PNC Bank Student loans are offered by the traditional PNC Bank. As such, they offer good rates, but they don't have as much flexibility as some of the other student loan lender options.
They offer both private student loans and student loan refinancing, with no origination or prepayment penalties.
See how PNC Bank compares to other lenders on our list of the best places to refinance your student loans. If you're looking for a private student loan, check out the best places to get a private student loan.
- Undergraduate and professional student loans
- Student loan refinancing with reasonable loan terms
- No prepayment or origination fees
Who Is PNC?
PNC is a full-service bank that has been in business for more than 160 years. They have branches scattered across 19 mid-western and eastern states and Washington D.C. They have $293 billion in assets. They are also ranked #6 in assets under management according to mx.com.
What Are the Benefits of Using PNC?
Federal grants and federal student loans should be the first choice for any college students when it comes to financing school. But sometimes expenses go beyond what is offered through federal aid. In those cases, private student loans might be an option. Or, if a student is unable to get any federal aid, private loans may be the only alternative.
PNC offers private student loans and refinancing for student loans. One nice benefit that PNC offers over other student loan lenders is a 0.50% automatic payment discount. Most lenders offer the traditional 0.25% discount. PNC also has one of the highest loan limits available at $225,000. Below, we look at both loan products in detail.
Private Undergraduate Student Loans
PNC allows students to apply for student loans up to 60 days after the school term has ended. Loans can be used for any education-related expense. Applications are fully online and a decision is provided within minutes. There are no application or origination fees with PNC student loans.
Just like federal loans, you can defer payments but deferment terms are usually not as favorable as those on federal loans. With a PNC deferment, you can defer payments up to six months after graduating.
To meet eligibility requirements, you must be in an undergraduate program and enrolled at least half-time. There are also debt-to-income and creditworthiness requirements. If you have any doubt about these, you can apply with a co-signer. This will increase your chances of getting approved but your co-signer must also meet the same requirements.
Interest on undergraduate loans varies by type — fixed or variable. Variable loan APRs range from 5.39% to 11.39%. Fixed loan APRs range from 6.03% to 12.29%.
To get an idea of what your payments will be using a full deferment, which starts payments six months after graduating, borrowing $15,000 at 8.25% interest for 15 years equals monthly payments of $202 per month. Borrowing $10,000 using the same terms results in monthly payments of $136.
Graduate Student Loans
Graduate student offerings from PNC are similar to their undergraduate loans in terms of requirements and deferment. Graduate students can take up to 15 years to pay off their loans.
Interest APRs on graduate loans are the same as those on undergraduate loans.
Student Loan Refinancing
Refinancing allows you to combine federal and private loans into one payment — amounts that can be borrowed range from $10,000 to $75,000 with 10- and 15-year terms. There is a choice of fixed or variable interest rates. These have an APR that ranges from 5.39% to 7.49% for fixed. Variable rate APRs range from 4.98% to 7.18%. These rates are current as of December 1, 2018.
While student loan refinancing sounds similar to loan consolidation, there is a difference. Refinancing sets new terms for the loan. But both combine multiple loan payments into one payment.
You do not need to be a graduate to apply for refinancing. This is an advantage for those who have not graduated since their loan options are limited. You also must not be in school and currently paying on your loans that will be refinanced.
Deferments are an option. You must be enrolled full-time in an undergraduate or graduate program at a Title IV school. Deferments are available for up to 36 months. Interest will continue to accrue on the loan during deferment.
You must be paying on your loans for at least 24 months. After 48 months of consecutive payments, a co-signer release option becomes available. This allows the borrower to begin demonstrating and establishing financial independence. Some co-signers may find being tied to a student loan for four years a little too long, which could limit the borrower’s options.
Is It a Good Deal?
PNC Bank is a well-known brand, especially in the northeast where they have many branches.
Overall, their loan offering is a good deal. Interest rates are reasonable, a co-signer is allowed, and you can receive a decision in minutes. Undergraduate deferment periods could be longer as six months is not much time. Depending on the amount borrowed and loan terms, payments should be reasonable.
PNC also has great customer support. You can reach them through email, phone, and live chat. PNC is one of the very few private student loan providers offering so many points of contact.
For those needing additional funds for school expenses, PNC offers a good student loan product.
No matter who you choose for your student loan needs, make sure you shop around to find the best rates and terms that match what you need.
We recommend Credible for student loan comparison shopping. They have a large selection of lenders and you can see how you would do in minutes. Check out Credible here, and if you do refinance, you can get up to a $1,000 bonus!