Loans that fit the lives of students and grads. | PRIVATE AND REFINANCE LOANS
PNC Solution Loan®: A private student loan that can provide creditworthy students with the money to finance their education.1 Undergraduate, graduate, health & medical professions, health professions residency and bar study loans are available.
PNC Education Refinance Loan: A loan available to qualified borrowers to combine their higher-interest-rate federal and/or private student loan debt into a single monthly payment.1, 2
INTEREST RATES AND REPAYMENT TERMS3
PNC Solution Loan®: Borrower completes one application to view variable- and fixed-rate options and 5-year, 10-year or 15-year repayment term options.
PNC Education Refinance Loan: Borrower completes one application to view variable- and fixed-rate options and 5-year, 10-year, 15-year or 20-year repayment term options.
REPAYMENT OPTIONS
PNC Solution Loan®:
- Immediate, interest-only, or deferred interest and principal.
- Minimum $25 payment per loan per month.
- In the event of a student borrower’s death, PNC will forgive any and all remaining loan balance of the borrower and cosigner, regardless of repayment status.
PNC Education Refinance Loan:
- Immediate repayment only.
- Minimum $50 payment per month.
- In the event of a student borrower’s death, PNC will forgive any and all remaining loan balance of the borrower and cosigner, regardless of repayment status.
FEES
PNC Solution Loan®: No application fees or origination fees.
PNC Education Refinance Loan: No application fees or origination fees.
MINIMUM AND MAXIMUM LOAN AMOUNTS
PNC Solution Loan®: $1,000 minimum with maximums up to the school-certified cost of attendance minus financial aid for well-qualified applicants. Other limits may apply.4
PNC Education Refinance Loan: $10,000 minimum with maximums up to $25,000 for students who did not graduate, $75,000 for an associate degree, $175,000 for an undergraduate degree and $200,000 for a graduate degree.
CITIZENSHIP REQUIREMENTS
PNC Solution Loan®:
- Borrower must be a U.S. citizen, permanent U.S. resident alien (with Green Card), or non-permanent resident alien (with a Visa).
- Cosigner, if applicable, must be a U.S. citizen or permanent U.S. resident alien.
PNC Education Refinance Loan:
- Borrower must be a U.S. citizen, permanent U.S. resident alien (with Green Card), or non-permanent resident alien (with a Visa).
- Cosigner, if applicable, must be a U.S. citizen or permanent U.S. resident alien.
ENROLLMENT REQUIREMENTS
PNC Solution Loan®: Must be enrolled at least half-time in a degree- or certificate-granting program.
PNC Education Refinance Loan: N/A
GRACE PERIOD
PNC Solution Loan®: 6 months when borrower selects the fully deferred repayment option.
PNC Education Refinance Loan: N/A
REPAYMENT BENEFITS5
PNC Solution Loan®: 0.50% interest rate discount for automated payments from a checking or savings account.
PNC Education Refinance Loan: 0.50% interest rate discount for automated payments from a checking or savings account.
COSIGNER RELEASE6
PNC Solution Loan®: Borrower may request once the borrower has made 48 consecutive and timely payments (or fewer, if required by applicable state law); subject to credit approval.
PNC Education Refinance Loan: Borrower may request once the borrower has made 48 consecutive and timely payments (or fewer, if required by applicable state law); subject to credit approval.
PAST-DUE BALANCES
PNC Solution Loan®: Students may use Solution Loan funds for an outstanding previous-term school balance. The application must be submitted within 8 months of the enrollment period start date for which the funds will be used, and the student must have been enrolled at least half-time during that period.
PNC Education Refinance Loan: N/A
INTEREST CAPITALIZATION
PNC Solution Loan®: Interest is capitalized once repayment period starts and at the end of any subsequent deferment or forbearance periods.
PNC Education Refinance Loan: N/A
DEFERMENT/FORBEARANCE OPTIONS7
PNC Solution Loan®: Several deferment/forbearance options are available.
PNC Education Refinance Loan: Borrower may qualify for deferment period up to 36 months if the borrower re-enrolls in school on a full-time status.
DISBURSEMENT
PNC Solution Loan®: Funds for undergraduate and graduate loans are sent directly to school. School can request up to four uneven disbursements. Funds for bar study and residency programs are sent directly to the borrower.
PNC Education Refinance Loan: Funds are sent directly to the borrower’s loan servicers to pay off their loans.
ELIGIBILITY REQUIREMENTS8
PNC Solution Loan®: Borrower and cosigner, if any, must meet the credit guidelines, including debt-to-income requirements.
PNC Education Refinance Loan: Borrower and cosigner, if any, must demonstrate receipt of current and continuous income and a satisfactory credit profile. Borrowers who have not obtained an associate degree or higher must have made 24 consecutive payments on at least one education loan in the last 2 years.9
SATISFACTORY ACADEMIC PROGRESS (SAP)
PNC Solution Loan®: Meeting satisfactory academic progress (SAP) is not a Solution Loan eligibility requirement.
PNC Education Refinance Loan: N/A
INFORMATION IS SUBJECT TO CHANGE WITHOUT NOTICE.
1 PNC Solution Loans and PNC Education Refinance Loans are subject to credit approval. Certain restrictions and conditions apply. PNC reserves the right to modify or discontinue the terms of these programs at any time. NOTE: Applying with a creditworthy cosigner who is the age of majority in their state is required for 17-year-old applicants and when the applicant is not the age of majority in the state they reside. PNC encourages borrowers to explore all scholarship, grant and federal borrowing options before applying for a private loan. Federal loans have benefits that may not be available under a private loan.
2 Refinance Loans: Impacts of refinancing on the borrower's rate and/or payment will depend upon the terms and conditions of their current loan(s) versus those of a refinance loan. Refinancing at a longer repayment term may lower the borrower's monthly student loan payments, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase the borrower's monthly student loan payments, but may lower the total interest paid over the life of the loan. The borrower should contact PNC to discuss the option that best meets the borrower's needs.
Certain Federal Benefits Will Be Lost or Not Available: By refinancing federal loans through this PNC Education Refinance Loan, the borrower will lose or not be able to select other payment plans available to federal student loan borrowers, such as income-contingent repayment or income-based repayment. In addition, federal student loans offer deferment, forbearance and loan forgiveness options that may not be available under a PNC Education Refinance Loan. The borrower should compare current benefits with this program to ensure that any loss of existing benefits is fully understood. In addition, PNC recommends that the borrower review and have a clear understanding of the Federal relief available and how it may impact their situation. When the borrower refinances existing federal student loan debt with PNC, the borrower may waive current or potential future benefits and protections.
3 Rates & Repayment Terms: For PNC Solution Loan rates, repayment examples and additional details, view each loan option: Undergraduate, Graduate, Health & Medical Professions, Health Residency, Bar Study. For the PNC Education Refinance Loan rates, repayment examples and additional details, view the loan options based on degree obtained. The 20-year repayment term is only available to applicants with an undergraduate or graduate degree borrowing over $75,000.
4 PNC Solution Student Loan Limits: Loan limits may go up to the school-certified cost of attendance minus financial aid for well-qualified applicants. Undergraduate/Undergraduate Health & Medical Professions limits ranging from $50,000–$75,000 and Graduate/Graduate Health & Medical Professions/Accelerated Undergraduate Health and Medical Professions limits ranging from $65,000–$105,000 may apply based on credit criteria. Loan limits are for an academic school year. Minimum Loan Amount: $1,000. Maximum Aggregate Educational Debt (including federal and private student loans): Up to $225,000. Well-qualified graduate students up to $350,000.
5 Automated Payment Discount: During repayment, an interest rate discount of 0.50% is available for automated payments. Payments must be made from a checking or savings account. Automated payment is established through the loan servicer American Education Services (AES). Advertised rates include the 0.50% automated payment interest rate discount. The rate discount will be applied at the time automated payment is established. If automated payment is not established, the available rates will be 0.50% higher than the advertised rates. If automated payment is established and discontinued at any time during repayment, including to enter a deferment or forbearance period, the borrower will no longer receive an automated payment discount and the rate will increase by 0.50%.
6 Cosigner Release: Requires that the borrower has made at least forty-eight (48) consecutive and timely payments (or fewer, if required by applicable state law) of principal and interest with no periods of interruption within that time frame. To qualify, the borrower must submit a request, meet the consecutive and timely payment requirements, provide proof of income, and pass a credit check.
7 Additional conditions may apply; please contact the PNC Student Loan Center for more information.
8 Additional eligibility requirements apply. Visit pnconcampus.com or contact the PNC Student Lending Loan Center for more details.
9 Qualifying federal and private loans must have been used only for qualified higher education expenses at an accredited U.S. undergraduate or graduate school.
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