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PNC Bank is a private student loan lender offering generous benefits and interest rates that make them a competitive choice for borrowers looking to finance their education.
Although private loans have fewer benefits than federal loans, PNC has some features that make them more flexible than many other private lenders. From cosigner release to longer repayment terms, you can take advantage of PNC’s perks to lower your monthly payments and better manage your debt.
PNC student loans review: the basics
PNC Bank provides consumers with a comprehensive array of financial services, including everything from checking and savings accounts to mortgages. Likewise, PNC helps finance education through private student loans and PNC student loan refinance options.
In terms of its private student loans, PNC has some unique features and benefits that set it apart from some of its competitors, including:
- Longer repayment terms: You can choose a repayment term as long as 15 years, instead of the standard 10-year term offered by many lenders. The longer term means you’ll pay more in interest over time, but your loan payments will be smaller.
- Cosigner release: If you need a cosigner to qualify but then later want to remove that person’s responsibility for your loan, you can apply for cosigner release after 48 months of on-time payments.
- Interest rate deduction: Many lenders offer autopay discounts, but PNC incentivizes borrowers with a larger rate reduction than most. If you sign up for automatic payments with your checking or savings account, it will lower your rate by 0.50 percent. Over the length of your repayment term, a half-percentage-point interest rate reduction like this one can result in substantial savings. You can use our Student Loan Interest Calculator to see how much interest you might avoid.
- Deferred payments: PNC is among the private lenders that allow you to defer payments on your loans until six months after graduating, giving you time to get settled and find a job before worrying about payments.
What we like about PNC Bank student loans
PNC Bank offers competitive interest rates, ranging from 5.03% to 12.29%, though your credit history and income will determine whether you qualify for the lowest rates. PNC Offers both fixed- and variable-rate loans, and there are no application or origination fees.
PNC also offers refinancing, allowing borrowers to exchange their existing federal and private student debt for a new loan, possibly with a lower interest rate or a longer or shorter term. That said, make sure to weigh the pros and cons of refinancing before you act, especially if you have federal loans — you’ll lose access to benefits like federal repayment and forgiveness options.
PNC Bank also makes it easy to get help with your loans. PNC Bank’s customer service team is available around the clock, even on weekends and holidays. If you need to get in touch with them, you can call 1-888-PNC-BANK or email them at PNC Bank’s secure message center.
What to keep in mind about PNC Bank student loans
To qualify for a PNC student loan or refinancing loan, you must be a U.S. citizen or permanent resident and have lived in the U.S. for the previous two years. You must also meet PNC’s credit guidelines and debt-to-income requirements, or apply with a cosigner who can. Students need to be enrolled at least half-time in a degree-seeking program to be eligible for a loan.
PNC Bank doesn’t specify a certain credit score that you’ll need to get a loan, but its credit guidelines ask for two years of satisfactory credit history and two years of continuous income or employment history. If you’re a freelancer or own a small business, you’ll need to have been in business for at least two years before applying.
If you don’t meet those guidelines, you might need an eligible cosigner to borrow from PNC Bank.
Are PNC Bank student loans right for you?
To decide if PNC student loans will work for you, consider the different options the company offers. These include:
1. Undergraduate loans
Undergraduates enrolled in a degree-seeking program at least half-time can borrow up to $40,000 per year to cover education costs. Though some private lenders deposit funds into your bank account, PNC sends undergraduate loan funds directly to the school.
2. Graduate/professional loans
Graduate or professional-level students can borrow up to $65,000 per year for education costs. Here too, PNC will send the money to your school.
3. Health and medical professional loans
Students in a PNC-approved accelerated program working toward a degree in a health-related field can borrow up to $65,000 per year to pay for school. Plus, they can defer payments during their medical residency.
4. Health professions residency loans
Medical doctors, dentists, and veterinarians who need money to pay for relocation and living expenses during their residency can borrow up to $15,000 through a health professions residency loan.
5. Bar study loans
Recent law school graduates or those with less than six months until graduation can borrow money to cover the cost of preparing for and taking the bar exam. You can borrow up to $15,000 with a PNC bar study loan.
6. Refinancing loans
Borrowers who want to consolidate their loans into one easy payment, reduce their interest rate, or lower their monthly payments can refinance up to $75,000 of their federal and private student loans by taking advantage of PNC student loan refinance options.
If one of these loan types is a good fit for your needs, PNC Bank might be the right student loan lender to turn to when you’re looking to finance your education or make it easier to repay your student loans.
Kat Tretina contributed to this article.
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
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.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
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.
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 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 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.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.69% – 10.94%1||Undergraduate, Graduate, and Parents||Visit CollegeAve|
|3.97% – 12.97%3||Undergraduate and Graduate||Visit Ascent|
|4.34% – 12.99%2||Undergraduate and Graduate||Visit Discover|
|4.12% – 10.98%*,4||Undergraduate and Graduate||Visit SallieMae|
|5.03% – 11.23%5||Undergraduate and Graduate||Visit PNC|
|4.00% – 13.00%6||Undergraduate and Graduate||Visit SunTrust|
|4.72% – 9.81%7||Undergraduate and Graduate||Visit LendKey|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents||Visit CommonBond|
|4.19% – 12.06%9||Undergraduate, Graduate, and Parents||Visit Citizens|