Education Refinance Loan

Repayment Examples


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


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Example 1:

Variable Rate Loan – Lowest Tier Pricing[1]

Repayment Options

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$10,000 $10,000

Interest Rate[3]

4.12%

4.22%

APR[4]

4.12%

4.22%

Principal Amount of Loan at Repayment[5]

$10,000

$10,000

Monthly Principal and Interest Payment[6]

(after deferral period, if any)

$101.82

$75.08

Total Paid for Term[7]

$12,218.40

$13,514.40

 

Example 2:

Variable Rate Loan – Highest Tier Pricing[1]

Repayment Options

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$10,000 $10,000

Interest Rate[3]

6.22%

6.32%

APR[4]

6.22%

6.32%

Principal Amount of Loan at Repayment[5]

$10,000

$10,000

Monthly Principal and Interest Payment[6]

(after deferral period, if any)

$112.13

$86.12

Total Paid for Term[7]

$13,455.60

$15,501.60

 

Example 3:

Fixed Rate Loan – Lowest Tier Pricing[1]

Repayment Options

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$10,000 $10,000

Interest Rate[3]

5.39%

5.49%

APR[4]

5.39%

5.49%

Principal Amount of Loan at Repayment[5]

$10,000

$10,000

Monthly Principal and Interest Payment[6]

(after deferral period, if any)

$107.98

$81.66

Total Paid for Term[7]

$12,957.60

$14,698.80

 

Example 4:

Fixed Rate Loan – Highest Tier Pricing[1]

Repayment Options

10 Year

(120 months)

15 Year

(180 months)

Loan Amount

$10,000 $10,000

Interest Rate[3]

7.49%

7.59%

APR[4]

7.49%

7.59%

Principal Amount of Loan at Repayment[5]

$10,000

$10,000

Monthly Principal and Interest Payment[6]

(after deferral period, if any)

$118.65

$93.21

Total Paid for Term[7]

$14,238.00

$16,777.80


Important Legal Disclosures and Information

  1. Repayment examples are for illustrative purposes only. Actual rate and payment may vary based upon credit history, interest rate option, loan amount, repayment term and repayment option. The loan terms described are applicable to the 2017-2018 academic year and are subject to change. Variable rates disclosed are effective as of 10/1/17. Fixed rates disclosed are effective as of 11/20/17. The PNC Education Refinance Loan is subject to credit approval.

  2. Fixed Interest Rates: Fixed interest rates range from 5.39% to 7.49% for a 10-year repayment term and from 5.49% to 7.59% for a 15 year repayment term. Fixed rates are based on the creditworthiness of the borrower and co-signer, if any.

  3. Variable Interest Rates: Variable interest rates range from 4.12% to 6.22% for a 10 year repayment term and from 4.22% to 6.32% for a 15 year repayment term. Variable rates are based on 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 1.23%. If the index increases, your rate will increase.

  4. Annual percentage rate (APR) is a measure of what a loan will cost and takes into account the interest rate, loan amount, repayment term and the timing of all payments.

    All APRs shown are for loan amounts from $10,000 to $75,000 and are effective as of 11/20/17. The  lowest APR is available to well qualified applicants. Your actual APR will be based on your credit qualifications, interest rate option, loan amount and repayment term. Rates subject to change at any time.

  5. Principal loan amount at repayment is the loan amount at disbursement.

  6. Estimated monthly payment examples are based on the loan amount, rate and repayment term disclosed in the chart. 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.

  7. Total paid is the estimated amount of the loan upon repayment of the principal and interest over the term of the loan.

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 rate and term of the loan will not change if a loan is sold.

PNC does not provide accounting, tax, or legal advice.