PNC Student Loans Review
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.
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- PNC offers private student loans and student loan refinancing.
- PNC also offers student loans for law students currently studying for the Bar Exam, as well as for medical students who are both in school and in residency.
- There are no origination fees or prepayment penalties
What we like:
.50% Autopay Discount
|Fixed APR||4.52% – 10.84%|
|Variable APR||4.90% – 11.11%|
|Loan Terms||5, 10, or 15 years|
|Loan Amounts||Borrow up to $40,000 a year (undergraduate) or $65,000 (graduate)|
PNC Bank is one of the largest banks in the U.S., and it offers a variety of services to their customers, including private student loans and student loan refinancing. These loans have competitive interest rates, flexible repayment terms, and great benefits.
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:
PNC Student Loans
PNC offers private student loans to undergraduates, graduate students, medical students, and law students. Let’s look more closely at the variety of student loans PNC offers.
|Loan amounts||Term lengths||Fixed rates||Variable rates|
|PNC Solution Loan for Undergraduates||Up to $50,000||5, 10, or 15 years||4.49% – 11.49%||4.41% – 11.41%|
|PNC Solution Loan for Graduate Students||Up to $65,000||5, 10, or 15 years||4.49% – 11.49%||4.59% – 11.59%|
|PNC Solution Loan for Bar Study||$1,000 – $15,000||Up to 15 years||4.66% – 11.79%||4.85% – 11.87%|
|PNC Solution Loan for Health & Medical Professionals||$65,000||Up to 15 years||4.54% – 11.79%||4.70% – 11.87%|
|PNC Solution Loan For Health Professions Residency||$15,000||Up to 15 years||4.53% – 11.79%||4.70% – 11.87%|
PNC Solution Loan for Undergraduates
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.
- The maximum repayment term of 15 years is higher than the standard 10-year term offered by most lenders.
- The 0.50% autopay discount is also higher than what most lenders offer.
- All borrowers are eligible to apply for cosigner release after 48 months of consecutive on-time loan payments.
- Borrowers receive a grace period of 6 months after graduation before mandatory payments begin.
- 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.
- 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.
Loans for grad students & advanced degrees
It’s no secret that going to graduate or professional school can be expensive. That’s why PNC also offers graduate and professional loans with higher loan limits as compared to undergraduate loans. 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.
PNC offers four types of graduate-level loans including Graduate Student loans, Health & Medical Professions loans, Health Professions Residency loans, and Bar Study loans.
>> Read More: Compare Graduate Student Loans
- PNC’s advanced degree loans allow you to cover costs even after your final semester ends. This can be crucial for students in residency or who are studying for the Bar Exam, when expenses continue even though income is scarce.
- With the exception of general graduate students, other borrowers face a much lower maximum loan amount.
How to apply for a PNC student loan
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:
- Your background information
- A personal reference
- The school you’re attending
- Your employer
- The amount you’re hoping to borrow
PNC student loan refinancing
|PNC Education Refinance Loan|
|Loan amount||$10,000 – $75,000|
|Term lengths||10 or 15 years|
|Fixed rates||3.69% – 6.69%|
|Variable rates||4.16% – 7.07%|
|Autopay rate reduction||0.50%|
Creditworthy borrowers also have the option to refinance their existing loans for a new loan at a lower interest rate. When you refinance your loans with PNC, you may be able to:
- Consolidate multiple loans into one
- Extend your repayment plan (lowering your monthly payment)
- Lower your average interest rate
- Choose 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.
How to apply for PNC student loan refinancing
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.
You can apply on the lender’s website or inquire at your local PNC branch. Be prepared to provide info about your current debt, as well as your income and employment history and other personal identifying information, such as your Social Security number and address.
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 always smart to compare your options before making a decision. Receiving multiple quotes from lenders won’t hurt your credit, but it will give you greater insight into your options.
There are other lenders to consider, including College Ave, Earnest, and Ascent. If you don’t have a great credit score or creditworthy cosigner, you may be better checking out bad credit student loans or student loans without cosigners.
Interested in refinancing? You can visit our Student Loan Refinancing page to compare other options.
Bottom Line: Is a PNC student loan right for you?
PNC private student loans are a good option for creditworthy borrowers. 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.
Author: Jeff Gitlen