PNC student loans is offered to undergraduates and graduates across in all 50 states across the United States and as a borrower, if you can make automatic payment you get a 0.5% point interest rate discounts from the lender and once you are done in school, you can also benefit from the student loan refinancing. PNC’s private student loan is made available for students while they are still in school are planning to start repayment instantly while PNC student loan refinancing is made available for student without a degree.
To get a PNC student loan, you can apply online but you will be asked to provide your personal, financial information and school details first to know your eligibility. If you are eligible, PNC bank will review your application after submission and then send the funds directly to your school. PNC does not reveal any information about its forbearance policy and for students having difficulty with payment, may not get flexible repayment plans options at PNC. However, having a co-signer with a good credit history will improve your chances of getting qualified with a good and lower rate.
Pros & Cons
Pros
- Have several loans options to undergraduate, graduate, and professional education
- Automatic payment gets 0.5% point interest rate discounts and it is larger than most lenders offer
- You can access loans in all 50 states
- Co-signer release options after 48-months of on-time payments
- Refinancing is without degree
Cons
- No prequalification process – this means you can know when you prequalify or check your interest rate
- Does not offer student loans to international students
- No flexible repayment options
Types of PNC Student Loans
PNC offers various kinds of student loans for the reasons
- Graduate study.
- Health & medical professions
- Bar exam study
- Undergraduate study.
- Residency
- Professional degrees
- Refinancing
PNC Student Loan Requirements
There are various requirements to qualify for PNC student loans. They include the following;
For undergraduate, graduate and professional student loans, you must:
- Be a U.S. citizen or permanent resident.
- Be enrolled at least half time in a degree program.
- Resided in the U.S. for the last two years.
- Have two years of satisfactory credit and proof of employment and income history, or have a co-signer who meets qualifications.
- Meet debt-to-income ratio requirements as demanded by PNC
For bar study loans, you must:
- Be planning to take the bar exam no later than six months after graduation.
- Resided in the U.S. for the last two years.
- Have graduated from a PNC-approved law school within the last six months (or be a professional student enrolled at least half time at a PNC-approved law school scheduled to graduate within the next six months).
- Have two years of satisfactory credit and proof of employment and income history, or have a co-signer who meets qualifications.
- Be a U.S. citizen or permanent resident.
- Meet debt-to-income ratio requirements as demanded by PNC
For student loan refinancing, you must:
- Have at least 24 months of positive repayment history on private or federal student loans.
- Have two years of satisfactory credit and proof of employment and income history, or have a co-signer who meets qualifications and steady source of income
- Be able to pass a credit check.
- Be a U.S. citizen or permanent resident.
For residency student loans, you must:
- Be participating in a PNC-approved M.D., D.D.S., D.O. or D.V.M. residency program (or planning to participate in a residency program within a year).
- Be a U.S. citizen or permanent resident.
- Meet debt-to-income ratio requirements as demanded by PNC
- Have two years of satisfactory credit and proof of employment and income history, or have a co-signer who meets qualifications.
- Resided in the U.S. for the last two years.
Repayment terms
PNC uses the PNC solution Loan® to offer three repayment terms which include – 5, 10 and 15 years. Plus, you can also enroll in the student loan deferment in case you are experiencing some hard times. Keep in mind that during the period of deferment, your interest will continue to accrue. Other repayment options are the immediate and interest-only options for students still in college while graduates have a grace period of six months.
Undergraduate Loan
| Repayment terms | Fixed APRs | Variable APRS | Monthly Principal & interest Payment on a $10,000 loan |
| 5 years | 2.99 – 8.74% | 1.34- 7.09% | $172.50 – $207.07 |
| 10 years | 3.99 – 9.74% | 2.54 – 8.29% | $94.55 – $131.24 |
| 15 years | 4.14 – 9.89% | 2.69 – 8.44% | $67.65 – $107.22 |
Graduate Loan
| Repayment terms | Fixed APRs | Variable APRS | Monthly Principal & interest Payment on a $10,000 loan |
| 5 years | 2.99 – 8.74% | 1.34- 7.09% | $172.50 – $207.07 |
| 10 years | 3.99 – 9.74% | 2.54 – 8.29% | $94.55 – $131.24 |
| 15 years | 4.14 – 9.89% | 2.69 – 8.44% | $67.65 – $107.22 |
Bar Study Loan
| Repayment terms | Fixed APRs | Variable APRS | Monthly Principal & interest Payment on a $15,000 loan |
| 5 years | 2.99 – 8.74% | 1.34- 7.09% | $258.75 – $310.60 |
| 10 years | 3.99 – 9.74% | 2.54 – 8.29% | $141.83 – $196.86 |
| 15 years | 4.14 – 9.89% | 2.69 – 8.44% | $101.48 – $160.83 |
Health Professions Residency Loan
| Repayment terms | Fixed APRs | Variable APRS | Monthly Principal & interest Payment on a $10,000 loan |
| 5 years | 2.99 – 8.74% | 1.34- 7.09% | $258.75 – $310.60 |
| 10 years | 3.99 – 9.74% | 2.54 – 8.29% | $141.83 – $196.86 |
| 15 years | 4.14 – 9.89% | 2.69 – 8.44% | $101.48 – $160.83 |
Health & Medical Professions Loan
| Repayment terms | Fixed APRs | Variable APRS | Monthly Principal & interest Payment on a $10,000 loan |
| 5 years | 2.99 – 8.74% | 1.34- 7.09% | $172.50 – $207.07 |
| 10 years | 3.99 – 9.74% | 2.54 – 8.29% | $94.55 – $131.24 |
| 15 years | 4.14 – 9.89% | 2.69 – 8.44% | $67.65 – $107.22 |
Other terms and Fees
- No origination or application fee
- No prepayment penalties
- No soft credit check if you qualify and check your interest rate
- Loan amounts: $1,000 to $50,000
- Late fees: Yes; 5% of the past-due amount or $5, whichever is less, after the payment is 15 days past-due
How to Contact PNC Customer service for Student Loans
If you are having any issue regarding your student loan or any of its products. You can speak with any PNC representative by calling the bank at 800-762-1001. PNC customer service working hours include Monday through Friday from 8 a.m. to 5 p.m. ET. You can also send an email through the company’s contact form. You can also locate the nearest PNC bank branch near you.
How to apply for a Student loan with PNC
You can apply for a student loan through the PNC’s website. Keep in mind that when you are applying you will be asked to check if you are eligible first before providing other information about you. To check if you are eligible, you can follow the steps below;
- Go to www.pnc.com/en/personal-banking/borrowing/private-student-loans.html in the web browser of your device.
- On the next page, scroll down and click on “Apply Now”.
- Next, the eligibility page appear, enter the following information
- School name
- School branch name
- school state
- Requested loan amount
- Choose if you will be enrolled at least half time
- US citizenship status
- Choose the age of majority of your state of residence
- State if you are applying with a cosigner
- Next, click on the “Am I eligible?” button to check if you qualify.
- Once you are eligible, it will take you to the application page where you will also provide some information which;
- Have two years satisfactory credit history and two years continuous income and/or employment history.
- Have proof of current income.
- If self-employed, have been in business for at least two years and can provide copies of the most recent federal tax returns with all applicable schedules.
- Your Social Security number
- Information on other bills you have, such as your mortgage or rent amount
- Once you submit all the required information, PNC will review your application and once it is approve. Your funds will be sent to your school.