Getting into college is a huge achievement, but figuring out how to pay for it can be more challenging. Even after exhausting grants, scholarships, and federal student loans, you might find that you need more money to pay for school.
That’s where private student loans can be a useful tool. However, every lender offers different terms and interest rates, so it’s important to do your research to find the best one for you.
One lender to keep in mind is PNC Bank. PNC student loans have generous benefits and interest rates that make them a competitive choice. Check out the following options and features PNC offers to student borrowers.
PNC student loans review
Although private loans have fewer benefits than federal loans, PNC has some features that make them more flexible than other private loans. 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 loan products
PNC Bank is a comprehensive financial institution, providing consumers with everything from checking and savings accounts to mortgages. When it comes to private student loans, PNC has some unique features and benefits that set it apart from other lenders.
- Deferred payments: PNC allows 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.
- Longer repayment terms: You can choose a repayment term as long as 15 years, instead of the standard 10-year term you’d have with federal loans. 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, 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, an interest rate reduction can result in substantial savings.
PNC has several education financing options, including:
1. Undergraduate loans
Undergraduates enrolled in a degree-seeking program at least half time can borrow up to $40,000 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, and PNC sends the money to your school.
3. Health and medical professional loans
Students in an accelerated program working toward a degree in a PNC-approved, health-related field can borrow up to $65,000 per year to pay for school. Plus, they can defer payments during their 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.
Using the PNC online platform
PNC’s website is intuitive and simple to use. Beyond allowing you to apply for loans and open bank accounts, PNC also provides educational resources about student loans and financial literacy. You can learn about the basics of student loans and come up with a plan to manage your debt after graduation.
If you don’t already have a PNC bank account but would like to apply for a loan, you can click on “Apply Now” next to the appropriate loan to begin the process. The site will prompt you to enter your personal information, school name, and the amount you would like to borrow.
If you meet the basic criteria, the site will then take you to the next part of the application. If you don’t meet the requirements, you’ll receive an immediate notification that you’re ineligible for a loan.
PNC also has a mobile app for both iOS and Android smartphones. Users can access their accounts from their phone to view their balances and make payments. However, you can’t apply for a student loan through the app.
PNC student loan interest rates and fees
Compared to federal student loan interest rates, PNC Bank offers competitive rates. Your credit history and income will determine whether you qualify for the lowest rates.
As of December 2017, PNC’s fixed-rate student loans can have rates as low as 6.21% for undergraduate borrowers. PNC also offers variable rate loans. These types of loans have interest rates that fluctuate along with market conditions. Although rates can start off low — with PNC, as low as 4.39% — they can increase over time.
If you plan on refinancing your student loans, PNC offers rates as low as 5.39% for a fixed-term loan.
There are no application or origination fees for student loans or refinancing loans.
PNC student loan eligibility requirements
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 its credit guidelines and debt-to-income requirements. 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 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.
PNC Bank customer service
When it comes to company reputation, PNC Bank gets good marks. The Better Business Bureau (BBB) granted PNC Financial Services Group Inc., the parent company behind PNC Bank, a B rating. The BBB bases its ratings on customer complaints, transparent business practices, and how the company handles issues.
However, customers seem to view the company less favorably than the BBB does. Out of 101 reviews on the BBB site, there are 98 negative responses. Most highlight difficulties with the customer service call center, such as rude or unhelpful representatives.
Everyone’s experience is different, but it’s a good idea to check out reviews to help you make an informed decision on which student loan lender to choose.
If you do want to get a hold of a representative, 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 through PNC Bank’s secure message center.
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Lender Rates (APR) Eligibility
1 = Citizens Disclaimer.
2 = CollegeAve Autopay Disclaimer: 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.
* 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.
3 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
4.04% - 12.66%2 Undergraduate, Graduate, and Parents Visit CollegeAve
4.11% - 12.19% Undergraduate and Graduate Visit Ascent
3.87% - 11.85%*3 Undergraduate and Graduate Visit SallieMae
2.93% - 9.67% Undergraduate, Graduate, and Parents Visit CommonBond
3.78% - 11.99%1 Undergraduate, Graduate, and Parents Visit Citizens
4.51% - 9.69% Undergraduate and Graduate Visit LendKey
3.91% - 11.45% Undergraduate and Graduate Visit Connext