PNC Student Loans aims to provide a solution by offering a range of student loan options to help students and their families bridge the financial gap. In this article, we will conduct a comprehensive review of PNC Student Loans, exploring their features, benefits, application process, and how they contribute to making education more accessible.
Introducing PNC Student Loans
PNC Bank, a well-established financial institution, offers a variety of student loan options to assist students in financing their education. These loans are designed to address the diverse needs of students pursuing different educational paths.
Key Features and Benefits
PNC Student Loans come with a set of features and benefits that cater to the needs of borrowers:
- Competitive Interest Rates: PNC offers competitive interest rates, which can result in significant savings over the life of the loan.
- Flexible Repayment Options: Borrowers can choose from various repayment plans, allowing them to select the one that best fits their financial situation and goals.
- Cosigner Release: After meeting specific criteria, borrowers may have the option to release their cosigner from the loan, providing greater financial independence.
- Grace Period and Deferment: PNC offers a grace period of six months after graduation before repayment begins. Additionally, there are deferment options for borrowers facing economic hardship.
- No Origination Fees: PNC Student Loans do not charge origination fees, helping borrowers save on upfront costs.
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Application Process and Eligibility
The process of applying for PNC Student Loans is straightforward:
- Submit Application: Begin by completing an online application, providing necessary personal, academic, and financial information.
- Choose Your Loan: Review the loan options offered by PNC, including interest rates, repayment plans, and terms. Select the one that aligns with your needs.
- Gather Documentation: Prepare any required documentation, such as proof of enrollment, income, and credit history.
- Loan Approval: PNC will review your application and documentation. Once approved, you’ll receive the final terms of the loan.
- Loan Disbursement: Once the loan is finalized, the funds will be disbursed to your educational institution to cover tuition and other qualified expenses.
Considerations and Responsible Borrowing
As with any financial decision, responsible borrowing is essential:
- Understand Loan Terms: Carefully review and understand the terms, interest rates, and repayment plans associated with the loan you choose.
- Explore All Options: Before committing to a PNC loan, explore other financial aid options, including scholarships, grants, and federal loans.
- Budget for Repayment: Plan for loan repayment post-graduation and ensure that monthly payments align with your budget.
PNC pros and cons
PROS
Co-signer release option
Big discount for autopay
No degree required to refinance
CONS
Lower loan limits
No prequalification available
Limited loan terms
PNC Student Loans Loan rates
PNC offers student loans with variable or fixed interest rates, and you can secure a 0.5 percent rate discount if you set up your loans for automatic payment. The following chart includes this interest rate discount:
| Loan product | Variable rate | Fixed rate |
|---|---|---|
| Undergraduate loans | 5.34% to 11.79% APR | 4.99% to 11.44% APR |
| Graduate and professional loans | 5.09% to 11.54% APR | 4.74% to 11.19% APR |
| Medical profession loans | 5.09% to 11.54% APR | 4.74% to 11.19% APR |
| Bar study | 5.09% to 11.54% APR | 4.74% to 11.19% APR |
| Refinance loan | 5.89% to 11.99% APR | 5.54% to 11.64% APR |
Student Loans Offered by PNC
Undergraduate Student Loans
If you’re an undergraduate student, you can enjoy no application or origination fees and choose between three payment plans: immediate, interest-only, and deferred. Eligible borrowers can get up to $50,000 annually.4
| Terms for Undergraduate Loans | |
|---|---|
| Variable APR | 5.89%–15.39% |
| Fixed APR | 4.39%–13.89% |
| Loan Amounts | $1,000–$50,000 |
| Loan Terms | 5, 10, or 15 years |
Graduate Student Loans
If you’re pursuing a master’s or doctoral degree, you can again borrow up to $65,000 each year.6 These loans also charge no application or origination fees, and you can choose between an immediate, interest-only, or deferred repayment plan.
| Terms for Graduate Loans | |
|---|---|
| Variable APR | 5.89%–15.39% |
| Fixed APR | 4.39%–13.89% |
| Loan Amounts | $1,000–$65,000 |
| Loan Terms | 5, 10, or 15 years |
Medical School Loans
These loans are designed for students planning to enter the health and medical industry. They’re available to students pursuing an undergraduate, graduate, or professional degree, or an eligible certificate program.
| Terms for Medical School Loans | |
|---|---|
| Variable APR | 5.89%-15.39% |
| Fixed APR | 4.39%-13.89% |
| Loan Amounts | $1,000–$50,000 for undergraduate students $1,000–$65,000 for graduate students |
| Loan Terms | 5, 10, or 15 years |
Medical Residency Loans
Medical students enrolled or enrolling in a graduate/professional degree or certificate program can obtain one of these loans if they’re participating in a pre-approved MD, DDS, DO, or DVM residency program, or if they’re planning to participate in one within a year.
| Terms for Medical Residency Loans | |
|---|---|
| Variable APR | 5.89%-15.39% |
| Fixed APR | 4.39%-13.89% |
| Loan Amounts | $1,000–$15,000 |
| Loan Terms | 5, 10, or 15 years |
Bar Study Loans
If you’ve graduated from a PNC-approved law school within the last six months or you’re scheduled to graduate from one within the next six months, you can obtain a bar study loan if you’re planning on taking the exam within six months of graduation.7 You’ll get the same repayment plans as PNC’s other loans and skip the application and origination fees.
| Terms for Bar Study Loans | |
|---|---|
| Variable APR | 5.89%-15.39% |
| Fixed APR | 4.39%-13.89% |
| Loan Amounts | $1,000–$15,000 |
| Loan Terms | 5, 10, or 15 years |
Loan Eligibility and Approval
PNC student loans are available in all 50 states. The lender doesn’t provide specific credit requirements, such as a minimum credit score or income. However, PNC provides some general criteria:
- Have two years of satisfactory credit history
- Meet debt-to-income ratio requirements
- Have two years of employment history
- Provide proof of income (must have two years if self-employed)
- Have two years of U.S. residency
For in-school loans, you need to be enrolled at least half-time.4 If you’re applying for a refinance loan, you need to be the age of majority in your state. If you haven’t obtained an associate degree or higher, you need to have made 24 consecutive payments on at least one student loan in the past two years to refinance.5
While parents can co-sign a PNC student loan, the lender doesn’t offer parent-specific loan options.
Are Co-Signers Required?
PNC requires a co-signer if the student is 17 years old, and also in cases where the student cannot meet credit, employment, and income requirements on their own.4
Remember, though, that the bank does not offer loans to international students, even with a co-signer who is a citizen or permanent resident.
Is Loan Pre-Qualification Available?
PNC does not offer pre-qualification. If you want to compare rates with other lenders, you’ll need to submit an official application.
Length of Time for Loan Approval and Disbursement
PNC has not disclosed how long the approval or disbursement process will take. If you’re approved for in-school loans, the lender will disburse them directly to your school. If there are funds left over, PNC advises borrowers to contact their school to learn about the disbursement process.8
PNC Student Loan Fees and Repayment Options
Loan Fees
- Origination fee: None
- Application fee: None4
- Late fee: 5% of the past-due amount or $5, whichever is less; the fee is assessed 15 days after the due date9
- Returned payment fee: None
- Deferment fee: None
Loan Discounts
PNC offers a 0.50% interest rate discount if you set up automatic payments.4
PNC Student Loans Repayment Options
For in-school loans, borrowers will be able to choose from three different repayment options:
- Immediate: You’ll start repaying both principal and interest while still in school.
- Interest-only: You’ll only pay the interest that accrues each month while you’re in school, then both principal and interest six months after graduating or falling below half-time enrollment.
- Deferred: All payments will be deferred until six months after you graduate or fall below half-time enrollment (interest will still accrue).8
If you get approved for a refinance loan, you’ll start making monthly payments immediately.
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Loan Deferment and Discharge Options
PNC may offer deferment in the event that you enroll in school at least half-time or experience financial hardship, unemployment, or military deployment. However, the lender doesn’t disclose specifics about how long you can pause your payments.8
If you die, the lender will discharge the debt. However, there is no forgiveness available if you become permanently disabled.
Is Student Loan Refinancing Available?
If you have existing student loans you can refinance them with PNC, even if you have an associate degree or no degree at all. Interest rates, loan amounts, and repayment options can vary based on your degree level. The 20-year repayment option is only available if you’re refinancing $75,000 or more.5 Refinancing is only available for college students, not for parents.
| Terms for Refinance Student Loans | |
|---|---|
| Variable APR | 6.74%-11.99% |
| Fixed APR | 5.99%-11.24% |
| Loan Amounts | $10,000–$25,000 for borrowers with no degree $10,000–$75,000 for borrowers with an associate degree $10,000–$175,000 for borrowers with an undergraduate degree $10,000–$200,000 for borrowers with a graduate degree |
| Loan Terms | 5, 10, 15, or 20 years |
How to apply for a loan with PNC
You can apply for a student loan through PNC directly on the company website. Plan on gathering the following information ahead of time:
Any co-signer you’re considering for your loan will need to provide their Social Security number, along with their financial information, employment information and address.
Applying for a PNC Student Loan
Before you apply for a private student loan with PNC or any other lender, it’s important to first fill out the Free Application for Federal Student Aid and take advantage of all of the federal financial aid options that are available to you.
If you still have a financial gap to bridge, then move forward with your application for a private student loan.
You can apply for a loan online through PNC’s website. To find out if you’re eligible, you’ll share the following details:11
- School state
- School name
- Requested loan amount
- Enrollment status
- Citizenship status
- Whether you’re the age of majority in your state
- Whether you’re applying with a co-signer
If you’re eligible based on the information you provided, you’ll need to provide the following information for you and your co-signer, if applicable:4
- Full name
- Address
- Date of birth
- Social Security number
- Email address
- Employment status
- Income information
Once you’ve submitted your application, the lender says it may require additional documentation but doesn’t provide specifics.
Alternative Choices
| PNC | Education Loan Finance (ELFI) | Sallie Mae | |
|---|---|---|---|
| Loan Types Offered | Undergraduate; graduate; professional | Undergraduate; graduate; parent | Undergraduate; graduate; medical; technical; bootcamp |
| Undergraduate Fixed APR | 4.39%-13.89% | 4.48%+ | 4.50%–15.49% |
| Undergraduate Variable APR | 5.89%-15.39% | 4.98%+ | 6.12%–16.45% |
| Origination/Administrative Fee | None | None | None |
| Repayment Options | Deferment; interest-only; full payment | Deferment; fixed; interest-only; full payment | Deferment; fixed; interest-only; full payment |
| Refinancing Available | Yes | Yes | No |
Customer Service
If you have questions before applying, you can reach a student loan specialist by calling (800) 762-1001 or submitting a request online, and one will get in touch with you. Once you’ve been approved, you’ll contact your loan servicer, American Education Services, at the same number.
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Conclusion
PNC Student Loans provide a valuable avenue for students seeking financial support to pursue higher education. With competitive interest rates, tailored repayment options, and a commitment to borrowers’ financial well-being, PNC stands as a reliable partner in the journey toward educational achievement. As you explore financing options, take the time to carefully review the loan terms, compare them with other available options, and make an informed decision that aligns with your academic aspirations and financial stability. PNC Student Loans’ contribution to education reflects the positive impact of responsible and supportive lending solutions.
