20 States Where College Is Worth the Cost

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Every prospective student wonders: Is college worth it? One reliable way to measure that is by looking at the college’s return on investment (ROI).

To do this, students can compare the cost of their degrees (investment) to how much they’re able to earn upon graduating (return). While that investment typically includes taking out student loans — meaning you would graduate with debt — don’t fret too much. A recent study from Student Loan Hero revealed that, generally, a college degree still pays off for most students.

But the exact value of a college degree as an investment — and the return of a higher salary — vary depending on where you live. Here are the top 20 states where college is a solid bet, as identified by the ROI of a bachelor’s degree in each state.

Top 20 states where college pays off

Student Loan Hero calculated each state’s average return on investment of a college degree five years after graduation. This was done by finding the typical pay difference between workers in that state with a high school diploma versus a bachelor’s degree, then using state-specific college costs to calculate the ROI.

Overall, college proves to be a good bet for most students. A typical college grad will break even on college costs in about 3.7 years, and see an average pay bump of around $19,400.

What’s more, five years post-graduation, an average graduate’s ROI is just about 52 percent.

Of course, many states can yield a much better deal for college students. Here are the states in which a college degree is a smart investment, based on a five-year ROI.

1. Wyoming: 203% 5-year ROI on College

  • Average high school graduate salary: $31,936
  • Average bachelor’s degree holder salary: $45,519
  • Increase in annual pay for earning a bachelor’s: $13,583

Wyoming has some of the highest wages for high school graduates: $31,936 a year, on average. This results in a 43 percent increase in pay for earning a bachelor’s degree.

College is a bargain in this state, too: A bachelor’s degree totals just $22,422 on average, the cheapest in the nation. With these low costs, a degree is a sound investment for Wyoming residents. A graduate will break even in 1.7 years, plus triple their initial investment within five years of graduating.

2. New Mexico: 151% 5-Year ROI on College

  • Average high school graduate salary: $25,747
  • Average bachelor’s degree holder salary: $43,257
  • Increase in annual pay for earning a bachelor’s: $17,510

New Mexico workers with only a high school diploma are among some of the lowest-paid in the nation, earning $25,747 a year on average. However, wages for New Mexico college graduates also rank among the bottom 10 states in the nation.

Earning a bachelor’s results in a respectable 68 percent pay increase. And with the third-lowest college costs in the nation, at $34,945 for a bachelor’s degree, this investment pays off in only two years.

3. Arkansas: 120% 5-Year ROI on College

  • Average high school graduate salary: $25,767
  • Average bachelor’s degree holder salary: $44,101
  • Increase in annual pay for earning a bachelor’s: $18,334

Average wages are also low for Arkansas’s high school grads; they earn $25,767 a year.

Yet someone with a bachelor’s degree earns an average income of $44,101 — that’s a 71 percent increase in pay.

Combine this impressive increase with low college costs of $41,629 for a four-year degree, and it takes just 2.3 years for the average grad to break even.

4. Texas: 114% 5-Year ROI on College

  • Average high school graduate salary: $27,232
  • Average bachelor’s degree holder salary: $51,701
  • Increase in annual pay for earning a bachelor’s: $24,469

In Texas, earning a bachelor’s degree will generate an average pay increase of 90 percent — the third-highest in the nation.

This steep increase in pay means that college pays off for Texas residents. While that $57,121 price tag for a bachelor’s degree may be steep, college grads will break even in 2.3 years.

5. Georgia: 105% 5-Year ROI on College

  • Average high school graduate salary: $26,350
  • Average bachelor’s degree holder salary: $49,989
  • Increase in annual pay for earning a bachelor’s: $23,639

Workers in Georgia who attain a bachelor’s degree earn 90 percent more than those with just a high school diploma. This means attending college can nearly double pay for most residents in this state.

Combine this big pay boost with lower college costs, and grads can quickly earn back the investment of a college degree in 2.4 years.

6. Arizona: 102% 5-Year ROI on College

  • Average high school graduate salary: $26,898
  • Average bachelor’s degree holder salary: $48,159
  • Increase in annual pay for earning a bachelor’s: $21,261

A typical Arizona resident will break even on college costs in only 2.5 years. That’s thanks to the low costs of a bachelor’s degree, at $52,524. It also reflects a higher local pay difference of 79 percent from high school to college levels of educational attainment.

7. California: 102% 5-Year ROI on College

  • Average high school graduate salary: $27,963
  • Average bachelor’s degree holder salary: $56,010
  • Increase in annual pay for earning a bachelor’s: $28,047

California’s jump in pay from a high school to an undergraduate diploma is the second-highest among the top 20 states listed in this study. The average pay for workers with bachelor’s degrees is, in fact, more than double what high school graduates earn in this state.

At 102 percent, that’s the biggest pay increase for earning a bachelor’s degree in any state. That helps college graduates earn back the investment of a degree in 2.5 years.

8. Alabama: 96% 5-Year ROI on College

  • Average high school graduate salary: $26,132
  • Average bachelor’s degree holder salary: $46,434
  • Increase in annual pay for earning a bachelor’s: $20,302

The pay levels for Alabama college graduates are about 78 percent higher than high school grads in this state. Thanks to this percentage, residents with bachelor’s degrees break even on the $51,732 cost of a degree in 2.6 years.

9. Alaska: 95% 5-Year ROI on College

  • Average high school graduate salary: $34,236
  • Average bachelor’s degree holder salary: $52,769
  • Increase in annual pay for earning a bachelor’s: $18,560

Alaska’s high school graduates are the best paid in the U.S., earning $34,236 on average.

What’s more, the average salary for a college graduate in Alaska is 54 percent higher than graduates who only hold a high school diploma, a smaller gap than in most states.

However, residents of this state receive a relatively low-cost education at $47,524 in this state, and break even in just 2.6 years.

10. Montana: 92% 5-Year ROI on College

  • Average high school graduate salary: $25,186
  • Average bachelor’s degree holder salary: $38,283
  • Increase in annual pay for earning a bachelor’s: $13,097

Montana has some of the lowest college costs in the country. In fact, a bachelor’s degree costs just $34,184, an investment a college grad in this state will earn back in just 2.6 years.

However, Montana is actually the lowest-paying state for college graduates. It’s also the only place where a bachelor’s degree doesn’t come with an average pay greater than $40,000 a year. Overall, a bachelor’s degree only bumps up annual pay by 52 percent.

11. New Jersey: 85% 5-Year ROI on College

  • Average high school graduate salary: $32,207
  • Average bachelor’s degree holder salary: $61,128
  • Increase in annual pay for earning a bachelor’s: $28,921

Among these 20 top states, New Jersey has the highest incomes for graduates with a bachelor’s and the highest dollar-for-dollar pay increase from high school diploma to a bachelor’s degree (a bump of 90 percent).

This makes college a good deal, even with the state’s higher college costs — a bachelor’s degree costs just over $78,000. But New Jersey college grads can recoup that cost in 2.7 years, thanks to the state’s higher incomes.

12. Mississippi: 84% 5-Year ROI on College

  • Average high school graduate salary: $25,954
  • Average bachelor’s degree holder salary: $40,952
  • Increase in annual pay for earning a bachelor’s: $14,998

Mississippi is another state in which wages start low for those with high school diplomas.

However, wages for college graduates are also among the lowest of any state ranked among the top 20. Unfortunately, that means a graduate with a bachelor’s degree will only see a pay increase of 58 percent — a pay bump that lags behind college graduates in most other states.

The low cost of college in Mississippi means college still pays off in this state. The typical college grad will break even in 2.7 years.

13. Maryland: 82% 5-Year ROI on College

  • Average high school graduate salary: $33,584
  • Average bachelor’s degree holder salary: $60,287
  • Increase in annual pay for earning a bachelor’s: $26,703

Maryland is the only other top 20 state (besides New Jersey) in which bachelor’s graduates earn more than $60,000 a year.

In fact, those with a high school diploma can expect an average pay increase of 80 percent after earning a bachelor’s degree. This means that with a steeper-than-average cost of a bachelor’s degree of $73,213, most graduates will break even in 2.7 years.

14. Louisiana: 81% 5-Year ROI on College

  • Average high school graduate salary: $28,300
  • Average bachelor’s degree holder salary: $47,115
  • Increase in annual pay for earning a bachelor’s: $18,815

In Louisiana, a bachelor’s degree typically results in a 66 percent boost in pay, putting this state near the middle of the pack in this measure. However, lower costs on college mean a typical grad needs only 2.8 years to repay the average $51,973 bachelor’s degree.

15. Washington: 80% 5-Year ROI on College

  • Average high school graduate salary: $31,011
  • Average bachelor’s degree holder salary: $53,802
  • Increase in annual pay for earning a bachelor’s: $22,791

Washington residents can earn a bachelor’s degree at an average cost of $63,281, and break even on this cost in 2.8 years. The higher dollar difference in average pay between the state’s high school and college grads represents a 73 percent increase for the latter.

16. Hawaii: 75% 5-Year ROI on College

  • Average high school graduate salary: $30,971
  • Average bachelor’s degree holder salary: $46,590
  • Increase in annual pay for earning a bachelor’s: $15,619

In Hawaii, earning a bachelor’s degree results in an average pay increase of 50 percent — one of the lowest (by percentage difference) in the nation.

However, the relatively low cost of $44,738 of a bachelor’s degree in this state makes for a smart investment. Plus, a typical college graduate will earn back the money spent on a degree in a short 2.9 years.

17. Virginia: 72% 5-Year ROI on College

  • Average high school graduate salary: $29,303
  • Average bachelor’s degree holder salary: $55,509
  • Increase in annual pay for earning a bachelor’s: $26,206

Earning a bachelor’s degree is an achievement worth an 89 percent pay bump in Virginia, one of the largest pay increases in the nation. These higher earnings mean the average Virginia college graduate can pay back his or her $76,000 bachelor’s degree in 2.9 years.

18. North Carolina: 71% 5-Year ROI on College

  • Average high school graduate salary: $26,059
  • Average bachelor’s degree holder salary: $45,377
  • Increase in annual pay for earning a bachelor’s: $19,318

College costs are lower than average among North Carolina colleges at $56,400 for a four-year degree.

What’s more, this cost is recouped in just 2.9 years. That’s thanks to the decent jump in pay for North Carolina residents with bachelor’s degrees, who earn 74 percent more than workers with only a high school diploma.

19. North Dakota: 69% 5-Year ROI on College

  • Average high school graduate salary: $31,691
  • Average bachelor’s degree holder salary: $43,555
  • Increase in annual pay for earning a bachelor’s: $11,864

North Dakota has the lowest-percentage pay bump from earning a bachelor’s degree in the nation — only 37 percent. That’s largely because high school graduates earn higher wages, with North Dakota among the 10 states that pay these workers the most.

Despite having one of the smallest gaps in pay between these two educational degree levels, North Dakota residents would still benefit from the state’s low college costs. A $35,198 price tag for a bachelor’s degree is the fourth-lowest in the nation.

College graduates would break even on these costs after three years.

20. Michigan: 66% 5-Year ROI on College

  • Average high school graduate salary: $26,347
  • Average bachelor’s degree holder salary: $48,622
  • Increase in annual pay for earning a bachelor’s: $22,275

Last on the list is Michigan, a state that earns its spot thanks to the higher pay of college graduates. Michigan workers with a bachelor’s degree earn 85 percent more, on average, than those with high school diplomas.

With such a big pay bump, graduates break even on the $67,130 cost of a four-year degree in three years.

Methodology: Student Loan Hero sourced wage data by state and educational attainment from the U.S. Census Bureau.

College costs were based on data from a previous Student Loan Hero study finding the average cost of a college credit in each state, multiplied by the typical 120 credit hours required for a bachelor’s degree.

Return on investment data was calculated by finding the differences in average wages between a high school graduate and a worker with a bachelor’s degree in a given state, multiplied over five years. This was then compared to the initial cost of a bachelor’s degree in that state by calculating the five-year ROI.

Rank State High school graduate salary College graduate salary Pay difference with college degree Cost of a Bachelor’s degree 5-year ROI of a Bachelor’s degree Years to break even on college costs
1 Wyoming $31,936 $45,519 $13,583 $22,422 202.89% 1.65
2 New Mexico $25,747 $43,257 $17,510 $34,945 150.54% 2.00
3 Arkansas $25,767 $44,101 $18,334 $41,629 120.21% 2.27
4 Texas $27,232 $51,701 $24,469 $57,121 114.18% 2.33
5 Georgia $26,350 $49,989 $23,639 $57,719 104.78% 2.44
6 Arizona $26,898 $48,159 $21,261 $52,524 102.39% 2.47
7 California $27,963 $56,010 $28,047 $69,506 101.76% 2.48
8 Alabama $26,132 $46,434 $20,302 $51,732 96.22% 2.55
9 Alaska $34,236 $52,769 $18,533 $47,524 94.99% 2.56
10 Montana $25,186 $38,283 $13,097 $34,184 91.56% 2.61
11 New Jersey $32,207 $61,128 $28,921 $78,100 85.15% 2.70
12 Mississippi $25,954 $40,952 $14,998 $40,657 84.44% 2.71
13 Maryland $33,584 $60,287 $26,703 $73,213 82.36% 2.74
14 Louisiana $28,300 $47,115 $18,815 $51,973 81.01% 2.76
15 Washington $31,011 $53,802 $22,791 $63,281 80.08% 2.78
16 Hawaii $30,971 $46,590 $15,619 $44,738 74.56% 2.86
17 Virginia $29,303 $55,509 $26,206 $75,970 72.48% 2.90
18 North Carolina $26,059 $45,377 $19,318 $56,410 71.23% 2.92
19 North Dakota $31,691 $43,555 $11,864 $35,198 68.53% 2.97
20 Michigan $26,347 $48,622 $22,275 $67,130 65.91% 3.01
21 Delaware $30,981 $51,156 $20,175 $62,078 62.50% 3.08
22 Kansas $27,716 $45,639 $17,923 $55,448 61.62% 3.09
23 Colorado $30,366 $48,901 $18,535 $61,226 51.36% 3.30
24 Illinois $28,850 $52,080 $23,230 $77,702 49.48% 3.34
25 District of Columbia $29,756 $62,267 $32,511 $110,050 47.71% 3.38
26 Oklahoma $27,001 $42,732 $15,731 $53,429 47.21% 3.40
27 West Virginia $26,844 $42,183 $15,339 $52,474 46.16% 3.42
28 Connecticut $33,775 $60,338 $26,563 $92,028 44.32% 3.46
29 Idaho $25,140 $40,843 $15,703 $54,868 43.10% 3.49
30 Nevada $29,351 $45,840 $16,489 $58,660 40.55% 3.56
31 Ohio $28,203 $49,281 $21,078 $75,800 39.04% 3.60
32 Minnesota $30,662 $51,329 $20,667 $75,272 37.28% 3.64
33 New York $30,084 $54,214 $24,130 $88,700 36.02% 3.68
34 South Carolina $25,698 $43,712 $18,014 $66,614 35.21% 3.70
35 Florida $25,275 $43,371 $18,096 $70,750 27.89% 3.91
36 Kentucky $26,518 $44,249 $17,731 $69,478 27.60% 3.92
37 Missouri $27,162 $44,482 $17,320 $68,875 25.73% 3.98
38 Utah $29,531 $45,046 $15,515 $64,316 20.61% 4.15
39 Tennessee $25,990 $44,289 $18,299 $76,297 19.92% 4.17
40 Nebraska $28,325 $44,255 $15,930 $67,895 17.31% 4.26
41 Wisconsin $29,904 $47,339 $17,435 $75,422 15.58% 4.33
42 South Dakota $27,706 $40,472 $12,766 $55,804 14.38% 4.37
43 Oregon $26,514 $43,452 $16,938 $77,652 9.06% 4.58
44 New Hampshire $32,844 $51,767 $18,923 $93,098 1.63% 4.92
45 Pennsylvania $29,692 $50,170 $20,478 $103,810 -1.37% 5.07
46 Massachusetts $32,237 $57,029 $24,792 $126,338 -1.88% 5.10
47 Iowa $29,615 $46,382 $16,767 $88,702 -5.49% 5.29
48 Maine $26,716 $41,612 $14,896 $83,966 -11.30% 5.64
49 Indiana $28,846 $45,632 $16,786 $96,182 -12.74% 5.73
50 Rhode Island $31,196 $51,769 $20,573 $139,248 -26.13% 6.77
51 Vermont $29,566 $41,109 $11,543 $132,793 -56.54% 11.50

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2 Important Disclosures for Earnest.

Earnest Disclosures

  1. Rates include 0.25% Auto Pay Discount
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College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

(1)All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

(2)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 7/1/2019. Variable interest rates may increase after consummation.


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  1. Students who get at least a 3.0 GPA (or equivalent) qualify for a one-time cash reward on each new Discover undergraduate and graduate student loan. Reward redemption period is limited. Please visit DiscoverStudentLoans.com/Reward for any applicable reward terms and conditions.
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A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.

Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.

Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
If you are unable to pay your government loan, the government can refer your loan to a collection agency or sue you for the unpaid amount. In addition, the government has special powers to collect the loan, such as taking your tax refund and applying it to your loan balance.

A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If you refinance your government loan, your new lender will use the proceeds of your new loan to pay off your government loan. Private student loan lenders do not have to honor any of the benefits that apply to government loans. Because your government loan will be gone after refinancing, you will lose any benefits that apply to that loan. If you are an active-duty service member, your new loan will not be eligible for service member benefits. Most importantly, once you refinance your government loan, you will not able to reinstate your government loan if you become dissatisfied with the terms of your private student loan.

If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you are a borrower with a secure job, emergency savings, strong credit and are unlikely to need any of the options available to distressed borrowers of government loans, a refinance of your government loans into a private student loan may be attractive to you. You should consider the costs and benefits of refinancing carefully before you refinance.

If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.

Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.


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  1. Annual Percentage Rates (APRs): APRs from 4.52% to 11.11% are for the fully deferred repayment option, include the 0.50% interest rate discount for automatic payment and encompass the full range of APRs for the three repayment term options (5, 10 and 15 year). APRs within this range may vary based on the repayment term chosen. See break down of APR ranges by repayment terms below.
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  3. Fixed Annual Percentage Rates (APRs): APRs range from 4.52% to 9.58% for a 5-year term. APRs range from 5.05% to 10.26% for a 10-year term. APRs range from 5.55% to 10.84% for a 15-year term. Fixed rates are based on the creditworthiness of the borrower and co-signer, if any. Loan Payment Example: The monthly payment per $10,000 borrowed at a fixed rate range of 5.05% APR to 10.26% APR for 10 years means you would make 120 payments which may range from $131.94 to $207.24. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. Payments may vary for other repayment term options.

    Variable Annual Percentage Rates (APRs): APRs range from 4.90% to 9.92% for a 5-year term. APRs range from 5.38% to 10.57% for a 10-year term. APRs range from 5.85% to 11.11% for a 15-year term. Variable rates are based on the London Interbank Offered Rate (LIBOR) index plus a margin depending on the creditworthiness of the borrower and co-signer, if any. The LIBOR index, adjusted quarterly, is equal to the average of the one-month LIBOR rates as published in the “Money Rates” section of the Wall Street Journal on the first business day of each of the three (3) calendar months immediately preceding each quarterly adjustment date. The LIBOR index is currently 2.47%. If the index increases or decreases, your rate will increase or decrease accordingly. Loan Payment Example: The monthly payment per $10,000 borrowed at a variable rate range of 5.38% APR to 10.57% APR for 10 years means you would make 120 payments which may range from $135.93 to $212.65. For the variable rate loan, the monthly payment may increase or decrease if the interest rate increases or decreases. Payments may vary for other repayment term options.

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  4. Automatic Payment Discount: During repayment, an interest rate discount of 0.50% is available for automatic payments. Borrower must be making scheduled payments that include both principal and interest. Interest only payments do not qualify for the 0.50% interest rate discount. Automatic payment can be established through the loan servicer American Education Services (AES). Advertised rates include the 0.50% automatic payment interest rate discount. The rate discount will be applied at the time automatic payment is established. If automatic payment is not established, the available rates will be 0.50% higher than the advertised rates. If automatic payment is established and discontinued at any time during repayment, the borrower will no longer receive an automatic payment discount and the rate will increase by 0.50%. Discount may also be suspended during periods of forbearance or deferment. Payments may be made from a checking or savings account. A federal regulation limits the number of transfers that may be made from a savings or money market account. Please contact your financial institution for more information on transfer limitations on savings accounts.
  5. Repayment Options: Immediate, interest only payments while in school and full deferment of principal and interest options available. Interest will continue to accrue during periods of deferment. You will receive quarterly interest statements during this deferment period. Paying the interest as it accrues each quarter will save you money over the repayment term of the loan because any accrued interest that you do not pay will be added to the principal balance at the end of the deferment.
  6. Co-Signer Release: A request to release a co-signer requires that, as of the date of the request, you have made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the minimum monthly payment must be made for the most recent forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
  7. Tax Deductibility: Interest may be tax deductible. Consult a tax advisor.

Please note: PNC reserves the right to modify or discontinue the terms of these program at any time without notice. You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan. Private loans are subject to credit approval.

PNC is a registered service mark of The PNC Financial Services Group, Inc.
© 2019 The PNC Financial Services Group, Inc. All rights reserved. PNC Bank, National Association.

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