2 weeks you end up making an extra full payment a year.
- Pay extra: Making a lump sumor paying more than your monthly payment can lower your principal faster, which means you accrue less interest.
Lump Sum
An amount paid all at once, that is equal to two or more monthly installment payments
1 Loans taken for a less than half-time academic period may borrow up to $5,000.
2 The aggregate loan amount of $300,000 is a combination Keystone Undergraduate and Graduate loans.
3 Partial Interest Payment: After the in-school and grace periods, any unpaid interest will be repaid along with principal. For example, a borrower of a $10,000.00 loan will pay $25.00 per month for 52 months (46 months in school and 6 months in grace). Following that time period, if that borrower selected a 10-year repayment plan and received a periodic interest rate of 8.48%, the borrower would have an Annual Percentage Rate (APR) of 7.66%, monthly payments of $148.38 for 120 months, and a total amount repaid of $19,105.51. The borrower in this sample qualified for a 0.25% Direct Debit benefit for the entirety of the repayment period and a 0.50% graduation benefit applied at the end of the 52-month partial interest period.
4 Repayment Terms (No interest rate discounts were applied to these examples.):
- A borrower of a $10,000 loan who selects a 5-year (60 months) repayment term may receive an APR between 5.27% and 10.69%, monthly principal and interest payments between $190.00 and $326.63, and a total amount repaid between $11,399.87 and $19,597.88.
- A borrower of a $10,000 loan who selects a 10-year (120 months) repayment term may receive an APR between 6.46% and 10.93%, monthly principal and interest payments between $113.45 and $211.83, and a total amount repaid between $13,613.55 and $25,420.10.
- A borrower of a $10,000 loan who selects a 15-year (180 months) repayment term may receive an APR between 6.96% and 11.18%, monthly principal and interest payments between $89.77 and $179.89, and a total amount repaid between $16,158.79 and $32,380.26.
Please note these APRs are estimates and may differ from the actual rates received.
5 Loans taken for less than half-time are only eligible for a 5- and 10-year repayment term.
NOTE: Subject to aggregate loan limits.
The Keystone 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 applicant FICO score 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.