Refinance rates with Laurel Road start at 1.89%.
Checking your rates won’t affect your score.
Note that the situation for student loans has changed due to the impact of the coronavirus outbreak and relief efforts from the government, student loan lenders and others. Check out our Student Loan Hero Coronavirus Information Center for additional news and details.
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PNC Bank is a private student loan lender offering competitive benefits and interest rates for borrowers looking to finance their education, as well as student loan refinancing. PNC offers perks such as cosigner release and longer repayment terms (to lower your monthly payments), something that other private student loan lenders may not, in addition to more niche loan products, such as health professional residency and bar study loans.
Let’s take a look at our PNC student loan review, including a rundown of your options — specifically:
- The basics: PNC student loans review
- Pros: What we like about PNC Bank student loans
- Cons: What to keep in mind about PNC Bank student loans
- Which type of PNC Bank student loan is right for you?
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: Like many other lenders, you can choose a repayment term as long as 15 years, which would result in lower monthly payments than one might get through a typical 10-year repayment period (the default for federal loans). Or if you can afford larger payments, you can opt for a shorter term (PNC starts at five years) and get your debt paid off sooner, with less interest.
- Cosigner release: If you need a cosigner to qualify but would eventually want to remove that person’s responsibility for your loan later on, 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, you can get a reduction of 0.50%. 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 having to worry about payments.
PNC Bank offers both fixed- and variable-rate loans at competitive interest rates, at 4.54% – 11.79% for fixed-rate loans, and 4.70% – 11.87% for variable loans. That said, your credit history and income will determine whether you qualify for the lowest rates.
In addition, PNC student loans don’t come with any application or origination fees.
PNC also offers refinancing, allowing borrowers to exchange their existing federal and private student debt for a new loan, possibly one with a lower interest rate or a different term. Still, make sure to weigh the pros and cons of refinancing before you act, especially if you have federal loans — with refinancing, they’ll become private, and you’ll lose access to benefits like federal repayment and forgiveness options.
It can also be easy to get help with your loans. PNC Bank’s customer service team is available around the clock, even on weekends. If you need to get in touch with them, you can call 888-PNC-BANK or email them at PNC Bank’s secure message center.
To qualify for a PNC student loan or refinancing loan, you must be a U.S. citizen or permanent resident who has 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 satisfactory credit history and continuous income or employment history (generally for two years). 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.
To decide if PNC student loans will work for you, consider the different options the company offers.
- Undergraduate loans
- Graduate or professional loans
- Health and medical professional loans
- Health professions residency loans
- Bar study loans
- Refinancing loans
Undergraduates enrolled in a degree-seeking program at least half-time can borrow up to $50,000 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.
Graduate or professional-level students enrolled in their program at least half time can borrow up to $65,000 per year for education costs. Here too, PNC will send the money to your school.
Students in a PNC-approved program working toward a degree in a health-related field can borrow up to $50,000 and $65,000 per year (for undergraduate and graduate students, respectively) to pay for school. Plus, they can defer payments during their medical residency.
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.
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.
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.
Christina Majaski and Kat Tretina contributed to this article.
Need a student loan?Here are our top student loan lenders of 2021!
|1.04% – 11.98%1||Undergraduate, Graduate, and Parents|
|1.13% – 11.23%*,2||Undergraduate, Graduate, and Parents|
|3.80% – 9.36%3||Undergraduate and Graduate|
|1.05% – 11.44%4||Undergraduate and Graduate|
|1.22% – 11.66%5||Undergraduate and Graduate|
|1.68% – 11.98%6||Undergraduate and Graduate|
|1.24% – 11.99%7||Undergraduate and Graduate|
|* 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. |
1 Important Disclosures for College Ave.
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.
Rates shown are for the College Ave Undergraduate Loan product and include autopay 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.
Information advertised valid as of 4/22/2021. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.
2 Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
3 Important Disclosures for CommonBond.
Offered terms are subject to change and state law restriction. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900), NMLS Consumer Access. If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. If you choose to complete an application, we will conduct a hard credit pull, which may affect your credit score. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.15% effective Jan 1, 2021 and may increase after consummation.
4 Important Disclosures for Earnest.
5 Important Disclosures for SoFi.
UNDERGRADUATE LOANS: Fixed rates from 4.23% to 11.26% annual percentage rate (“APR”) (with autopay), variable rates from 1.22% to 11.66% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.13% to 11.37% APR (with autopay), variable rates from 1.12% to 11.73% APR (with autopay). MBA AND LAW SCHOOL LOANS: Fixed rates from 4.30% to 11.52% APR (with autopay), variable rates from 1.29% to 11.89% APR (with autopay). PARENT LOANS: Fixed rates from 4.60% to 10.76% APR (with autopay), variable rates from 1.22% to 11.16% APR (with autopay). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin and your APR may increase after origination if the LIBOR increases. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 4/1/2021. Enrolling in autopay is not required to receive a loan from SoFi. SoFi Lending Corp., licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. NMLS #1121636 (www.nmlsconsumeraccess.org).
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
Undergraduate Rate Disclosure: Variable interest rates range from 1.68% – 11.98% (1.68% – 11.07% APR)Fixed interest rates range from 4.24% – 12.40% (4.24% – 11.43% APR).
Graduate Rate Disclosure: Variable interest rates range from 1.91% – 11.63% (1.91% – 11.33% APR). Fixed interest rates range from 4.64% – 11.93% (4.64% – 11.61% APR).
Business/Law Rate Disclosure: Variable interest rates range from 1.91% – 10.19% (1.91% – 9.47% APR). Fixed interest rates range from 4.38% – 10.44% (4.38% – 9.72% APR).
Medical/Dental Rate Disclosure: Variable interest rates range from 1.91% – 8.99% (1.91% – 8.69% APR). Fixed interest rates range from 4.28% – 9.24% (4.28% – 8.94% APR).
Parent Loan Rate Disclosure: Variable interest rates range from 2.49% – 8.33% (2.49% – 8.33% APR). Fixed interest rates range from 4.94% – 8.58% (4.94% – 8.58% APR).
Bar Study Rate Disclosure: Variable interest rates range from 4.46% – 9.60% (4.46% – 9.54% APR). Fixed interest rates range from 7.39% – 12.94% (7.40% – 12.83% APR).
Medical Residency Rate Disclosure: Variable interest rates range from 3.55% – 7.05% (3.55% – 6.78% APR). Fixed interest rates range from 6.99% – 10.49% (6.98% – 10.09% APR).
Variable Rate Disclosure: Variable Rates are based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of May 10, 2021, the one-month LIBOR rate is 0.11%. Variable interest rates will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree and presence of a co-signer. The maximum variable rate is the greater of 21.00% or Prime Rate plus 9.00%.
Fixed Rate Disclosure: Fixed rate ranges are based on applicable terms, level of degree, and presence of a co-signer.
Lowest Rate Disclosure: Lowest rates require a 5-year repayment term, immediate repayment, a graduate degree (where applicable), and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Rates are subject to additional terms and conditions, and are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer. Borrowers should carefully review federal benefits, especially if they work in public service, are in the military, are considering possible loan forgiveness options, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision on our website including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
Eligibility Criteria: Applicants must be a U.S. citizen, permanent resident, or eligible non-citizen with a creditworthy U.S. citizen or permanent resident co-signer. For applicants who have not attained the age of majority in their state of residence, a co-signer is required. Citizens Bank reserves the right to modify eligibility criteria at any time. Citizens Bank private student loans are subject to credit qualification, completion of a loan application/Promissory Note, verification of application information, and if applicable, self-certification form, school certification of the loan amount, and student’s enrollment at a Citizens Bank participating school.
Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7 Important Disclosures for Discover.
Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments.