PNC Student Loans Review
At a Glance:
PNC Bank is known for being one of the top banks in the country. In addition to standard banking services, they also offer private loans to undergraduate and graduate students. This review will look more closely at PNC and the variety of services they offer.
College tuition and fees continue to steadily increase every year. And unfortunately, financial aid has not risen at the same pace. This means many students find that their federal student loans aren’t enough to cover the full cost of college.
So, it’s common for borrowers to apply for private loans to make up the difference left by federal loans. But sometimes it’s hard to know what lender to turn to for student loans. If you’re unsure about where to turn for help, you might look into PNC student loans.
PNC Bank offers a variety of services to their customers, including private student loans. They provide student loans with competitive interest rates and flexible repayment terms. In this PNC student loans review, we’ll look at PNC’s various loan options, the benefits of choosing PNC, and how they stack up against other lenders in specific areas such as the available loan terms and interest rate reductions.
On this page:
Getting to Know PNC Student Loans
PNC Bank is one of the top 10 largest banks in the United States. This American bank is based in Pittsburgh and operates in 19 states and the District of Columbia. They offer a variety of banking services as well as student loans and student loan refinancing.
If you are interested in taking out a loan through PNC, the application process is pretty straightforward. You’ll apply online and will receive a quote within minutes. Unlike federal loans, with private student loans, you do go through a credit check in most cases.
Borrowers with limited credit history are required to have a creditworthy cosigner to apply. Cosigners will have to enter their information separately. Here is the information you’ll need to have on hand to apply:
Variable Rates
4.18% - 11.26%
Fixed Rates
6.19% - 12.99%
Terms
Up to 15 years
- Your background information
- A personal reference
- The school you’re attending
- Your employer
- The amount you’re hoping to borrow
PNC offers private student loans and education loan options to undergraduates, graduate students, medical students, and law students. Let’s look more closely at the variety of student loans PNC offers.
Undergraduate Student Loans
Loan Amounts & Fees
If you’re still in college, you might be eligible to borrow up to $40,000 with an undergraduate student loan through PNC. There are no application fees or prepayment fees. And once you’re approved, PNC will transfer the money directly to your school.
Interest Rates & Repayment Terms
The APR range is 6.03% to 12.29% for fixed-rate loans and 5.19% to 11.39%for variable-rate loans. Borrowers are eligible for a 0.50% rate discount if they enroll in autopay. There is only one 15-year repayment term available.
Benefits
There are many benefits to choosing PNC as your lender. Their 15-year repayment term is higher than the standard 10-year term offered by most lenders. And the autopay discount is also higher than what most lenders offer.
Furthermore, all borrowers are eligible to apply for cosigner release after 48 months of consecutive on-time loan payments. PNC is also one of the few private lenders that are willing to let you defer your student loans for up to six months after graduation.
PNC also offers many resources for borrowers in the Learning Center section of their website. This includes things like information on filling out the Free Application for Federal Student Aid (FAFSA), the cost of college, and how to apply for grants and scholarships. They even provide a downloadable planning tool for prospective and current college students.
Downsides
PNC does place a $40,000 limit on the loan amount for undergraduate students, which might not cover the full cost of tuition for some students. Borrowers with good credit history might be able to find a lower interest rate with another lender.
Graduate and Professional Loans
It’s no secret that going to graduate school can be expensive. That’s why PNC also offers graduate and professional loans up to $65,000 per year. The money is transferred directly to your school.
To be eligible, you must be enrolled at least half-time in a degree or certificate program. And you need to have received an acceptance letter from the school you plan to attend before applying for the loan.
The APR range is 6.03% to 12.29% for fixed-rate loans and 5.19% to 11.39%for variable-rate loans. Higher education borrowers are eligible for a 0.50% rate discount if they enroll in autopay. The repayment term length is 15 years.
>> Read More: Compare Graduate Student Loans
Health Professions Residency
If you are attending a PNC-approved program in a health-related field, you can borrow up to $65,000 a year. The money is transferred directly to your school.
To be eligible, borrowers must be enrolled in school at least half-time. And you need to have already received an award letter from the school you plan to attend.
The APR range is 6.03% to 12.29% for fixed-rate loans and 5.19% to 11.39%for variable-rate loans. Borrowers are eligible for a 0.50% rate discount if they enroll in autopay.
PNC offers a flexible 15-year repayment plan, and borrowers can defer monthly payments until they are done with medical school.
Bar Study
Recent law school graduates or students with less than six months until graduation can apply for a bar study loan. Applicants can receive up to $15,000 to cover the cost of studying for and taking the bar exam. To be eligible, students must be enrolled in or have attended an ABA-accredited law school.
The APR range is 6.03% to 12.29% for fixed-rate loans and 5.19% to 11.39% for variable-rate loans. Borrowers are eligible for a 0.50% rate discount if they enroll in automatic payments.
When you are approved for a bar study loan, the funds are sent directly to you. There are no minimum income requirements and no application or origination fees. And PNC provides a 15-year repayment plan with a six-month grace period.
PNC Education Refinance Loan
Creditworthy borrowers also have the option to refinance their existing loans for a new loan at a lower interest rate. PNC offers a variety of refinancing options including:
- Consolidating multiple loans into one
- Extending your repayment options
- Lowering your total interest rate
- Choosing between a fixed or variable interest rate
You can earn a 0.50% rate discount by signing up for autopay. And you can choose between either 10-year or 15-year repayment terms.
Here is the range of fixed and variable interest rates:
- 5.39% to 7.49% on a fixed APR at a 10-year repayment term
- 5.49% to 7.59% on a fixed APR at a 15-year repayment term
- 4.98% to 7.08% on a variable APR at a 10-year repayment term
- 5.08% to 7.18% on a variable APR at a 15-year repayment term
To apply, borrowers must have good credit history, at least two years of continuous income from employment, and been repaying their loans for at least 24 months.
Of course, you should weigh your options carefully before you refinance federal student loans. Doing so will cause you to lose access to certain benefits like income-driven repayment plans, student loan forgiveness, federal deferment, and more.
Alternatives to PNC Private Student Loans
PNC is a good choice for borrowers who have a strong credit history and are looking for flexible repayment terms. However, it’s important to consider your options before committing to a new loan for your college education.
One of the most important things current students can do is make sure they are maximizing every scholarship opportunity first. Scholarships and grants are a great way to fill in the gaps and minimize the amount you’ll have to repay.
Some academic scholarships are given solely based on grades, but others are given for things like athletics, arts, and other extracurricular activities.
PNC has gained a reputation for being one of the best private student loan providers on the market. However, there are other lenders to consider, including Wells Fargo, Discover Student Loans, and SunTrust Student Loans.
Make sure to take a look at all of your options before making a final decision. Receiving multiple quotes from lenders won’t hurt your credit, but it will give you greater insight into your options.
Bottom Line
PNC private student loans are a good option for creditworthy borrowers. PNC is there to help no matter where you are in your educational journey. They can help whether you’re an undergraduate looking for supplemental private loans, a graduate student, or a recent graduate hoping to refinance your existing loans.
PNC offers competitive interest rates and flexible repayment terms. Borrowers can choose between a variable or fixed interest rate. You also have the option to defer payments for up to six months after graduation.
PNC’s seamless application process makes it easy to receive a quote within minutes. And PNC provides their customers with a variety of resources to help them be successful during and after college.
However, it’s still important to weigh all of your options before taking out additional student loans. Make sure you fill out a FAFSA and take advantage of every scholarship opportunity available.
Apply for quotes from multiple lenders so you can be sure you are receiving the best rate possible. In particular, if you are interested in refinancing student loans, you may be able to find a better rate with another lender.
