PNC Student Loan Refinancing offers you access to combine your multiple student loans into a single loan such that you are able to get a flexible payment system. PNC Student Loan Refinance makes it easy for you to save on interest over the life span of your loan or lower your monthly payment which will enable you to meet your goals and budget.
Refinancing your PNC student loans will enable you save time by making one payment each month instead of making payment every week or every time on or before your payment due date. Refinancing has been a whole lots means of reducing your monthly budget by lowering your monthly student loan payment. This will help you meet your budget and put your mind at rest.
Refinancing your student loans without any doubt comes with a lot of benefits such that you can buy your, invest in other businesses like stock market, or even have money to save for your retirement, and helps you prepare for unforeseen circumstances in the future. With this, you can also meet your financial goals and target. Let’s quickly dive into some of the benefits of the refinancing your student loans at PNC.
Benefits of PNC Student Loans Refinance
- Borrowers can combine both higher-interest federal and private student loan debt into a single monthly payment
- When you set up Autopay which is the automated payment system from your checking or saving accounts, you stand the chance to enjoy 0.50% discount on your interest rate
- Your outstanding debt will be forgiven upon the death of the borrower
- You have financial independence when you refinance without a cosigner
- For cosigned loans a borrower can apply for cosigner release after 48 consecutive on-time monthly payments
- Your interest may be tax deductible, however kindly consult your tax adviser
PNC Student Loans Refinance Requirements
There are several requirements you must meet before you can be allowed to refinance your student loans at PNC.
- Applicant and cosigner must reside permanently in the U.S. or must be U.S. Citizens
- Must be 18 years and above or accepted least age in the state
- 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
- Both borrowers and cosigners if applicable are subject to credit approval. Keep in mind that extra documentation may be required
- The borrower on an individual application and the borrower and cosigner on a joint application, if applicable, must demonstrate current and steady income.
What You Need to Qualify for a Refinance on your PNC Student Loans
When you want to apply for a refinance you will be asked to provide your personal and financial information which include the following;
- A valid Social Security Number
- Telephone number
- Current Home address
- Employment
- Annual Salary
- Gross income
- School you mist recently attended
- Your school name
- School address
- Final date of attendance
- Current loans which include lender’s names, account numbers, outstanding balances, monthly payments and interest rate type for each loan. You can submit your recent billing statement as it will contain all these information.
- Review and accept the loan’s refinance application terms and conditions
Rates & Repayment terms for your PNC Education Refinance Loan
The repayment terms for your student loan refinance come in three forms which include 5years, 10 years, and 15 years and sometimes you get up to 20 years especially for undergraduates and graduates. The rates of this refinance can either be a fixed APR or variable APR rate. Below are the various types of refinance rates for your student loans.
Refinance Rate for Undergraduate
| 5 years | 10 years | 15 years | 20 years | |
| Fixed APRs | 2.59%-4.84% | 3.39%-5.64% | 3.94%-6.19% | 3.99%-6.24% |
| Variable APRs | 2.14% – 4.39% | 3.04% – 5.29% | 3.39% – 5.64% | 3.74% – 5.99% |
Refinance Rate for Graduate
| 5 years | 10 years | 15 years | 20 years | |
| Fixed APRs | 2.59% – 4.84% | 3.39% – 5.64% | 3.94% – 6.19% | 3.99% – 6.24% |
| Variable APRs | 2.14% – 4.39% | 3.04% – 5.29% | 3.39% – 5.64% | 3.74% – 5.99% |
Refinance Rate for Associate
| 5 years | 10 years | 15 years | |
| Fixed APRs | 2.84% – 5.09% | 3.64% -5.89% | 4.19% – 6.44% |
| Variable APRs | 2.39% – 4.64% | 3.29% – 5.54% | 3.64% – 5.89% |
Refinance Rate for Did Not Graduate
| 5 years | 10 years | 15 years | |
| Fixed APRs | 3.59% – 5.84% | 4.39% – 6.64% | 4.94% – 7.19% |
| Variable APRs | 3.14% – 5.39% | 4.04% – 6.29% | 4.39% – 6.64% |
How to Calculate your PNC Student Loan Refinancing Rates
You can make use of the PNC Education Refinance Loan calculator to calculate different rates and payment. Below is how to make the payment. However, there are two steps to calculating your refinanced rates for your student loans.
- Go to the PNC Education Refinance Loan calculator page and scroll down to the calculator. You can click on the “Calculate rate & payment” option on the top of the page.
- Next, choose the highest level of education which include “Graduate degree or Higher”, “undergraduate degree”, or “Associate degree”, or “Did not graduate”.
- Then, enter the total student loan balances in the specified box
- Enter your currently monthly balance payments in the specified box.
- Enter your Interest rate across loans in the specified box.
- Then, click on “Continue”.
- On the next page, follow the prompts and click on the “Calculate” button to give you the estimate of your rates and payment.
How to Apply for your PNC Student Loan Refinancing
To apply for your Student loans refinancing at PNC, kindly follow the steps below to complete your PNC student loan application process;
- Go to the PNC Education Refinance application page in the web browser of your device.
- Next, click on the “Apply Now” at the top-right corner of the page.
- On the next page, choose any of the highest degree obtained options and click on it.
- Next, you will be asked to provide your personal and financial information which include your first name, middle name, last name, choose your suffix, social security number, street address, city, state, and postal code.
- Then, click on “Continue”.
- On the next page, follow the prompts and submit your application.
Once you submit your application, PNC will review your information and process your application.