PNC Student Loan Review

By Hannah Horton March 31, 2021

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PNC is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.

What is PNC Bank?

PNC Bank is one of the largest student loan and refinancing providers in the country. For more than 160 years, PNC has been committed to providing their clients with great service and financial expertise to help them meet their financial goals. PNC offers loan products for a wide variety of students and parents, including graduate and professional students. This review includes a company overview, along with highlights of PNC’s in-school and student loan refinancing solutions.

PNC Bank Customer Service

PNC offers an in-house customer service team with available help over the phone throughout the week. You’re also able to use social media for basic questions and visit a PNC Bank location for more in depth questions. PNC Bank’s loan servicer is American Education Services.

PNC Bank Student Loans

Student loans through PNC Bank can be used for any education related expense, and students can apply up to 60 days after their last school term. Most borrowers may choose from a fixed or variable rate. (There are no options to get personalized rate estimates from a soft credit check.) PNC student loans have no application or origination fees and you can get an interest rate reduction if you choose automated payments from a checking or savings account. There are flexible repayment terms, and borrowers can apply for a cosigner release.

PNC Bank student loan options include:

• Undergraduate loans
• Graduate loans
• Health and medical school loans
• Health professions residency loans
• Bar exam loans
• Student loan refinancing

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Interest Rates

Variable rates as low as: 1.96% APR¹

Fixed rates as low as: 3.69% APR¹

Repayment Terms

5, 10, 15 years¹

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• Variable rates as low as 1.96% APR¹; Fixed rates as low as 3.69% APR¹
• Rates include 0.50% automated payment discount^{1, 2}
• Displayed rates are for well-qualified applicants who choose the immediate repayment option at a 5-year term¹
• 5, 10 or 15-year repayment terms available (rates may vary)¹
• No application fees or origination fees.
• An easy student loan application with a preliminary decision in minutes.
• Cosigner Release option available.³
• Get the money you need for tuition, room and board, books and other expenses.

Important Disclosures

PNC Solution Loans are subject to credit approval. Certain restrictions and conditions apply. PNC reserves the right to modify or discontinue the terms of these program at any time. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.

1 Annual Percentage Rates (APRs): APRs include a 0.50% interest rate discount for automated payments and may vary by repayment term and other factors (refer to additional details below). Rates are for the immediate repayment option, effective as of June 29, 2021 and are subject to change at any time.

Fixed APRs: APRs range 3.69%-9.69% for a 5-year, 4.19%-10.19% for a 10-year and 4.69%-10.69% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and cosigner, if any.

Variable APRs: APRs range from 1.96%-7.96% for a 5-year, 2.46%-8.46% for a 10-year and 2.96 %-8.96% for a 15-year term. Variable rates are based on the Prime Rate index plus a margin depending on the creditworthiness of the borrower and cosigner, if any. The Prime index, adjusted monthly, is equal to the Prime Rate as published in the “Money Rates” section of The Wall Street Journal ‘(Eastern Edition)’ on the first business day of the immediately preceding calendar month. The Prime index is currently 3.25%. If the index increases or decreases, your rate will increase or decrease accordingly. The rate will not exceed 18%.

The lowest APR is available to well-qualified applicants. Your actual APR will be based on your credit qualifications, loan program, interest rate option, repayment term, repayment option and whether you elect the automated payment feature.

Loan Payment Examples: The monthly payment per $10,000 borrowed at a fixed-rate range of 4.19% APR to 10.19% APR for 10 years means you would make 120 payments that may range from $102.33 to $133.76. The monthly payment per $10,000 borrowed at a variable-rate range of 2.46% APR to 8.46% APR for 10 years means you would make 120 payments that may range from $94.18 to $124.20. For the variable-rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. Estimated loan payment examples assume 30 days to first payment and are for the immediate repayment option. Payments vary for other rates, loan amounts and repayment terms.

2 Automated Payment Discount: During repayment, an interest rate discount of 0.50% is available for automated payments. Borrower must be making scheduled payments that include both principal and interest. Interest-only payments do not qualify for the 0.50% interest rate discount. The rate discount will be applied at the time automated payment is established. If automated payment is discontinued at any time, the discount will be removed and the rate will increase by 0.50%.

3 Cosigner Release: Requires that the borrower has made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of interruption within that 48-month timeframe. To qualify, the borrower must submit a request, meet the consecutive timely payment requirements, provide proof of income and pass a credit check.

4 Repayment Options: Three repayment options are available - Immediate repayment of principal & interest, interest-only payments while in school and full deferment of principal & interest until six months after graduating or ceasing to be enrolled at least half-time in school. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment period.

Loan Types: PNC offers Student Loans for Undergraduates, Graduates, Health Professions, Residency and Bar Study.

PNC Undergraduate Student Loans

PNC Bank undergraduate student loans are available to use for any educated- related expense. When applying online, you’ll receive a preliminary decision within minutes of submitting your application. Students can apply up to 60 days after the end of their school term and can choose between a variable and fixed rate. Annual percentage rates vary depending on credit worthiness and the repayment terms. Students are able to apply for a cosigner release after 48 consecutive payments and meeting all other requirements as disclosed in the terms and conditions of your loan. Lastly, PNC undergraduate student loans have zero application or origination fees, and students can get an interest rate reduction with automated payments from a check or savings account.

Some eligibility requirements include:

• Must be an undergraduate student enrolled at least half-time
• Must be a U.S. citizen or permanent resident alien
• Lived in the U.S. for the previous two years
• Must have satisfactory credit and proof of employment and income history
• Must meet debt-to-income requirements

PNC Bank Graduate Student Loans

With a PNC graduate student loan, students can use the funds to pay for post-bachelors programs. Students will receive a preliminary decision within minutes of applying online and have the option of a variable or fixed rate. Students can apply for a loan up to 60 days at the end of their last school term. Just like the undergraduate loan, a PNC graduate student loan features no application or origination fees, and you can receive an interest rate reduction when choose automated payments from a checking or savings account. Cosigner release is also available.

Some eligibility requirements include:

• Must be enrolled at least half-time in a graduate degree program as determined by your school
• Be a U.S. citizen or legal permanent resident alien
• Reside in the U.S. for the previous two years
• Must have proof of employment and income history
• Must meet debt-to-income requirements

PNC Health Professions Loan

Health professions loans are also available through PNC Bank. If you’re enrolled in a health professions program, such as medical school, nursing, pharmacy, etc., you can use the funds for any education-related expense. There is the option of a variable or fixed interest rate, and preliminary credit decisions are usually available within minutes. There are no application or origination fees. Borrowers can request a deferment of their loan during residency as long as it does not exceed the program maximum of 10 1/2 years, including the 180 day grace period.

Some eligibility requirements include:

• Must be an undergraduate or graduate health professions student enrolled at least halftime in school
• Be a U.S. citizen or have resided in the U.S. the last 2 years
• Must have proof of employment and steady income history
• Must meet debt-to-income requirements

PNC Health Profession Residency Loan

With a PNC Health Profession Residency Loan, you have the option of competitive variable and fixed rates. You have the ability to apply up to a year before your residency begins. Students can borrow up to $15,000 and have the choice of 5, 10, and 15 year repayment terms. Those who chose the option to have automated payments taken from a checking or savings account have the option to receive 0.50% of your rate.

Some eligibility requirements include:

• Be attending a PNC approved medical residency program or at least be planning to attend within a year.
• Must meet credit and proof of income requirements
• Be a U.S. citizen or permanent resident, or have resided in the United States for at least 2 years

PNC Bank Bar Study Student Loan

The PNC Bank bar study student loan is for students who are enrolled at least half time at an approved ABA-accredited law school with less than six months left until graduation, or students who’ve graduated from an accredited school within the last six months. Students can choose between a variable or fixed interest rate option. Similar to in-school loans, there are no application or origination fees. Flexible repayment terms are available, along with a 6 month grace period.

Some eligibility requirements include:

• Must take bar exam no later than 6 months after graduation
• Must have graduated from a PNC-approved law school within the last six months, or be enrolled at least half time at a PNC-approved law school and be graduating within the next six months
• Be a U.S. citizen or have lived in the U.S. the last 2 years
• Must have satisfactory credit and proof of employment and income history
• Must meet debt-to-income ratio

PNC Bank Student Loan Refinancing

Refinancing your existing student loans with PNC allows you to combine multiple loans into a single loan, simplifying your payments, potentially lowering your interest rate, and potentially lowering/reducing monthly payments. You must be able to demonstrate at least 24 months of repayment history for federal or private student loans. This may not a requirement with other lenders.

PNC Bank student loan refinancing options include:

• Federal student loans
• Private student loans
• Federal parent loans (including Parent PLUS)
• Private consolidation/refinance loans (previously refinanced loans through private lender)

How to Apply for PNC Bank Student Loan Refinance

You can apply for an in-school student loan or student loan refinance on the PNC website. However, you may want to consider other loan and refinance lenders by comparing multiple student loan options to make sure you’re getting the best interest rate that makes sense for you and your financial situation.

Pros and Cons of PNC Bank Student Loans

PNC Bank Headquarters

PNC Bank is headquartered in PIttsburgh, PA at the Tower in PNC Plaza.