To qualify, you must:
- Be a NY, OH, or VA resident and be the biological, adoptive parent, or
legal guardianof the student; or
Legal Guardian
Anyone who is providing support to a dependent student. - Be the spouse of the student's parent and considered to be a parent in accordance with the instructions on the Free Application for Federal Student Aid (FAFSA®) for the purposes of reporting income and assets on the FAFSA
- Have a student who is 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 - Have an undergraduate student who is enrolled or plans to be enrolled at least half-time in a degree, certificate, or diploma granting program
- Be a citizen or a permanent resident of the United States
- Be a borrower who meets the minimum credit requirements
While the Keystone Parent Loan and the federal parent PLUS loan help
parents and guardians pay for their student's higher education costs, the Keystone option is a
better value.
- 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 your student is receiving (including other loans and work-study) as certified by your student's financial aid office.
-
Aggregate loan limitsfor a Keystone Student Loan ($150,000) apply.
Aggregate Loan Limits
Total amount of Keystone Student Loans borrowed and disbursed during a student's academic career. - The minimum loan amount is $1,500.
No, there is no pre-payment penalty and no application, origination, or
late fees.
You can be granted full cancellation of a loan disbursement if the funds
are returned within 120 days of disbursement.
We offer competitive, fixed interest rates, which means you never need to
worry about your interest rate going up! Check out the rate range today.
Yes, Keystone has an interest rate reward when you enroll in our free,
automatic electronic payment service (Direct Debit) where you could save a total of 0.25% off
your fixed interest rate upon Direct Debit approval!
Direct Debit is a free, automated payment service. It's not only
convenient—you don't have to write a check or pay for a stamp—you will also qualify
for a 0.25% interest rate reduction when you are approved for Direct Debit.
Immediate Repayment: If you want to get a head start on
paying back your loan right away, this is the option to choose. With this option you will:
- Be eligible for the lowest interest rate available
- Pay your loan off earlier by making principal and interest payments while your student is in school
- Pay the least amount of interest over the life of the loan compared to the other repayment plan options
NOTE: Your first payment will be due within 30 to 60 days
after the date of your final
disbursement
.Disbursement
Disbursement is the transfer of loan funds from a lender to the
school
Interest Only: If you want to avoid
interest capitalization
this is the repayment option for you! With this option you will:Interest Capitalization
Capitalization is the addition of unpaid interest to the principal
balance of a loan. Capitalization of interest results in a higher principal balance and
additional finance charges over the course of repayment and may cause your monthly amount
to increase.
- Be responsible to pay the accrued interest while your student is enrolled in school
- Enter repayment with the starting principal balance of the original amount you borrowed
NOTE: Interest payments will begin 30 to 60 days after the
loan's first disbursement. Full payments, payments made toward principal and interest, will not
begin until the student leaves school or drops below half-time.
The minimum monthly payment for a Keystone Parent Loan is $50.00 a month,
unless you select the Interest Only repayment plan. You have the option to choose between three
terms1 to make repayment fit your needs:
- 5 years
- 10 years
- 15 years
NOTE: The longer your term, the more interest you could
pay over the life of the loan.
Below are the items you should have ready when filling out your
application:
- Name, address, and telephone number
- Date of birth and Social Security number
- Email address
- Name and location of the school your student plans on attending
- Annual income
- Grade level and anticipated graduation date
- Academic period for which you would like to receive the loan
- Mobile phone to receive one-time passcode for electronic signature
There are three easy ways to save money on your loan:
- 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 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 Annual Percentage Rate (APR) between 5.27% and 10.69%, monthly principal and interest payments between $190.00 and $216.08, and a total amount repaid between $11,399.87 and $17,077.98.
- 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 $137.64, and a total amount repaid between $13,613.55 and $20,725.42.
- 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 $115.11, and a total amount repaid between $16,158.79 and $25,024.29.
NOTE: Subject to aggregate loan limits.
The Keystone Student Loan Program is a credit-based loan program. Applicants 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.