PNC Solution Loan® for Health & Medical Professions

Repayment Examples for 15 Year Loans


Low Rate - Variable          High Rate - Variable          Low Rate - Fixed         High Rate - Fixed


View 5 Year Repayment Examples          View 10 Year Repayment Examples

 

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Example 1:

Variable Rate Loan – Lowest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automatic Payments[2]

Repayment Options

Option 1:
Immediate Repayment

Option 2:
Interest-Only Repayment

Option 3:
Deferred Repayment

Loan Amount

$10,000 $10,000 $10,000

Interest Rate[3]

6.11%

6.11%

6.11%

APR[4]

6.11%

6.11%

5.85%

Monthly Interest Payment[5]

(while in school)

Included below

$50.92

Deferred

Principal Loan Amount at Repayment[6]

$10,000.00

$10,000.00

$12,596.75

Monthly Principal & Interest Payment[7]

(after deferral period, if any)

$85.19

$84.98

$107.32

Repayment Term

180 months
(15 yrs)

180 months
(15 yrs)

180 months
(15 yrs)

Total Paid Over Repayment Term[8]

$15,335.01

$17,612.96

$19,318.28

 

Example 2:

Variable Rate Loan – Highest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automatic Payments[2]

Repayment Options

Option 1:
Immediate Repayment

Option 2:
Interest-Only Repayment

Option 3:
Deferred Repayment

Loan Amount

$10,000 $10,000 $10,000

Interest Rate[3]

12.11%

12.11%

12.11%

APR[4]

12.11%

12.11%

11.11%

Monthly Interest Payment[5]

(while in school)

Included below

$100.92

Deferred

Principal Loan Amount at Repayment[6]

$10,000.00

$10,000.00

$15,146.75

Monthly Principal & Interest Payment[7]

(after deferral period, if any)

$121.33

$120.73

$183.77

Repayment Term

180 months
(15 yrs)

180 months
(15 yrs)

180 months
(15 yrs)

Total Paid Over Repayment Term[8]

$21,838.72

$26,321.59

$33,080.84

 

Example 3:

Fixed Rate Loan – Lowest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automatic Payments[2]

Repayment Options

Option 1:
Immediate Repayment

Option 2:
Interest-Only Repayment

Option 3:
Deferred Repayment

Loan Amount

$10,000 $10,000 $10,000

Interest Rate[3]

5.79%

5.79%

5.79%

APR[4]

5.79%

5.79%

5.55%

Monthly Interest Payment[5]

(while in school)

Included below

$48.25

Deferred

Principal Loan Amount at Repayment[6]

$10,000.00

$10,000.00

$12,460.75

Monthly Principal & Interest Payment[7]

(after deferral period, if any)

$83.45

$83.26

$103.99

Repayment Term

180 months
(15 yrs)

180 months
(15 yrs)

180 months
(15 yrs)

Total Paid Over Repayment Term[8]

$15,021.62

$17,181.01

$18,719.16

 

Example 4:

Fixed Rate Loan – Highest Tier Pricing[1]

Rates Include a 0.50% Interest Rate Discount for Automatic Payments[2]

Repayment Options

Option 1:
Immediate Repayment

Option 2:
Interest-Only Repayment

Option 3:
Deferred Repayment

Loan Amount

$10,000 $10,000 $10,000

Interest Rate[3]

11.79%

11.79%

11.79%

APR[4]

11.79%

11.79%

10.84%

Monthly Interest Payment[5]

(while in school)

Included below

$98.25

Deferred

Principal Loan Amount at Repayment[6]

$10,000.00

$10,000.00

$15,010.75

Monthly Principal & Interest Payment[7]

(after deferral period, if any)

$119.24

$118.67

$178.99

Repayment Term

180 months
(15 yrs)

180 months
(15 yrs)

180 months
(15 yrs)

Total Paid Over Repayment Term[8]

$21,463.93

$25,830.14

$32,221.19


Important Legal Disclosures & Information

  1. Repayment examples are for illustrative purposes only. Actual rate and payment may vary. The lowest tier pricing is available to well-qualified applicants. Your actual rate will be based upon credit qualifications, selection of variable or fixed rate option, repayment term, repayment option and whether you elect the automatic payment feature. The loan terms described are applicable to the 2019-2020 academic year. Rates are effective as of 7/1/19 and are subject to change at any time. PNC Solution Loans are subject to credit approval.

  2. 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.

  3. Variable Rates: Variable rates are equal to 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. Fixed Rates: Fixed rates are based on the creditworthiness of the borrower and co-signer, if any.

  4. Annual Percentage Rate (APR) is a measure of what a loan will cost and takes into account the interest rate, fees (if any), loan amount, repayment term, repayment option (whether payments are deferred) and the timing of all payments. As a result, the APR may be higher or lower than the interest rate.

  5. Monthly Interest Payment is the estimated payment that will be made during the deferment period if the borrower elects to make interest-only payments while in school. For the variable rate option, the monthly interest payment will increase or decrease if the interest rate increases or decreases. Interest-only payments made during deferment do not reduce the principal balance of the loan. After the deferment period, repayment of full principal and interest will begin.

  6. Principal Loan Amount at Repayment is the loan amount at disbursement plus, for the Deferred Repayment option, interest that accrues during the deferment term. Deferred interest is capitalized (added to principal) at the time the loan enters repayment.

  7. Monthly Principal & Interest Payment is the estimated payment based on the loan amount, interest rate, repayment term and repayment option disclosed in the chart. Payment example for repayment of principal under the Interest-Only Repayment option and repayment of principal and interest under the Deferred Repayment option assumes the borrower remains in school for 45 months with a 6-month grace period prior to entering repayment. All examples assume 30 days to first payment upon entering repayment. For the variable rate loan, monthly payment may increase or decrease if the interest rate increases or decreases. For the fixed rate loan, the monthly payment will remain fixed for the term of the loan. Minimum monthly payments for either rate option will be $25.

  8. Total Paid is the estimated amount of the loan upon repayment of the principal and interest over the repayment term.

Please note: PNC Bank reserves the right to modify or discontinue any or all terms of this program at any time without notice. Loans may be sold to other financial organizations, however the interest rates and term of the loan will not change if a loan is sold. The PNC Solution Loans are subject to credit approval.

You are encouraged to explore all scholarship, grant and federal borrowing options before applying for a private loan.

PNC Solution Loan is a registered mark of The PNC Financial Services Group, Inc.

PNC does not provide accounting, tax or legal advice.