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PHEAA officials explain student-loan options, urge borrowing as a 'last resort'
Summary
On a Pennsylvania Higher Education Assistance Agency podcast, officials outlined federal and private student-loan options, described PHEAA’s PA Forward and Keystone programs, and stressed planning, borrowing limits and timing to avoid “bill panic.”
On a Pennsylvania Higher Education Assistance Agency podcast, Tiffany DeVan, host of the Higher Education Access Corner, spoke with Dan Ray and Will McGinley of PHEAA’s private loan team about federal and private student-loan options and PHEAA’s PA Forward and Keystone programs.
DeVan quoted the show’s repeated advice: "student loans are your last resort," and the guests emphasized planning, comparing offers and borrowing only what is likely repayable. "Don't borrow more than your projected starting salary," Dan Ray, executive account executive for PHEAA’s private student-loan team, said on the episode.
Why it matters: Millions of students borrow to pay for postsecondary education. The discussion reviewed federal Direct Loans and PLUS loans, private education loans, repayment-term tradeoffs, timing for applications and features of PHEAA’s own products that the agency said can lower costs for eligible borrowers.
Federal and private options
Ray described the federal Direct Loan program as "your first stop" and said schools commonly package subsidized and unsubsidized Direct Loans after students submit the FAFSA (Free Application for Federal Student Aid). Will…
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