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Simplify your college or grad school debt repayment-- find out how you could lower your monthly payment or shorten your term by refinancing.
You can combine multiple payments and may lower your monthly payments by extending the term on your student loans.
Enjoy flexibility with your rate structure.
Please be aware of any loss of Federal benefits that comes with refinancing your Federal student loans.
Borrow from $10,000 to $75,000 at a 10-year or 15-year repayment term.
Choose a fixed or variable rate which currently range from:
To be eligible for our Education Refinance Loan, you must:
To complete the application, we will need your:
Although the terms are often used interchangeably, consolidation is basically combining multiple student loans into one loan. Student loan refinancing means you are applying for a loan with new terms and use that loan to pay off one or more existing student loans.
PNC Education Loan Center requires a satisfactory credit history, two years of continuous income or employment and repayment performance on your student loans. Please review the PNC Education Refinance Loan list of eligibility requirements.
You can include any student loan debt used for financing your education. You cannot include any other debt types of debt even if it was used to pay education expenses, for example credit card or mortgage. You may also be able to refinance your student loan debts even if you previously consolidated them into a single loan. Underlying loan types permitted:
No, graduation is not a requirement to apply for the PNC Education Refinance Loan. However, you must not currently be in school and must be making payments on the student loans you wish to refinance.
To be eligible for a deferment, the student borrower must be enrolled full time in an undergraduate or graduate degree program at an eligible Title IV school.
The student borrower must complete and sign an in-school deferment request (alternative/private and federal deferment forms may be accepted) and submit proof of enrollment with a semester start date and an anticipated graduation date.
Servicer may obtain the information from the National Student Loan Clearinghouse. Student borrowers are eligible for up to 36 months of deferment as long as they verify enrollment in the program by completing and signing a deferment form. Interest will continue to accrue during periods of deferment.
There is no prepayment penalty. Making extra payments is a way to pay off your loans faster and save money on interest.
The PNC Education Loan Center is grateful for your service and we would like to help you understand your benefits and protections under the Servicemembers Civil Relief Act (SCRA).
The SCRA provides eligible service-members with financial relief and protections that apply to private and federal student loans. They may enable you to:
PNC will also apply benefits and protections on eligible accounts, including:
For questions about these banking products, please contact:
Refinancing at a longer repayment term may lower your loan payments, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your loan payments, but may lower the total interest paid over the life of the loan. For example, if you have a 15-year loan that matures in 10 years and you refinance for another 15 years at a lower rate, your payments will be lower but you will pay interest for an additional 5 years. Contact us to discuss the option that best meets your needs.
When you are applying for a PNC Education Refinance Loan, you will be transferred to the website of one of our service providers. A list of information required to successfully complete your application will be provided during the application process. Borrowers and co-signers will need personal and income information including a driver’s license or state ID.
During repayment, an interest rate reduction of 0.50% is available for automated payments. You must be making scheduled payments through servicer American Education Services (AES) that include both principal and interest from your checking or savings account. If automatic payment is discontinued, you will no longer receive an automatic payment discount. Discount may be suspended during periods of forbearance. 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.
A request to release a co-signer requires that, as of the date of the request, you have made at least forty-eight (48) consecutive timely payments of principal and interest with no periods of forbearance or deferment within the forty-eight (48) month timeframe. “Timely payment” means each payment is made no later than the 15th day after the scheduled due date of the payment. “Consecutive payment” means the regularly scheduled monthly payment must be made for forty-eight (48) months straight without any interruption. To qualify for a co-signer release, the borrower must submit a request, meet the consecutive, timely payment requirements, provide proof of income and pass a credit check.
Certain Federal Benefits Will Be Lost or Not Available: If you refinance your federal loans through this PNC Education Refinance Loan, you will lose or not be able to select other payment plans available to federal student loan borrowers, such as income contingent repayment or income based repayment. In addition, federal student loans offer deferment, forbearance and loan forgiveness options that may not be available under a PNC Education Refinance Loan. Please compare your current benefits with this program to ensure any loss of existing benefits is fully understood.
View important disclosure and repayment information for the PNC Education Refinancing Loan. Loan maximum: $75,000.
Qualifying federal and private loans must have been used only for qualified higher education expenses at an accredited U.S. undergraduate or graduate school.
PNC reserves the right to discontinue any or all terms of this program at any time without notice. Loans may be sold to other financial organizations; however, the interest rate and term of the loan will not change if a loan is sold. The PNC Education Refinance Loan is subject to credit approval.
PNC does not provide accounting, tax or legal advice. Any calculators provided are intended for educational and estimation purposes only, and their accuracy is not guaranteed. The calculators, and any results displayed, do not constitute the advice of, or reflect actual products, services, rates and/or terms available from PNC Bank or its affiliates, and nothing contained in the calculators shall constitute an offer or solicitation of a product or service by PNC Bank or its affiliates.