Member News

Jonestown Bank & Trust Co. (JBT) has announced that it has partnered with the Pennsylvania Higher Education Assistance Agency (PHEAA) to help their customers finance their higher education through the borrower-friendly PA Forward Student Loan Program.

The PA Forward Student Loan Program is a trusted suite of loans for undergraduate and graduate students, and parent borrowers, in addition to a PA Forward Refinance Loan that enables participating borrowers to combine all their Federal and private loans into one convenient monthly payment.

Through the program, JBT clients can borrow up to the total cost of attendance with competitive interest rates and a variety of upfront and repayment benefits.

“We’re excited to be able to connect clients with PHEAA’s PA Forward Student Loan Program,” said Rick Rollman, JBT’s Chief Lending Officer. “Given the cost of higher education, we feel it is important to provide an opportunity for students and parents to find a loan option that works for them financially.”

The PA Forward Student Loan Program leverages the combined resources of the Commonwealth of Pennsylvania to provide loans at competitive rates with better borrower benefits as compared to most commercial private loan programs. PHEAA serves as the lender and loan servicer for the program, with tax-exempt allocation provided by the Department of Community and Economic Development (DCED).

The PA Forward Student Loan Program is designed specifically for students or parents/guardians of students who are enrolled or who plan to be enrolled in a degree, certificate, or diploma granting program. For Parent loans, the student must be enrolled at least half-time. Students enrolled for less than half-time also have borrowing options. These loans are meant for:

· PA residents attending an approved school in or out of PA

· Students from an approved state (DE, MD, NJ, NY, OH, VA, and WV) attending an approved PA school

· U.S. citizens or eligible non-citizens of the U.S.

· Borrowers and/or co-signers who meet the minimum credit requirements.

The PA Forward Student Loan Program includes four student loan products:

· PA Forward Undergraduate Loan for students seeking an undergraduate degree, certificate, or diploma

· PA Forward Graduate Loan for students seeking an advanced degree such as masters, doctoral, law, health profession

· PA Forward Parent Loan for parents or guardians of dependent undergraduate students seeking an undergraduate degree, certificate, or diploma

· PA Forward Refinance Loan for borrowers in repayment seeking a more streamlined way to manage their debt by combining all their federal and private student loans into a single monthly payment under new terms and conditions.

The Program offers competitive fixed interest rates, and borrower benefits for undergraduate and graduate loan borrowers including a .50 percent interest rate reduction for achieving successful graduation. Additional benefits for all borrowers include no application or origination fees, a .25 percent interest rate reduction for enrolling in Direct Debit, flexible repayment options, and biweekly payment options that can pay off a loan sooner, saving borrowers even more money in interest.

PHEAA’s earnings from the PA Forward Student Loan Program are used to support the Agency’s public service mission for Pennsylvania students and families.

For more information, please visit jbt.bank, or contact Jennifer Crain at 717-450-1222. Member FDIC. Equal Housing Lender.