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Education Refinance Loan
One Lender, One Monthly Payment
Simplify your college or grad school debt repayment-- find out how you could lower your monthly payment or shorten your term by refinancing[1].
Have Questions?
Speak to one of our loan specialists
Key Advantages
Simplify Repayment
You can combine multiple payments and may lower your monthly payments by extending the term on your student loans.[1]
Choose Your Interest Rate: Fixed or Variable
Enjoy flexibility with your rate structure.
Ways to Save
No application or origination fees. Also, get 0.50% off your rate with automated payments from your checking or savings account.[3]
What You Need to Apply
Before you start your application
To complete the application, we will need your:
- Social Security number
- Telephone numbers
- Current addresses (home address and school address)
- Lender’s names, account numbers, outstanding balances, monthly payments and interest rate type (fixed or variable) for each loan. Your most recent monthly billing statement will have all of this information.
- Gross income information
Other Requirements
To be eligible for our Education Refinance Loan, you must:
- Be repaying federal and/or private student loans for at least 24 months[7]
- Have a satisfactory credit profile
- Be a U.S. citizen or permanent resident.
- Have lived in the U.S. for the previous two years.
- Have two years of continuous income or employment history
PNC Simplifies Student Loan Repayment
Manage your student loan debt with the PNC Education Refinance Loan – available for qualified borrowers who wish to combine their federal and/or private student loans into a single payment.
Learn if refinancing is right for you by checking out the benefits and eligibility requirements below.
Features and Benefits
- Combining higher interest federal and private student loan debt into a single monthly payment[1]
- 0.50% rate discount on your refinanced loan when you set up automated payments from your checking or savings account[3]
- A co-signer release option available after 48 consecutive on-time monthly payments[4]
- Financial independence by refinancing without a cosigner
- Convenient online application
- Outstanding debt will be forgiven upon the death of the borrower
- Interest may be tax deductible; consult your tax advisor
Please be aware of any loss of Federal benefits that comes with refinancing your Federal student loans.[5]
Product Details
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:
- 5.39% to 7.49% Fixed APR at a 10 year repayment term[6]
- 5.49% to 7.59% Fixed APR at a 15 year repayment term[6]
- 4.82% to 6.92% Variable APR at a 10 year repayment term[6]
- 4.92% to 7.02% Variable APR at a 15 year repayment term[6]
- View loan application and solicitation disclosure
Requirements
To be eligible for our Education Refinance Loan, you must:
- Be repaying federal and/or private student loans for at least 24 months[7]
- Have a satisfactory credit profile
- Be a U.S. citizen or permanent resident.
- Have lived in the U.S. for the previous two years.
- Have two years of continuous income or employment history
Application Materials Checklist
To complete the application, we will need your:
- Social Security number
- Telephone numbers
- Current addresses (home address and school address)
- Lender’s names, account numbers, outstanding balances, monthly payments and interest rate type (fixed or variable) for each loan. Your most recent monthly billing statement will have all of this information.
- Gross income information
Refinance Estimator
Refinancing FAQs
How does student loan refinancing work?
When you refinance student loans, you replace an existing loan or loans with a new loan that has new terms, including a new interest rate, monthly payment amount and repayment term.
What is the difference between student loan refinancing and student loan consolidation?
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.
How good must my credit be to be eligible?
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.
What loans can I include in my refinancing?
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:
Private
- Private student loans
- Private Consolidation/refinanced (previously refinanced student loans through private lender)
Federal
- Direct Subsidized Loans (Undergraduate/Graduate)
- Direct Unsubsidized Loans (Undergraduate/Graduate)
- Subsidized Federal Stafford Loans
- Unsubsidized Federal Stafford Loans
- Direct Graduate PLUS
- Direct Parent PLUS
- Federal family Education Loan (FFEL) Program Graduate PLUS loans
- Federal family Education Loan (FFEL) Program Parent PLUS loans
- Federal family Education Loan (FFEL) Program Consolidation loans
- Direct Consolidation (previously refinanced federal student loans through Department of Education)
- Federal Perkins Loan
- Federal Nursing Loans
- Supplemental Loans for Students (SLS)
- Health Education Assistance Loans (HEAL Program)
Do I need to have graduated to qualify?
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.
If I return to school, can I defer my PNC Education Refinance Loan?
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.
Are there any early prepayment fees or penalties for the PNC Education Refinance Loan?
There is no prepayment penalty. Making extra payments is a way to pay off your loans faster and save money on interest.
Are there Military Benefits for Servicemembers?
Supporting Our Servicemembers
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:
- Qualify for a reduced interest rate and a waiver of applicable fees
- Be eligible to apply for military deferment/forbearance options that are available to qualifying members of the service. Please note that during periods of deferment and forbearance, interest will continue to accrue and will be capitalized (added to the current principal balance) at the end of any such period.
PNC will also apply benefits and protections on eligible accounts, including:
- Auto loans
- Mortgage and home equity secured loans
- Line of credit, credit card and installment loans
- Commercial assets where the borrower is eligible for SCRA benefits or the guarantor is eligible for SCRA protection and PNC seeks recovery from the guarantor
- Equipment loans
For questions about these banking products, please contact:
Phone: 1-844-PNC-SCRA (844-762-7272)
Email: Servicemembers@pnc.com
Have Questions?
If you have any questions, our customer service consultants are available to assist you.
Important Legal Disclosures and Information
-
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.
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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.
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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.
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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.
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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.
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View important disclosure and repayment information for the PNC Education Refinancing Loan. Loan maximum: $75,000.
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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.
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